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Islamic Finance: An Introduction

In: Islamic Banks and Financial Institutions

Author

Listed:
  • Fayaz Ahmad Lone

    (Prince Sattam Bin Abdulaziz University)

Abstract

Islamic Finance is the subject of growing interest as it provides an alternative banking system to the world economy. Islam considers trade a very important component of economic development and, therefore, the notion of investing finance in an ethical way is essential. On the one hand, interest is forbidden in Islam; on the other hand, the management of investment is a must, so Islam has developed an alternative financial system which encourages the promotion of trade without interest. In this system, therefore, risk is shared rather than being transferred while taking the business transactions into consideration.

Suggested Citation

  • Fayaz Ahmad Lone, 2016. "Islamic Finance: An Introduction," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Islamic Banks and Financial Institutions, chapter 1, pages 1-14, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-51566-7_1
    DOI: 10.1057/9781137515667_1
    as

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