Suppose a friend of yours asks you about Islamic banking and he does not believe in Islamic banking as he is on the view that Islamic banks use KIBOR rate while taking profit which is the interest based benchmark of conventional banks moreover Islamic Banks also receive extra money from their customers in case where they make delay in payment. Required: How will you satisfy your friend by answering these two questions?

Suppose a friend of yours asks you about Islamic banking and he does not believe in Islamic banking as he is on the view that Islamic banks use KIBOR rate while taking profit which is the interest based benchmark of conventional banks moreover Islamic Banks also receive extra money from their customers in case where they make delay in payment. Required: How will you satisfy your friend by answering these two questions?

International Financial Management

14th Edition

ISBN:9780357130698

Author:Madura

Publisher:Madura

Chapter21: International Cash Management

Section: Chapter Questions

Problem 2SBD

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How will you satisfy your friend by answering these two questions?

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