It is a well-known fact that the inception of Islamic banking, its spread and growth in synchrony with the contemporary requirements, needs of the customers and their interests developed in an unprecedented manner that was not found in earlier times and eras. This was followed by several juristic advances leading to innovative contractual arrangements and financial products of significant importance. Such arrangements clearly address the genuine needs and interests, averting any harm considering the obvious global competition.

« Appendix A - Brief History of the Preparation of the Standard