Today's world represents the conventional system which relies on the Interest rate, which resulted in overwhelming damage to the wealth of individuals.
Interest rate system holds in the hand of monopoly, which empowers few people in its framework, which widens the gap between the poor and the rich.
Islamic system simply defines humanity as an equal entity for its rights, there should not be rich and poor to be treated differently but to be justified, provided and served equally.
Islamic economic system approaches towards the circulation of wealth similar to the blood inside the veins of living, the more it circulates the better health nourishes If the blood is stopped within the veins, the body of living paralyzes.
There is the data which indicates that World's 1% people holds the wealth equal to 99% of the whole global population. Millions are deprived of nutrition, health, education, basic human rights, water and cannot even read or write. The quality of life within the capitalistic system continues to go down.
The banking system is supported by the interest-based banking which is proved to be inefficient as it fails to define the distribution of wealth, which fails to distribute wealth.
Islamic system, on the other hand, ensures reliable laws for humanity which defines the equitable distribution of wealth which counters inflation and socially friendly and responsible banking.
In the last few years, Islamic system has begun to evolve as many scholars have put their efforts in the field of research and development of laws which combines the knowledge of Islamic sharia and connects it with the financial system of today. By introducing the Islamic system it is replaceable, approachable in all and by all means of practices.
On the Shariah side, there are hundreds of scholars working to establish a platform to research about Islamic banking system supported by fatwas, resolutions, and articles on various issues of Finance and Islamic banking.
Islamic Ideological Council 1980 and Commission for Islamization of Economy in 1992 produced Islamic Banking concept, the need of Islamic banking is to produce them and develop the insight, educate and train the bankers in the Islamic economic and banking system.
