Professor Hossein Askari on Islamic finance

Global Business

Ramadan began on Monday when approximately 1.5 billion Muslims started fasting to commemorate the Islamic holy month.

Besides fasting during Ramadan, Muslims also have a very different approach to money and finance.

While the Islamic finance industry is still in infancy compared to its traditional peers, its assets have grown at double digit rates.

But Islamic finance can mean many things, but for starters we can define it as a financial system that adheres to Islamic principles more specifically to Shariah or Islamic laws.

While there are so many facets to those laws, those that pertain to finance or business have a few definitive goals in mind: to make sure that everyone gets fair and just treatment as well as eliminate all forms of exploitation.

To do that, Muslims consult Sharia on what’s halal, a permissible action that carries a reward- or haram- something that is forbidden.

The International Monetary Fund says Islamic finance assets have grown at double digit rates from 2003 to 2013.

For more about Islamic finance, CCTV America’s Michelle Makori spoke to Hossein Askari, professor of International Business and International Affairs at George Washington University.