Growth of Islamic Banking in Middle East andSouth Asian Countries

The main purpose of this article is to check the growth and trend of Islamicbanking and finance in the world of finance. It shows the globalization ofIslamic banking through total assets of Islamic banks of different countries ofthe Middle East and South Asia. The findings hold that Islamic banking isbecoming more popular and making so many improvements day by day ascompare to conventional banking system throughout the world. The growinghubs of Islamic Banks provide the base line and launching pad for thepromotion of Islamic banking and finance in the world market. Especially, theincrease in oil prices in the Middle East Countries made the economy strongand prolong boom in the market and this factor is the cause of successfulIslamic Banking in the Middle East Countries. The total assets of top classIslamic Banks of Middle East Countries (Bahrain, Iran, Jordan, Kuwait, andLebanon) and South Asian Countries (Pakistan, Bangladesh) shows the growthand advancements of Islamic banking within the globe. This article focuses onthe globalization of Islamic banking by showing the total assets in (USDmillion) of Islamic banks of Middle East and South Asia. For this purpose the annual reports of the perspective Islamic Banks have been taken and totalassets have been showed by converting different currencies into one currencyin USD million. It reflects that how the Muslim governments and Muslimcommunity are enjoying the Islamic banking (Interest free Banking) andfinance and Islamic banking is promoting day by day throughout the world.

Keywords:

Islamic Banking , Growth , Development , Iran , Pakistan