What is Islamic Banking?
Islamic banking is a commercial activity that is consistent with Islamic Law or Sharia’h (Fiqh Mualamat) which is ‘the Islamic rules on financial / large commercial transactions’. One of the highlights of Islamic Banking is that it promotes a greater degree of fairness and equity in the conduct of business.
What is riba?
Riba is paying or charging interest on a loan or deposit. Any amount, big or small, over the principal, in a contract of loan is ‘riba’ which is prohibited by the Holy Quran and Sunnah, regardless of whether the […]