Outlines of an Islamic bank

Interest is at the core of today's banking system. It is well understood that interest impedes projects with low profit margins. This impediment can be particularly problematic in the less-developed world. Islam ends economic injustice with its ban on interest. A re-implementation of Islamic institutions must occur. Due to a lack of knowledge or feeling toward Islam, the intelligentsia of Muslim countries incorrectly doubts the feasibility of an Islamic economy. Banking aided the West in its development; it is possible for Muslims to derive the benefits of banking without imitating the Western total drive for profits, a drive that hurts the community. Islamic banking will be grounded in shirka (free partnership) and muzarbat (limited partnership). Public or private savers will give capital funds to a bank on the arrangement of shirka (particularly, shirka inan). The structure of the bank will be a muzarbat. Those who fund the bank are its shareholders. There will be muzarba