7 Major Principles of Islamic Banking and Finance
Islam has set values and goals that meet all the economic and social requirements of the human life. Islam is a religion that not only focuses on the success of the afterlife but also organza the life of a person perfectly. The Islamic laws are known as Sharia that means clear path. In the present is banking system is against the principles of Islamic banking. Due to the reason, here we discuss the seven major principles of Islamic Banking and finance:. It is one of the best principles of Islamic finance where the partners will share their profit and loss according to the part they played in the business.
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2. Shared Risk:
Islamic Finance Clinic E35 - Rules of Sale
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ERA Forum. To address Shariah and FinTech in the same breath may sound counterintuitive. Still, this article will question whether non-secular Islamic banking could coexist with and benefit from the disruptiveness of FinTech. To this end, an argument will be put forward that Shariah -compliant finance can absorb some of the incarnations of FinTech without the latter contradicting Shariah principles. Furthermore, it will be suggested that some financial innovations such as peer-to-peer P2P lending may have profoundly beneficial effects on users in a way which is particularly relevant to Muslims.