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Islamic Banking: Trillion dollar question

Posted on 15 December 2009

From Gulf-daily-news.com: Is there any difference between the prevailing conventional banking and Islamic banking? I keep hearing from bankers, even those who were and are still working for Islamic banks, that actually there is no real difference between the two except for some cosmetic ones.

Islamic scholars around the world are still not very clear or unanimous on what ‘riba’ really is, as is evident by the claims/fatwa of the head of Al Azhar University (Egypt), who claims that conventional banking is not riba-based, whereas many others believe that normal banking is riba-based……………………………….Full Article: Source

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


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