Islamic Banking
Date
2001
Authors
Lewis, M.
Algaoud, L.
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Abstract
The Islamic financial system is based on the teaching of the Qur’an, which prohibits the use of interest in economic activities (Saeed 1996). This prohibition meant that historically a section of the Muslim population stayed away from conventional money markets. The development of the Islamic banking and finance sector and the establishment of Islamic banks have provided an alternative for Muslims to have access to interest-free halal (permissible to consume) financing options (Siddiqui 1994).
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