Banking & Finance » Overview

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 in an Inflationary World
Middle East Economy Survey, vol: 25, issue: 13, 1982, pgs: 6-11.
Mehran Nakhjavani

(The fast-growing phenomenon of Islamic banking is a development which has not yet been properly understood in the West. The following article by MEES Associate Editor Mehran Nakhjavani defines the various concepts being used in Islamic Banking, as... Read More

Islamic Banking And Some Possible Impact
- By Muhammad Azizul Huq
Islamic Economics Research Bureau; Dacca, Bangladesh: First Edition, 1982
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Islamic Banking New Oppotinities For Cooperation Between Western And Islamic Financial Institutions
- By Qasim M. Qasim
Journal of Islamic Banking and Finance Vol. 3 No. 2 April-June 1986
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Institute of Islamic Banking and Insurance-Objectives and Activities
- By Dr. Shahid Hasan Siddiqui*
Journal of Islamic Banking and Finance Vol. 12 No. 2 Spring Issue
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International Seminar on Islamic Banking - Inaugural Address
- By President General Mohammad Zia-ul-Haq
Journal of Islamic Banking and Finance Vol. 1 No. 2 Spring 1984
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Istisna' and Its Application in Islamic Banking
- By Muhammed Al-Bashir Muhammed Al-Amine
Arab Law Quarterly, [2001] 22-48
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The Equate project: An introduction to Islamic Project Finance

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ISLAMIC BONDS (SUKUK): ITS INTRODUCTION AND APPLICATION

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