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Back to basics: Islamic banking unveiled

Posted on 04 March 2009

From Minivannews.com: Islamic banking is a system of banking that is compatible with Sharia or Islamic law. As Islam prohibits riba or usury as well as investing in businesses that are haram or forbidden in Islam, such as those relating to the consumption of alcohol or pork, Islamic banking circumvents these proscriptions.

Above all, it is centred on the belief that money has no intrinsic value and, profit and loss must be shared between the bank and the client….. Full Article: Source

 
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Laxman - who has written 19163 posts on Opalesque Islamic Finance Briefing.


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