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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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Experience of Islamic Banks in West Africa
Banking and Finance: Islamic Concept, Zaman, Mukhtar,Karachi, International Association of Islamic Banks (Asian Region), 1993, 156-159
Mohamad Korouma
Although the Sub... Read More |
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Islamic Banking: A New Vehicle In Fostering Entrepreneurship
- By Sudin Haron
Journal Of Islamic Banking And Finance,Vol: 13, 3, July-Sept. 1996, 28-39
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Theory and Practice of Islamic Banking
- By Mohammad Afzal
Pakistan Economic and Social Review, Vol 31, No. 2, Winter 1993, pg.102-117
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Malaysia’s Interest Free Counters: No Room for Religious Sentiments
- By Staff writer
Islamic Banker, Issue 8, August 1996, 13-15
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Al-Rajhi - Islamic Banking's Flagship in Saudi Arabia
- By Staff writer
New Horizon, No. 23, January 1994, 7-8
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Making Sense of Islamic Banking
- By Osama Mohamed Ali
New Horizon, 26, April 1994, 4-6
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