What is Islamic finance?

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Economics
Shogakukan Shinsho / The Power of Islam to Drive Global Markets Islamic finance has continued to grow with the oil boom in the 1970 s. With the rise in crude oil prices, interest in the world financial markets has been increasing. With the population of Islamic countries now around 2 billion, accounting for 26 percent of the world's population, it can no longer be regarded as heresy. In recent years, it has also attracted a great deal of attention from the perspective of global financial sustainability and bubble control. The essence of Islamic finance is a financial method that follows the creed of Islam. For example, it has a scheme that differs greatly from traditional Western financial rules, such as "prohibition of receiving and receiving interest," "prohibition of speculative transactions," "prohibition of uncertain transactions," and "prohibition of alcohol and pork transactions." Therefore, it can be said that "Islamic finance" has not been well understood even in Japan. The essence of this unique financial concept is explained thoroughly by specialists from various fields gathered at the International Monetary Institute, which conducts research and studies on various issues including the international economy, finance, and currency.