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- Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to finance or banking activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
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Chapters. Authors. Supplementary. This book, Introduction to Islamic Banking and Finance: An Economic Analysis, covers the basic principles of Islamic economics and finance. It discusses both the theory of Islamic economics and finance as well as the applications in the design of instruments of finance as well as Islamic financial institutions.
3 Definition of Islamic Banking 31 3.1 Conventional Bankers and Islamic Banking 31 3.2 Six Key Islamic Banking Principles 33 3.2.1 Predetermined Payments are Prohibited 33 3.2.2 Profit and Loss Sharing 33 3.2.3 Making Money Out of Money is Not Acceptable 34 3.2.4 Uncertainty is Prohibited 35 3.2.5 Only Sharia’a-Approved Contracts are ...
Jul 25, 2011 · About this book. Introduction to Islamic Banking and Finance is a succinct guide to the key characteristics of Islamic banking highlighting how these differ from conventional banking. This detailed book illustrates how Islamic banking is consistent with the Sharia'a, a key element of which is the prohibition on collecting and paying interest.
- What Is Islamic Banking?
- How Islamic Banking Practices Work
- History of Islamic Banking
- Example of Islamic Banking
- The Bottom Line
Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to financial activities that adhere to Shariah (Islamic law). Two fundamental principles of Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest by lenders and investors.
There are more than 560 banks and over 1,900 mutual funds around the world that comply with Islamic principles. Between 2015 and 2021, Islamic financial assets grew to about $4 trillion from $2.17 trillion and are projected to rise to roughly $5.9 trillion by 2026, according to a 2022 report by the Islamic Corporation for the Development of Private...
The practices of Islamic banking are usually traced back to businesspeople in the Middle East who started engaging in financial transactions with their European counterparts during the Medieval era. At first, they used the same financial principles as the Europeans. However, over time, as trading systems developed and European countries started est...
The Mit-Ghamr Savings Bank, established in 1963 in Egypt, is commonly referred to as the first example of Islamic banking in the modern world. When Mit-Ghamr lent money to businesses, it did so based on a profit-sharingmodel. The Mit-Ghamr project was closed in 1967 due to political factors, but during its year of operations, the bank exercised a g...
Islamic banking is also referred to as Islamic finance or Shariah-compliant finance. It refers to finance or banking activities that comply with Islamic law. There are many differences between Islamic and mainstream finance, but two of the most important are the methods of sharing profit and loss, and the prohibition of the collection and payment o...
PART I - INTRODUCTION 1. Status of the Global Islamic Finance Industry 2. Source and Principles of Islamic Law in Relation to Finance 3. Islamic Financial Institutions 4. Accounting and Taxation Approaches 5. Corporate Governance for Institutions Offering Islamic Financial Services PART II - ISLAMIC LAW AND CONTRACTS IN PRACTICE 6.
- Rasem Kayed
Introduction to Islamic Banking and Finance. Read an Excerpt. Chapter (PDF) Index (PDF) Table of Contents (PDF) Download Product Flyer. Description. Digital Evaluation Copy. Islamic Banking and Finance: Introduction to Islamic Banking and Finance and The Islamic Banking and Finance Workbook, 2 Volume Set. About the Author. Permissions.
