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Islamic Banking? Whats the deal? PDF Print E-mail
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Written by Aminur Rashid   
Wednesday, 23 April 2008

Offlate, a lot is being said about Islamic banking. Even Forbes magazine had one article on this form of banking.

This article from Reuters believes "Islamic finance can give early warning of debt woes".

 With so much of talk going on, I tried to find out what actually is Islamic banking. The basis of this form of banking is the prohibition of Riba- (Usury - or interest). To digg further, it also does not allow your money to be invested in business declared as Haraam (illegal) in Islam. Some of them are liquor,porn industry, gambling (its always fun to gamble with other's money Tongue out), pork food busines etc. 


For the various sources, across internet I realised that this form of banking is basically a profit-loss-risk sharing form of institution. The end user also act as an investor in this form of banking, and as an investor, he is expected to keep an eye on bank policies. He is a partner in the business.  It system employes the concept of participation, and, in its ideal realm, aims to work with social responsibility and social justice.

 

Concept and few terms can be explained as... 

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Last Updated ( Wednesday, 23 April 2008 )
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Aminur Rashid