(CNN) -- While Western banking's reputation was tarnished in the wake of the global economic crisis, Islamic finance is being touted by some as a more ethical alternative, with the potential to appeal to customers beyond its Muslim base. What sets Islamic finance apart from other models is that it complies with Sharia moral and religious law, including not charging or paying interest. And with more than 700 Islamic financial institutions around the world, the sector is already worth up to $1.3 trillion globally. CNN's Jim Boulden sat down with Atif Hanif, Islamic Finance specialist and partner at Allen & Overy, to discuss what Islamic finance really is and where it is growing.
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Islamic finance is Sharia compliant and doesn't charge or pay interest
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Population growth in Muslim countries has meant a boost in Islamic finance
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North Africa, Pakistan, Bangladesh and Indonesia are potential growth areas
It's places like Bangladesh and @placeholder -- a significant population in both countries, and particularly in the case of Pakistan, a case of instability in the last 10 to 20 years.