Mahathir Mohamad's globalization idea and Muslim banking net in Malaysia

Malaysia has been seen as a stable developing economy for some decades by now. Its progressive development was started during the reign of Mahathir Mohamad, the Prime-Minister of the country (1981-2003). He proved himself as a consistent reformer and a staunch follower of globalization concept. He also worked for the advancement of economic competency in local population through acquisition of basic principles of economic development via Muslim banking system and personal investments into Malaysian economy. Islamic banking is understood as a system of banking business or banking activities that are consistent with the principles of Shari’ah Law (Islamic rulings), which practical application is assistive in the development of Islamic economics. The principles of such banking system are grounded on the importance and dominance of moral and ethical values absolute for all banking operations; understandably, they enjoy a wide universal appeal. Shari'ah banking system does not allow payments or acceptance of interest charges (riba) on money loans. It prohibits any operations or activities that provide profits or services considered contrary to the banking system principles.