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Essays On Islam & Islamic Politics
Essay 29 of 278
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Islamic Banking
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This 20 page report discusses Islamic banking and the concepts and ideals that govern it. All Islamic banking products must adhere to the basic principle that money cannot be treated as a commodity, and must be used productively with the rewards shared between the client and the bank. Islamic banks cannot charge any interest since interest is prohibited in the Koran (although profit is permitted). Today, there are several hundred Islamic financial institutions operating in more then forty countries in Africa, Asia and Europe. Bibliography lists 15 sources.
Filename: BWisbank.wps
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