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Islamic banking, Islamic finance (Arabic: مصرفية إسلامية masrifiyya 'islamia), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics.
Islamic banking refers to a system of banking that complies with Islamic law also known as Shariah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset.
Jun 20, 2023 · Islamic banking, also referred to as Islamic finance or Shariah-compliant finance, refers to finance or banking activities that adhere to Shariah (Islamic law).
Mar 31, 2015 · The World Bank Group is working with Islamic finance to reduce poverty, expand access to finance, develop the financial sector, and build financial sector stability and resilience in client countries. Islamic finance has emerged as an effective tool for financing development worldwide, including in non-Muslim countries.
Programme Objectives. To produce high potential talents to acquire pertinent knowledge and skills in Islamic Banking and Finance through interdisciplinary approach. To develop and enhance theories and practices of Islamic Banking and Finance within the sphere of Maqasid Al-Shariah.
Islamic finance currently encompasses banking, leasing, Sukuk (securities) and equity markets, investment funds, insurance ("Takaful") and micro finance, but the banking and Sukuk assets represent about 95 percent of total Islamic finance assets.
Contrary to the conventional banks, Islamic banks are required to operate according to the principles of Muammalat, which are identified as the avoidance of Riba', Gharar, Maysir, Hilah, and the promotion of ethical business practices such as justice, fairness and transparency.
Nov 3, 2023 · Islamic Banking and Finance by Zubair Hasan provides an analysis of the principles and theory underlying the Islamic financial system, its distinctive features, and its relationship with conventional financial institutions.
Jan 1, 2024 · Islamic finance is a way of doing financial transactions and banking while respecting Islamic law or sharia. Islamic finance hardly existed 30 years ago yet today is a $2.5 trillion industry with hundreds of specialised institutions located in more than 80 countries.
Islamic finance is a way to manage money that keeps within the moral principles of. It covers things like saving, investing, and borrowing to buy a home. The moral principles many Muslims live their lives by are sometimes known as the ‘Shari’ah’. So you may hear Islamic financial services described as ‘Islamic finance’ or ‘Shari’ah-compliant’.
