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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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Musharaka Financing For Working Capital
Journal of Islamic Banking and Finance, Vol-4, Issue-3, Yr-Jul.-Sept. 1987, pgs 44 - 56.
Nawazish Ali Zaidi
State Bank of Pakistan made history in 1982 when it authorized commercial banks in Pakistan to finance their customers in trade and industry on the basis of profit and loss sharing in an arrangement which in Islamic phraseology is popularly known as Musharika. This arrangement is also known by... Read More |
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Experience of Islamic Banks in West Africa
- By Mohamad Korouma
Banking and Finance: Islamic Concept, Zaman, Mukhtar,Karachi, International Association of Islamic Banks (Asian Region), 1993, 156-159
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Islamic Banking : Environment, Conception and Methodology
- By Professor M. Raihan Sharif
Thoughts on Islamic Banking: Articles Presented at the 2-Day International Seminar on Islamic Banking held under the auspices of Islamic Economics Research Bureau on the 15th and 17th DecemberDacca, Bangladesh, Islamic Economics Research Bureau, 1982, 57-62,
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Islamic Banking is a Reality
- By M. A. Arshad
Thoughts on Islamic Banking: Articles Presented at the 2-Day International Seminar on Islamic Economics Held under the Auspices of Islamic Research Bureau on the 15th and 17th December, International Seminar on Islamic Banking (1980: Dacca, Bangladesh) (Collab)/ Islamic Economics Research Bureau (Bangladesh) (Collab),Edition: 1st, Dacca, Bangladesh, Islamic Economics Research Bureau, 1982, 123-126
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Evolving Interest-Free Banking in Pakistan
- By DM. Qureshi
Banking and Finance: Islamic Concept,Edited by Zaman, Mukhtar,Karachi, Publisher: International Association of Islamic Banks (Asian Region),1993, Pg. 33-37
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Instruments of Islamic Banking: An Evalaution
- By D. M. Qureshi
Journal of Islamic Banking and Finance, Volume1, No.2, Spring 1984, 65-78
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