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Islamic Finance Briefing - Categorized | Banking, Islamic Law / Economics more

Banking, Islamic style

Posted on 25 October 2010

From Tribune.com.pk: Muhammad Raza, Head of Commercial Banking at Meezan Bank, outlines the difference succinctly by using an often-quoted reference from the Quran that allows trade but forbids ‘riba’ or usury. He explains that riba is a form of a transaction that is impermissible in Islam.
The transaction is straightforward: the lender extends a certain amount of money to the borrower and the two enter a contract that obligates the borrower to return the principal amount and additional interest payments……………………………………….Full Article: Source

 
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