School of Sharia

Department of Islamic Finance and Banking

A response to the rapid developments of the Islamic Banking Systems

In the name of Allah, Most Gracious, Most Merciful

As a response to the rapid developments the Islamic Banking System witnessed in the world, and in the light of its numerous successes over the world, this system has distinctly developed in the Arab world. According to the stats of the general council of Islamic Banks (Bahrain) more than 267 institutes in the Arab world, Malaysia, the United Kingdom and the United States of America and other countries apply this system.
Moreover, Islamic Banking System has been proved to be able to overcome economic obstacles and cope with financial crisis without being affected as conventional banking institutes did.
The Hashemite Kingdom of Jordan was of the first countries in establishing Islamic Banks and institutes. In 1972 the institute for the investment of orphan properties was established. The Jordanian Islamic Bank was establi



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