The term “Islamic banking” refers to a system of banking or banking activity that
is consistent with Islamic laws (Shariah) principles and guided by Islamic economics.
In particular, Islamic law prohibits usury, the collection and payment of interest,
also commonly called Riba in Islamic discourse. In addition, Islamic law
prohibits investing in businesses that are considered unlawful or Haraam (such
as businesses that sell alcohol or pork or businesses that produce media such
as gossip columns or pornography, which are contrary to Islamic values).
Showing posts with label ECONOMICS. Show all posts
Showing posts with label ECONOMICS. Show all posts
2:27:00 PM
Islamic banking
The term “Islamic banking” refers to a system of banking or banking activity that
is consistent with Islamic laws (Shariah) principles and guided by Islamic economics.
In particular, Islamic law prohibits usury, the collection and payment of interest,
also commonly called Riba in Islamic discourse. In addition, Islamic law
prohibits investing in businesses that are considered unlawful or Haraam (such
as businesses that sell alcohol or pork or businesses that produce media such
as gossip columns or pornography, which are contrary to Islamic values).
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