Banks play an important and active role in the economic development of a country. The global financial system (GFS) is a financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level. Islamic banking is a classical concept. Islamic banking system has emerged as a competitive and a possible substitute for the conventional banking system during the last three decades. As has been widely accepted that Islamic banks are built on its tough concrete base of equity financing rather than debt financing which is quite common in traditional banking.
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