What is so Islamic about Islamic Banking?
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by Nada Abdelsater-Abusamra July 3, 2008

written by Nada Abdelsater-Abusamra July 3, 2008

The Islamic banking industry has grown impressively during a short period of time. In the early 1960s, the Islamic finance sector witnessed a steady growth in different aspects such as size, complexity of the transactions, and internal processes. It has been estimated that the sector is witnessing a 15% to 20 % annual growth rate (10% of which is in the Gulf region). One of the reasons pertaining to this growth — but certainly not the only reason — is the huge amount of petro-dollars following the rapid increase in oil prices. Islamic finance now exists in more than 75 countries with more than 300 Islamic financial institutions and Islamic windows operating globally. According to McKinsey & Co, it is estimated that this sector will attain $1 trillion in assets by 2010. Currently, this sector is estimated at more than $500 billion in assets. The success of Islamic banking prompted

Nada Abdelsater-Abusamra

Nada Abdelsater-Abusamra is an international lawyer admitted to the Courts of New York, Beirut, and The Hague, representing victims at the Special Tribunal for Lebanon. She is the founding partner of ASAS Law, a Lebanese firm specializing in international cross-border transactions, litigation, and arbitration. Recognized for her work in corporate governance and ethics, she handles complex transactions and asset recovery across multiple jurisdictions. She holds a Harvard LL.M., and has taught law and corporate governance at the American University of Beirut.

What is so Islamic about Islamic Banking?ENAR

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What is so Islamic about Islamic Banking?
EN AR