Islamic Banking and Finance Essay Example | Topics and Well Written Essays - 1750 words

Islamic Banking and Finance - Essay Example From this discussion it is clear that  the UAE Islamic financial services sector represents 30% of the overall Islamic banking industry based throughout the world. This has been possible largely because of rising requirement of customers within the UAE for Islamic financial services. Islamic banks in the UAE have played a crucial role in financing multiple infrastructure projects in the region, expansion of the human capital market by training talented individuals from the region and also, financed development of housing properties for the citizens of UAE. The growth witnessed in the Islamic banking industry has been driven by the growing requirement for Islamic products and services by an augmenting count of customers. The underlying reason for this growth is the emphasis that the industry lays on ethical principles, their commitment to transparency and implementation of the principle of mutual benefits in transactions and operations. The following sections will explain the produc ts and services offered by three of the leading banks based in the UAE (National Bank of Abu Dhabi, Abu Dhabi Commercial Bank and Emirates NBD). Following that, financial performance of each of the banks will be compared and lastly, comments would be made regarding the difference in between Islamic banking system that these banks follow and the conventional banking system.  The National Bank of Abu Dhabi’s Islamic Financial System is guided by Shari’a principle and rules.