Arab Banking system

In the Arab world, the banking system differs from the western system. The Arab banking system is based on a set of Islamic principles, values and traditions. In the Arab world, the finance, commerce and economics are regulated by the Islamic economies which emphasize the encouragement of communal, non-individualistic values and fighting against selfishness.The basic principles are to share profit or losses and is forbidden a usury rate.

This kind of system totally differs from the one we have her in our country, and in the western world. It is interesting to know a different system that is doing well, but we have to be realistic, and is hard to apply this system in our culture because it changes almost all the ideas and concept we have.

Our culture is different and so do our values. We care more and more for the money and do not care about the other people, we prefer the personal achievements than the social one, there is not thrust between. For all those reasons, this system would be hard to apply, but nevertheless is important to study this new system and adapting it, making some changes in order to improve the one we already have.