This paper investigates the question of whether the phenomenon of Islamic finance who based on Shariah, or Islamic law is truly globalizing and spreading as a universal system of finance and banking. The paper also addresses various aspects of the globalization for Islamic finance, among other,...

The global financial crisis of mid 2007, which is said to be more severe than any in the past has had devastating spillover effects worldwide as over 100 million more people are forced into poverty. Despite the allocation of about $11.2 trillion of public funds in the form of bailout and...