Islamic banking products boost the economy

Islamic banking products boost the economy

A recent specialized economic study indicated that Islamic banking products play a significant role in boosting the economy and create job opportunities through related ventures.

The study published by the “Investors” magazine said Islamic banks have become strong competitors and are also attracting non-Muslim clients, which encouraged traditional banks to consider Islamic banking departments and ventures.

The study noted there was increase in demand for such investments and ventures coinciding with increase in oil revenues, as the industry is more and more present and succesful.

A field study on Islamic banking was conducted on the Lebanese society due to its diversity and it indicated that 93 percent of the Lebanese people who understand the meaning of Islamic banking support establishment of such banks and 86 percent are willing to invest their money in the industry.

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