The-definition.com

Definition

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

  • Certified Financial Planner (CFP)
    Certified Financial Planner (CFP) is a professional who has attained a high degree of ...
  • Financial futures
    Financial futures is the contracts calling for the delivery of specific types of securities ...
  • Immediate annuity
    Immediate annuity is an annuity where the first payment is due one payment period from ...
  • Law of large numbers
    Law of large numbers is the concept that seemingly random events will follow predictable ...
  • Free alongside (FAS)
    Free alongside (FAS) is an international trade term in which the seller’s quoted price ...