Principles Of Islamic Banking
August 23rd, 2006 No Comments » | POSTED BY ROB
There are more and more financial products coming onto the market that comply with Sharia Islamic law, and it’s interesting to learn how Islamic banking works. Here are the basic principles:
- One of the most important principles is that the giving or receiving of interest is forbidden.
- All money must be invested in industries that Muslims consider ethical.
- Money cannot be traded for money.
- Money can be used to buy goods or services, which can then be sold for a profit.
There’s obviously a lot more to it than these basic points. and the BBC has a more detailed look at the features of Islamic financial products.
