 |
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.
 |
|
Issues In Islamic Leasing
New Horizon Issue No: 52 June 1996
Derek Weist
Basic lease contracts originated centuries ago from Muslim trading, when usury was as unacceptable to Christians as it was to Muslims. It is therefore not surprising that 'modern' conventional lease agreements, which have developed from these basic contracts, are essentially... Read More |
|
|
|
|
|
| |
Islamic Banking: The Theory Behind The Practice
- By
Arabia : The Islamic World Review, 61 & 64, Sept. & Dec. 1986
Read
more |
|
Development of Islamic Banking and Financial System in the Contemporary World:Problems and Prospects
- By A. S. M. Fakhrul Ahsan
Thoughts on Economics, Vol. 4, Issue 8, Jan-March 1983, 16-26
Read
more |
|
Islamic Banking: Some Unsettled Issues Of Stability And Growth
- By T. R. Bishnoi
Journal Of Objective Studies, Volume: 4, Issue: 1, Jul. 1992/1413H, Pages: 142-151
Read
more |
|
Bright Future for Asia
- By Staff Writer
New Horizon, August 1994, 12-14
Read
more |
|
Islamic Banking going Global
- By Rodney Wilson
The Banker, 145, NO.829, MARCH 1995, 45-46
Read
more |
|
| |
|
|
|
By pressing
the button you can submit your article
|
| Islamization of Insurance —A Religio-Legal Experiment in Malaysia
Religion and Law Review, Vol-2, Issue-I, Yr- 1993, Pgs- 16-40. Read
More |
|
 |
|
| ISLAMIC BONDS (SUKUK): ITS INTRODUCTION AND APPLICATION
Latest information about Sukuk Read More
|
|
|
 |
|
| Islamic Banking and Finance growth is vital: Prof. M.A. Mannan
Read
More |
|
|
|
