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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Islamic banking would make good on Indian ideals

Posted on 22 July 2010

From Thenational.ae: The noted Islamic scholar Khurshid Ahmad once described the philosophy behind Islamic banking: “Money never becomes the objective, the hero of the cast. It remains an intermediary and an instrument for real productive effort, for asset creation, and for the expansion of physical economic activity.”
Islamic banking essentially reminds us that money is not the end goal, but rather an intermediary that helps build non-monetary assets in society. As a result, say Sharia scholars, one should never profit from money alone, and one should never use money for unproductive purposes (including haraam activities like alcohol and gambling)……………………………………….Full Article: Source

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