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The concept of riba & banking in Islam

Posted on 18 March 2013

Shariah, the body of law that governs all aspects of Muslim life, forbids riba, a word in Arabic commonly interpreted as “interest,” though it also means usury and all forms of unearned income. However, modern banking is established on the basis or riba, or paying interest to depositors and charging interest to borrowers.
Islamic banking attempts to provide modern financial services that are permissible in Islamic jurisprudence………………………………………..Full Article: Source

 
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Laxman - who has written 19160 posts on Opalesque Islamic Finance Briefing.


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