Islamic banking, also known as Islamic finance or Shariah-compliant finance, is a system of banking that operates in accordance with the principles of Islamic law (Sharia). It is based on ethical and moral principles and prohibits the payment or receipt of interest. Instead, it promotes risk- sharing and the sharing of profits and losses between the bank and its clients. Islamic banking offers various financial products and services, such as savings, investing, and borrowing, that comply with Sharia law. It has gained significant prominence and is now a multi-trillion-dollar industry, with Islamic financial institutions operating in numerous countries
. Islamic banking has the potential to foster greater financial intermediation and inclusion, especially among Muslim populations, and to facilitate lending in support of small- and medium-sized enterprises
