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Detailed study of Islamic banking services is covered in Islamic finance certification and Islamic banking courses - offered by AIMS.Yes, we must say that Islamic banking is really Islamic, if it is being practiced on the basis of rules and regulations defined by Islamic Sharia.In case any organization is not following the rules defined in Quran, Hadith, Ijma or Qayas, they are not allowed to claim themselves an Islamic bank.
However, no addition to price once mutually agreed.
Keeping in mind the end goal to procure cash without charging premium, Islamic banks utilize value support frameworks.
Banking is a concept that has been used in our society in different form and shapes.
The history of banking is as old as 2000 BC when there were trading system and the gold coins.
Islamic banking having distinct modes of operations as compared to conventional banks has been started in the 1970s to address the problem of Riba.
Essay On Islamic Banking In Pakistan High Quality Watermark Paper
The committed and resourceful individuals, professional bankers, Islamic economists and religious scholars are attributed to be pioneer of Islamic banking.There is consensus among the Shariah scholars that credit price of a commodity can genuinely be more than its cash price.The Islamic Fiqh Academy of OIC and Sharia Boards of all Islamic banks, approve the legality of this difference.You can view samples of our professional work here.Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.Gathering interest or Riga isn't allowed under Islamic law.Islamic banking concepts have an indistinguishable reason from traditional managing an account aside from that it works as per the guidelines of Shari'ah, known as Fiqh al-Muamalat.Islamic banking is a finance management system that is based on the Islamic rules of Sharia.The main concept of the Islamic banking is the prohibition on collection of interest and its utilization for the business purposes.There are different banking systems in the world but the most famous ones are conventional banking and the Islamic banking.The main function of conventional bank can be summed up in one sentence: The banks borrow to lend.