In the recent years we have experienced the convincing growth rate from Islamic banking and this has even positively spread to majority of Non-Muslim countries with a projected rate of 10-15% per year in popular counties like Britain and the United States. Islamic banks have been benefited by the conventional banking system because conventional banking system involves fear of scandals and are known as profit greedy banks. On the other hand, Islamic banking system is considered as a best alternative by the society due to its more ethical and sustainable way of working. According to the 2016-2017 Global Islamic economy report, Thomson Reuter states that in assets, the Islamic Finance market is at a position of $2 trillion in the world.

The financial crash that took place in 2008 shock the world economy has a whole which damaged the progress of conventional banking paying a close attention towards Islamic banking system.  As a report by standard and poor’s it is stated that when the globe economy was going through the crisis of 2008, there were more than 500 Islamic banks which expanded their business by 28.6%. This lead to further explore of Islamic banks and to find out the efficiency of all the banks that carry out this practice. This report concluded by stating that the Islamic banking out grow the conventional banks during crisis mainly because of its two polices i.e risk-adverse policy and anti-speculation policy.

An article posted in 2016 on Bloomberg Business week highlighted about the inevitable financial crisis which will hit the shores of all the banks around the globe. Because of trust worthiness and reliable Islamic banking system, it is expected that all banks globally will start implementing Islamic banking system to avoid any sort of crisis. To everyone’s shock it is predicted that only in coming consecutive four years Islamic banks will be a worth of $3,461billion i.e in the year 2021.

The interest by Non-Muslim majority countries like Hong Kong , South Africa and the United Kingdom in Islamic finance industry has been more in these years which is predicting that the current and the main player countries like Malaysia , Kuwait and Saudi Arabia will be left behind in the Islamic finance banking . About two dozen British banks provides Islamic banking and finance services which has their assets worth approximately $19 billion in 2011 and is ranking ninth in the world. This can be a reason why a country with Non-Muslim majority is also adopting Islamic banking system.

We cannot say if this Islamic banking system will be dominating its future markets or no but one thing is guaranteed that Islamic banking has a promising many years.

This year the Halal Expo Fair Trade Show Dubai 2017 is expected to have around 5,000 visitors and around 40 exhibitors on the 18th and 19th of September in Dubai at Roda Al Bustan , Airport Road – Dubai – U.A.E.