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The history of Islamic banking and finance is long and complex. In this video, we'll give you a brief overview of the origins of Islamic banking and finance, and how it has evolved over time.
Islamic banking is a financial system that is based on the principles of Islam. It began to develop in the 1970s, in response to the growing need for banking services that were compatible with Islamic law. The first Islamic bank was established in Egypt in 1977, and since then the industry has continued to grow. Today, there are Islamic banks all over the world, providing a wide range of services to Muslim customers.
The core principle of Islamic banking is the prohibition of interest. This is based on the belief that money should only be used for productive purposes, and thatcharging interest is a form of exploitation. Instead of charging interest, Islamic banks make money by investing in businesses and sharing in the profits. This approach is seen as being more fair and just, as it encourages enterprise and risk-taking while still providing a return on investment.
Despite its relatively recent history, Islamic banking is now a hugely important part of the global financial system. It provides an ethical alternative for Muslim customers, and its growth shows no signs of slowing down. If you're interested in learning more about this topic, this video is a great place to start!

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