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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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Islamic Banking And Finance: Another Approach
Revised version of a paper presented at the Islamic Hinterland Conference on Critical Debates Among Canadian Muslims, 3-5September 1999, Toronto, Canada
A.L.M. Abdul Gafoor
In recent years a series of three books has been published on the above subject. Each book is self - contained, treats a specific topic, and presents a new methodology taken together, they provide a comprehensive banking system that addresses the needs and concerns of Muslims... Read More |
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American trade and Islamic banking in the Israeli occupied territories
- By Wright, JW JR
International Journal of Commerce and Management, VOLUME: 5, Issue No. 4 ,1999, 71
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Essentials of Successful Islamic Banking
- By Husain Lawai
New Horizon, No31, September 1994, 4-8
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The Role of Islamic banks in non-Muslim countries
- By M. Umer Chapra
Journal Institute Of Muslim Minority Affairs, Vol 13, Issue No 2, July 1992, pages 295-297
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Progress And Challenges Of Islamic Banking
- By Abbas Mirakhor
International Monetary Fund
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Islamic Banking And Finance
- By Dr. Rodney Wilson
Middle East And North Africa, Edition 44, London, Europa Publications, 1985, pg 175-179
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