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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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Marketing Management in an Islamic Banking Environment: In Search of an Innovative Marketing Concept
Skidmore College, Saratoga Springs, New York, USA
Dale N. Shook and Salah S. Hassan
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The Need for an International Documentation Center for Islamic Banking and Finance
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Banking on Principles
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The Middle East, 267, May 1997, 26-28
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Integrating Islamic and Western Finance
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Global Finance, 10, No5, May 1996, pg 44-50
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Bullish KFH Says its House is in Good Order
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Islamic Banker, No. 69, October 2001, 6-7
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Conferences Signal Surge in worldwide Interest in Islamic Banking
- By Staff writer
New Horizon- Islamic Banking and Insurance, No. 25, March 1994, pg 13
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