Banking and Islamic law

Islam and other religions have injunctions against interest. An Islamic banking system has particular practices. Banking is an ancient concept. Non-interest-based banks include the Orphans Funds Development Establishment in Jordan and the Islamic Bank in Dubai. Still, a fully Islamic banking system does not exist. Such a system may emerge through adherence to three principles: the removal of all usurious qualities associated with Islamic banks; a distinction between banking services and banking investment; and the adoption of a mudaraba (trust financing) approach to investment. Different kinds of usury exist, and a discussion of the Qur'an and riba is essential. Mudaraba can indeed support a banking system.