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A Comparative literature survey on Islamic Finance and Banking

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A Comparative literature survey on Islamic Finance and Banking INTRODUCTION Islamic finance was practiced predominantly in the Muslim world throughout the middle ages.  European financiers and businessmen   later adopted many concepts, techniques, and instruments of Islamic finance. In contrast, the term ‘‘Islamic financial system’’ is relatively new, appearing only in the mid-1980s. In fact, all earlier references to commercial or mercantile activities conforming to Islamic principles were made under the umbrella of either ‘‘interest free’’ or ‘‘Islamic’’ banking. This, no doubt, prohibits  the receipt  or payment  of interest as the  nucleus  of the  system, but  is supported by other  principles  of Islamic doctrine  advocating  risk sharing, individuals’ rights and duties,  property  rights, and  the  sanctity  of  contracts.   Similarly, the Islamic financial s...
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WHAT IS ISLAMIC BANKING

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WHAT IS ISLAMIC BANKING Islamic Banking is defined as the banking system that is based on the principles of Islamic law (also known Shariah) and is guided by Islamic economics. The two basic principles behind Islamic banking are : 1.   The sharing of profit and loss 2.    Prohibition of the collection and payment of interest. Islamic banking has been defined as banking in accordance with the philosophy and the value system of Islam. This type of banking’s concept is not use any instruments which consist of interest. Islamic banking, the more general term is expected not only to avoid interest-based transactions prohibited in the Islamic Shariah but also to avoid any unethical practices . However Islamic Shariah prohibits ‘interest’ but it does not prohibit all gains on capital. This system is based on risk-sharing, owning and handling of physical goods, involvement in the process of trading, leasing and construction contracts using various Islamic modes of ...
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