This hope was shattered in September 2008 as the crisis entered an acute phase, with strong downward fluctuations in the stock markets, substantially reduced rates of economic growth, volatile exchange rates, and squeezes in demand and consumption, leading to falls in industrial production and decreasing flows of international trade and FDI, and causing impacts on related areas such as transfer of technology. The hope was that the crisis would be restricted to financial markets, with few repercussions on the real economy and the rest of the world. At first, there was uncertainty about the possible spillovers to the rest of the economy, and there was also discussion about the risks of contagion and decoupling, that is to say, the capacity of other countries – especially developing countries – to isolate themselves from the problems originating in the United States (which is the largest market for many countries). The onset of the present crisis can be traced back to July 2007 with the liquidity crisis due to the loss of confidence in the mortgage credit markets in the United States. The severe global crisis that has spilled from the financial sector to the real economy, including international trade in manufactures, commodities and services. The world economy is still suffering the crisis, considered the most severe since the Great Depression, where economic downturn at historic magnitude and many countries across the globe, irrespective of their development level, are still under strain dealing with this crisis. In addition to discuss the Improvement can be made in several areas to promote and enhance the providing Islamic financial services. This paper tries to note the main Principal of Islamic finance. Industry experts estimate that assets held under Islamic finance management doubled between 20 to reach around $1 trillion. While it represents a small proportion of the global finance market (estimated at 1%-5% of global share), the Islamic finance industry has experienced double-digit rates of growth annually in recent years (estimated at 10%- 20% annual growth). Islamic finance is a rapidly growing industry. The central feature of the Islamic finance system is the prohibition in the Qur’an of the payment and receipt of interest (or riba). In some countries, it has become systemically important and, in many others, it is too big to be ignored.Islamic finance is based on shariah, an Arabic term that often is translated to “Islamic law.”Shariah provides guidelines for aspects of Muslim life, including religion, politics, economics,banking, business, and law.The basic sources of Shari’ah are the Qur’an and the Sunna, which are followed by the consensus of the jurists and interpreters of Islamic law. Islamic finance is one of the fastest growing segments of global financial industry.
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