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Islamic banking & finance institutions would neither pay interest nor earn interest. Bank-depositor relation would be based on the depositor sharing the profit accruing as a result of the bank's profitable use of the deposits pooled together. On the asset side a number of ways were tried to earn profits including partnerships and profit-sharing (mudaraba) with businessmen. Many Islamic banks entered into business directly, buying and selling commodities, land or real estate. Experimentation soon led to what is currently the predominant form of Islamic finance.
In a nutshell, the core idea behind commercial and investment banking, that of financial intermediation, is retained but the ethically repugnant practice of interest on loans is discarded. Within a short period of fifty years, the first half of which was devoted mainly to theory and model building, Islamic banking established itself as an alternative, claiming ethical superiority over conventional banking.
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Principles as Well as Roots
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Peter Temple
The importance of Islamic banking has increased dramatically over the past 10 years. The main difference between western and... Read More |
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Back to Basics for Islamic Banking Seminars
- By Naomi Collett
New Horizon - Islamic Banking and Insurance, N0.29, July 1994, 17-20
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Determinants Of The Financial Strategy of Islamic Banks
- By Rifaat Ahmed Abdel Karim, Amal El-Tigani Ali
Journal of Business Finance and Accounting, 1, No.2, Spring 1989, 193-212
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Islamic Banking And Finance: Another Approach
- By A.L.M. Abdul Gafoor
Revised version of a paper presented at the Islamic Hinterland Conference on Critical Debates Among Canadian Muslims, 3-5September 1999, Toronto, Canada
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Leasing According to Islam
- By Staff Report
Airfinance Journal; Coggeshall; Issue: No.192, Feb 1997
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Mudaraba Project Financing
- By Ismail Zainal Mousa
Paper presented at a seminar sponsored by the Amiri Diwan in Kuwait on June 11, 1997
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| Islamic Banking—The Jordanian Experience
Arab Law Quarterly, 2, Part 3, August 1987, 207-229 Read
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| ISLAMIC BONDS (SUKUK): ITS INTRODUCTION AND APPLICATION
Latest information about Sukuk Read More
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| Islamic Banking and Finance growth is vital: Prof. M.A. Mannan
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