Islami Banks

Islami banks do business of banking as commercial banks but it is on the basis of Islamic Shariah or Islamic principles and guided by Islamic economics.

Two basic principles behind Islamic banking are

 - the sharing of profit and loss and,

 - significantly, the prohibition of the collection and payment of interest.



Share it:  Cite

More from this Section

  • Truth-in-Savings Act
    Truth-in-Savings Act is the law passed by the U.S. Congress in 1991 that requires depository ...
  • Residual market
    Residual market is the residual market refers to plans in which auto insurers participate ...
  • Outright
    Outright is the purchase or sale of foreign currency for delivery at any forward date ...
  • Uncovered Interest Arbitrage (UIA)
    A deviation from covered interest arbitrage is uncovered interest arbitrage (UIA), where ...
  • Bank collection float
    Bank collection float is the time that elapses between when a check is deposited into ...