THE ISLAMIC FINANCIAL SYSTEM AND ITS RECOGNITION IN THE INTERNATIONAL MARKET

Islam has its own financial system which has expanded considerably in the world, especially in Asia, but also in Europe. In view of the equal growth of the Muslim community, the emergence of an alternative financial market to the existing and widely spread secular system in the world has raised the eyes of the international community. The Islamic alternative proposes to offer a kind of moral economy aimed at not using interest, since it is associated with the practice of usury (riba), widely prohibited by the sacred scriptures (Koran). The main question that arises is how this model is implemented and sustained in the international market.