Riba: Usury or Interest

This modern history of Islamic finance is pretty short spanning a period of roughly five decades, compared to conventional finance which goes back to more than four centuries earlier. Islamic finance has spread rapidly across the globe, reminiscent of Lao-Tzu’s famous saying “A journey of a thousand miles begins with a single step”. Malaysia, a pioneer in the development of the Islamic finance industry, has emerged as one of the major hubs for global Islamic finance.