Question:
Answer: Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values). In the late 20th century, a number of Islamic banks were created, to cater to this particular banking market. in short: no interest collected
Related Questions
- What do u think of the name Abigail short Abby and what are some middle names, I want two.?
- This is about Abagail Adams. Which one of her children actaully died at a young age?
- I am looking a copy of a letter from Abigail Adams to Mary Cranch in the 1700s?
- do peas have minerals?
- Kelly Pavlik V.S Arthur Abraham?
- Describe the rising political career of Abraham Lincoln?
- Name for Dancing classe ??? Start with R , T, U, B, or V?
- Can I use both oil and acrylic in the same painting?
- what do uu mean by POTENTIAL and ACTUAL GNP??
- what is my coin worth?