Abstract
Not very long ago the practicability of Islamic banking and finance was not taken seriously, and writing on such topics was considered simply a mental exercise in vain. Opportunity of teaching and learning Islamic economics, banking and finance was unheard. But the situation at present has completely changed. At present it is the most discussed and practiced area of Islamic economics. It has received global recognition. Now there is a vast variety of degree programmes in the Western universities, with different specializations. The present paper aims to shed light on the rapid development of Islamic finance in the academic circle all over the world. At the concluding note it strongly recommends for keeping close tie between its theoretical development and practical advancement.
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