Islamic Banking: Sharia Compliant Finance

2138 WordsFeb 19, 20189 Pages
Introduction: Islamic banking is banking action that is reliable with the ethics of sharia and its applied presentation over the change of Islamic economics. As such, a more right word for 'Islamic banking' is 'Sharia compliant finance'. Sharia forbids getting of exact interest or fees for loans of money, whether the expense is stable or moving. Deal in businesses that provide goods or services considered contrary to Islamic principles (for example pork or alcohol) is also forbidden "bad and forbidden". Although these preventions have been functional historically in varying degrees in Muslim countries and societies to avoid unIslamic practices, only in the late 20th century were a amount of Islamic banks formed to relate these ethics to private or semi-private commercial organizations contained by the Muslim community. The first recent testing with Islamic banking can be traced to the organization of the Mit Ghamr funds Bank in Egypt in 1963. Throughout the past four decades Islamic banking has full-grown quickly in terms of size and number of players. Islamic banking is currently practiced in more than 50 countries like In Iran, Pakistan, and Sudan, only Islamic banking is allowed. 1. Need for professional bankers: They require for expert bankers as well as managers cannot be more than emphasize. a few number of bankers at this time running by the direct participation by himself or by the boss how don’t cover much experience of Islamic bank activities and
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