One of the basic principles of Islamic financial system is the elimination of Usury (or Interest) from all transactions whether compound interest or simple interest, on other hand interest represents one of the key principle of the conventional banking system and services. Lack to Islamic finance made a lot of Muslims worldwide to refrain form getting involved with conventional banks and this caused fund shortness which subsequently affected their economic outputs. However after the clear fiasco of the conventional banking system and the financial crisis which hit the entire world especially countries relaying heavily on banking sector.
Therefore the IICC aims from introduction of Islamic banking:
1) Reform the Banking Industry
2) Prevention of other crisis caused by financial sector.
3) Introduction and Certifying of Islamic Financial Services.