IJSRP, Volume 4, Issue 6, June 2014 Edition [ISSN 2250-3153]
Ali Abusalah Elmabrok Mohammed, Ng Kim-Soon, Fathi Khalifa M. Agob
Islamic finance industry witnessed a remarkable development and increasing growth until the Islamic financial institutions imposed in the global financial environment. Islamic finance has become a reality, an important approach, the added value to the reality of global economic and a bridge of the interdependence between the Islamic world and the Western world. In this context, this paper comes to reveal certain aspects of Islamic finance, that has the means of distinct, diverse renewable and which is not owned by other conventional systems. This study will address: The experiences of Islamic financial instruments in the oil and gas sector and develop a mechanism for development. In regard to how strong role Islamic banks and other financial institutions have had in financing the oil and gas sectors, this study found that, it is possible for Islamic methods of finance to make an effective contribution towards developing oil and gas – quite apart from developing investments in the banks and financial institutions themselves, and thereby helping to bring about the desired development in the Arab and Muslim countries.