Islamic Banking Definition
Subject: Banking | Topics:

Islamic Banking is a banking system that is based upon the principles regarding Islamic law (also identified Shariah) and advised by Islamic economics. Two basic principles behind Islamic banking would be the sharing of earnings and loss and significantly, the prohibition in the collection and payment of interest. Collecting interest isn’t permitted under Islamic rules. As such, more perfect term pertaining to ‘Islamic banking’ is usually ‘Sharia compliant finance’.

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