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Islamic Finance / Islamic Banking

A primer on Islamic Finance, and Islamic Banks

The issue of Islamic Finance and Islamic Banking has surfaced because Islam strictly prohibits riba (also called interest and / or usury). Islamic Banks have therefore surfaced to provide Islamic financial services that are free from riba and interest.

The Quran mentions in Sura An-Nisa (4:161): That they took riba (usury), though they were forbidden and that they devoured men�s substance wrongfully � We have prepared for those among men who reject faith a grievous punishment.

There are mentions in the Hadith as well about the prohibition of Riba. Abu Hurayrah (ra) narrated that the Prophet (saw) said: �Allah would not allow four persons to enter paradise or to taste its blessings: he who drinks wine, he who takes riba, he who usurps an orphan�s property without right and he who is undutiful to his parents.�

There are other many sources both in the Quran and Hadith that prohibit the dealing with interest in all it's forms. Islamic banks therefore have surfaced to provide alternative and sometimes comparable services to Muslims who want to abide by the Islamic finance guidelines.

Islamic Banks are much more prevalent in Middle Eastern and Islamic countries such as Saudi-Arabia, Bahrain and United Arab Emirates. These banks also provide other Islamic investment opportunities that include investment in Islamic stocks and Islamic trade.

Strictly Islamic online banks have still not emerged but the vast discussion and need suggests that pure online internet banks offering only Islamic financial services will probably surface soon.

Some Islamic banks include HSBC Amanah, Abu Dhabi Islamic Bank, Al BARAKA ISLAMIC BANK in Pakistan and Al Rajhi Banking in Saudi-Arabia.

The topic of Islamic finance and Islamic banking has not escaped controversy. Various researchers and educationists have researched this topic. Some work in this regard can be found at the following sources:

The Riba-Interest Equation and Islam: Reexamination of the Traditional Arguments

Why does Islam prohibit interest (Riba)?