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Islamic Banking
09/13/2015
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Islamic banking refers to a system of banking or banking activity that is consistent with the principles forbidding usury (Riba) interest Islamic law (Sharia) and its practical application through the development of Islamic economics.
The modern financial system scoffed at the idea of banking without interest when it proposed in the early of 1970s.
However economists know that the lower interest is healthy to economy.
Islamic banking is based on no interest.
Loans must be given free of charge.
Today after leading international banks know the rules of Islamic banking, they have Islamic investments accounts and portfolios.
If these accounts mean financial loss, the banks would cancel them. Based on justice and fairness forms, no reward is given for capital unless it is exposed to business risk.

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