Islamic Finance

The term riba may be discussed in depth to determine whether it includes modern bank interest.

There is growing need amongst the 2 million Muslims living in Britain for a mortgage system that complies with Islamic principles. The two most common methods used for structuring Islamic mortgages are

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People often wonder how Islamic banks make profits while avoiding riba, which denotes interest, profiteering, and usury. Nationalized commercial banks in Bangladesh earn over 30% of their profits from non-interest, and thus

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The existence of international Islamic financial centers (IIFCs) is crucial to the growth and evolution of the Islamic banking and finance sector.

Modern Islamic banking is less than thirty years old but its bases -- community orientation and prohibition of riba (interest) -- are fundamental to

The idea that God owns all things is at the core of Islamic economics. A second cornerstone of the Islamic economic system stems from the fact that the Qur'an strictly prohibits interest-bearing transactions but permits trade.

When Pakistan became independent, Muslims thought that a new, Islamic socioeconomic order would replace the old, oppressive one they had been enduring. However, such an order did not materialize. The Council of Islamic Ideology and a group of economists worked for nearly three years to produce two reports on interest-free banking and zaka.

Efforts are in motion to consolidate the positions of existing Islamic banks, to ease the founding of new Islamic banks, and to develop close relations between the International Association of Islamic Banks and Islamic nations. The consolidation-seeking committee will primarily discuss a seven-point paper that the chairman of the Dubai Islamic Bank recently presented.