Extremely ethical, well-regulated and useful Islamic financial planning is possible. Certainly, working in this field effectively, with efficient corporate governance and with beneficial interaction with relevant international, regional and national institutions, will positively help all those who want to contribute to the welfare of their community and the entire world.

Islamic banking has the same intention as conventional banking except that it operates under the rules of Sharia or Islamic Law, taken from the Quran and As-Sunnah. Islamic banking is 40 years old and part of the Islamic financial market. It includes Islamic banking, Takaful, Islamic equities and Islamic financial planning. The key factor in Islamic banking is that the money has no intrinsic value. The most important ethical factor in the Islamic banking is that a Muslim should neither lend nor receive money from another person and expect benefits in the form of interest. Earning money in this way is prohibited. Islamic banking believes that the prosperity should be created through legitimate trade. Money must be invested in a profitable manner. The prime activities of Islamic banking relate to trading. The profits earned in this trading are shared among the investors and the fund managers.

Islamic banking follows a systematic procedure guided by Islamic law and economics. Islamic law prevents usury, the collection of money and interest payment. In Islamic terms, it's `Riba'. It also forbids investing in businesses which are considered as unlawful and are contrary to Islamic values. During the mid 20^th century, several Islamic banks were established. Over two decades ago, Islamic banking appeared as a dynamic player across the world. Most of the principles and ethics of Islamic banking have been accepted throughout the world.

One of the most important aspects of Islamic banking is the prohibition of Riba. Islamic banking emphasizes on safe custody, profit-sharing, joint venture and leasing.The fundamental practices and principles of Islamic banking date back to the early part of the seventh century. Islamic banking was popular during the middle ages promoting trade and business activities. It is assumed that many concepts, techniques and instruments of Islamic finance were later followed by European financiers and businessmen. The revival of Islamic banking coincided with the worldwide celebration of the advent of the 15^th century of Islamic calendar (Hijra) in 1976. Simultaneously, financial resources of Muslims, predominantly those of the oil-producing countries, received a boost owing to rationalization of the oil prices, which had hitherto been under the control of foreign oil corporations.

Islamic Financial Planning, Corporate governance, Islamic banking, Sharia, Islamic Law, Quran, As-Sunnah, Islamic equities, European financiers, Financial resources, Islamic financial markets, Foreign oil corporations.