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2016-09-22T02:41:44Z

Created page with "== Definition == The term Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law Sharia principles and guided by [..."

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== Definition ==
The term [[Islamic banking]] refers to a system of banking or banking activity that is consistent with [[Islamic law]] [[Sharia]] 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 [[haram]] (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). Furthermore the [[Sharia]] prohibits what is called [[Maysir]] and [[Gharar]].

[[category:Islamic Finance]]
[[category:Islamic Banking]]
[[category:Islamic Finance Definitions]]

Islamic Banking Definition - Revision history

Admin: Created page with "== Definition == The term Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law Sharia principles and guided by [..."