Abstract

Islamic Banking and Financing (IBF), as an alternative financial management system is no longer a novelty. It has broadened its appeal beyond the confines of the Islamic world where is has captured a significant market share. The purpose of this paper is to examine IBF in non-Islamic countries, the challenges it is facing and if it can be seen as an innovative force transforming “Homo Economicus” into “Homo Islamicus” (Kuran 2004). The paper will also discuss religion-based ethical funds seeking to extend their role into the Western financial world contradicting the Religious Landscape Survey by the Pew Forum (2008) which revealed that wealthier nations tend to place less importance on religion. The paper will also look at recent trends and the little known field of Ladies IBF and networks for women players in the Islamic financial world.