The effects of the 2008 Global Financial Crisis amongst others have led to the review of prevailing banking and financial practices. Over the past four years, many discussions were held to discover potential remedies and safeguards including the viability of alternative approaches and systems. The Islamic banking industry can certainly capitalise on the collapse of conventional asset prices and have many customers of the conventional system moving towards alternative financial systems. Once confined to OIC member states, Islamic finance is now widely practiced in 75 countries worldwide. It's growing popularity among OIC as well as non-OIC economies is reflected in a growth rate at least double and up to four times (according to different estimates) that of conventional banking and finance. Islamic Business: Contemporary Issues and Economic Development explore the loopholes in the current global financial and economic system. This book highlights the advantages of the Islamic system in averting disasters and the feasibility of adopting alternative exchange rate arrangements to promote greater trade integration and macroeconomic performance.