April 2013
International Journal of Research in Commerce, IT & Management;Apr2013, Vol. 3 Issue 4, p1
Academic Journal
History of Islamic finance is not much old, it began only three decades ago, but its growth has been remarkable. The growth of Islamic finance has been very strong over the past few years. In 1975, in one country there is only single Islamic financial institution but now 300 Islamic financial institutions in more than 75 countries and reach US$1.3trillion in total asset in 2011. Islamic finance is gaining popularity in Europe and the United States day by day, but they are mainly concentrated in the Middle East and Southeast Asia. The annual growth rate is estimated of Islamic finance is 20% per year. The one main hurdle in the way of Islamic finance growth is public awareness, Pakistan is a Muslim country but a person here believes there is not much difference between Islamic and conventional banking. The purpose of this study to analyzed public awareness about Islamic finance. The present study also discussed the brief introduction of Islamic finance and its principles and advantages. For this purpose questionnaire is disturbed among financial institution professional and customers who are connected with financial institution on daily basis. The researcher personally connected with respondent and collected the data. After analyzing the whole data researcher come to conclusion public awareness is main issue in the way of growth of Islamic finance. The paper is end by offering different useful recommendations for the improvements of public awareness about Islamic finance.


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