Islamic Banking
Assalamualikum. Here , i express my narrow vision on islamic banking.. Actually, what is islamic banking..? "Islamic banking has been defined as banking in consonance with the ethos and value system of Islam and governed, in addition to the conventional good governance and risk management rules, by the principles laid down by Islamic Shariah. Interest free banking is a narrow concept denoting a number of banking instruments or operations, which avoid interest. Islamic banking, the more general term is expected not only to avoid interest-based transactions, prohibited in the Islamic Shariah, but also to avoid unethical practices and participate actively in achieving the goals and objectives of an Islamic economy." Islamic Banking is a part of the economic system and activities of a society that wants total fairness to its members through delivery of social justice, construction and development, employment for all etc. As such Islamic banking may be con...
