HISTORY OF ISLAMIC BANKING
Abstract
The article examines the history of Islamic banking. For more detailed study the history of Islamic banking was reviewed from both the theoretical and practical perspectives. The article mentions various thinkers and scholars who developed theoretical base of Islamic financial system as alternative to the conventional western banks and researches numerous factors that advanced its development. Based on this article, we can conclude that the main reason for the formation of Islamic banking system was the religious beliefs of the Muslim society. It also mentions that financial operations applied by Islamic banks, established in XX century, date back to early days of Islam. The demand for Islamic banks grew as Muslim aspired to comply with their religious rules.
References
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Review
For citations:
Stambakiyev N. HISTORY OF ISLAMIC BANKING. Bulletin of Shakarim University. Technical Sciences. 2020;(4(92)):373-379.
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