ISLAMIC FINANCE IS BECOMING MORE POWERFUL IN FINANCE INDUSTRY

Abstract

Islamic finance has emerged as a significant force in the global financial industry, gaining momentum in various regions across the world. The core principles of Islamic finance are grounded in Shariah law, which prohibits interest (riba), uncertainty (gharar), and speculative transactions (maysir). Instead, Islamic finance is built upon concepts such as profit and loss sharing, asset backing, risk sharing, and ethical investments, all of which foster a unique approach that distinguishes it from conventional financial systems.