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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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Framework Of Islamic Banking
Journal of Islamic Banking and Finance Vol 1, Issue 2 Spring 1984
Dr. Ziauddin Ahmad
Islamic banking is based on the following two fundamental principles: (1) It should help in achieving the socio-economic objectives of an Islamic society; and
(2) It should be conducted without transgressing any injunctions of the Shariah. Read More |
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Modaraba Certificate as an Instrument for Investment
- By A. Q. Haqqani
Banking and Finance: Islamic Concept, Zaman, Mukhtar,Karachi, International Association of Islamic Banks (Asian Region), 1993, 166-170
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Islamic Banks: A Model And The Challenge
- By El Nagger, Ahmed A.
The Challenge Of Islam, Gauhar, Altaf, 1923-(Ed) / Islamic Council Of Europe (Collab),London, Islamic Council Of Europe, 1978, 220-234
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An Alternative Model of Islamic Banking
- By Nawazish Ali Zaidi
Journal of Islamic Banking and Finance,Vol. 1, Issue 4, Oct-Dec 1984, 27-38
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Experience of Islamic Banks in the Middle East
- By Dr. Younes Al Tamimi
Journal of Islamic Banking and Finance, Vol 3, Issue 2, Apr-Jun 1986, 63-79
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Islamic Banking in Perspective
- By A. G. N. Kazi
Journal of Islamic Banking and Finance,Vol 1, Issue 3, July-September 1984, 7-21
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