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  • Islamic Banking

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    Aarif Faridi
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    Islamic banking is a growing global industry worth over $200 billion based on Islamic principles derived from the Quran that prohibit interest and investing in activities like alcohol, tobacco, or weapons. It has existed since the 7th century but modern Islamic banks first emerged in the 1970s, operating based on profit and loss sharing instead of interest on loans. Islamic banks are co-governed by both religious and financial leaders to ensure compliance with Sharia law.

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    Islamic banking is a growing global industry worth over $200 billion based on Islamic principles derived from the Quran that prohibit interest and investing in activities like alcohol, tobacco, or weapons. It has existed since the 7th century but modern Islamic banks first emerged in the 1970s, operating based on profit and loss sharing instead of interest on loans. Islamic banks are co-governed by both religious and financial leaders to ensure compliance with Sharia law.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Download as ppt, pdf, or txt
    7 views4 pages

    Islamic Banking

    Uploaded by

    Aarif Faridi
    Islamic banking is a growing global industry worth over $200 billion based on Islamic principles derived from the Quran that prohibit interest and investing in activities like alcohol, tobacco, or weapons. It has existed since the 7th century but modern Islamic banks first emerged in the 1970s, operating based on profit and loss sharing instead of interest on loans. Islamic banks are co-governed by both religious and financial leaders to ensure compliance with Sharia law.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    of 4

    Islamic Banking

     Islamic

    Banking global estimates US$200Billion+  More than 250 Islamic Financial Institutions in 27 Muslim countries and 16 Non Muslim countries  Islamic Banking is based on the principles and spirit of the Sharia h (Islamic Law derived from the Koran

    Islamic Banking cont d ..


     Islamic

    Business and Banking practices date back to seventh century  Islamic concept of Banking 1973 First Dubai Islamic Bank of Bahrain  Many Western concepts of Banking not acceptable  Collection of interest is sinful

    Islamic Banking cont d


       

    Activities supporting alcohol, tobacco, gambling and armaments are not permitted Islamic Banks co-governed by religious coleadersleaders-scholars Law of Prohibition on interest is prohibited leading to injustices Interest free loans (Benevolent Loans) based on profit sharing/ratio, fees & commissions

    Islamic Banking cont d .


     Acceptance

    of services rendered and providers of funds earn a profit on investment as opposed to interest  Profit-Loss sharing ratio varies most Profitcommon 80% for provider & 20% for borrower  Visit www.islamic-banking.com www.islamic-

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