Islamic banking is best

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08
Year
1987
Country
Sudan
Language
English
Abstract

Colonialists initiated banking in Sudan in order to serve the interests of the colonizing power. After independence, banks in Sudan continued to operate on the same principles as colonial banks. God prohibits dealing in riba (interest) mainly because it causes oppression and exploitation. Islamic banks are structured to improve the economic welfare of all people. Islamic banks are not lenders like conventional banks, but rather investors who share in the risk of an enterprise. Islamic banks obey God's rule regarding the distribution of wealth through zaka . Zaka discourages the hoarding of wealth and makes more savings available for investment. The primary objective of Islamic banks is to maximize social welfare and not just earn profits. Islamic banking aids in realizing the economic and social potential of every member of society.

English
ISSN/ISBN
0378-8059
No. of Pages
pp.13-14
Volume
13
Select type of work
Name of the Journal
CIS Program Old
CIS publications
No
CIS Thesis
No