The art of islamic banking and finance pdf
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Islamic finance products, services and contracts
Banking or banking activity that complies with sharia Islamic law —known as Islamic banking and finance , or shariah  -compliant finance  —has its own products, services and contracts that differ from conventional banking. Some of these include Mudharabah profit sharing , Wadiah safekeeping , Musharakah joint venture , Murabahah cost plus finance , Ijar leasing , Hawala an international fund transfer system , Takaful Islamic insurance , and Sukuk Islamic bonds. Sharia prohibits riba , or usury , defined as interest paid on all loans of money although some Muslims dispute whether there is a consensus that interest is equivalent to riba. To be consistent with the principles of Islamic law Shariah and guided by Islamic economics, the contemporary movement of Islamic banking and finance prohibits a variety of activities:. Money earned from the most common type of Islamic financing—debt-based contracts—"must" come "from a tangible asset that one owns and thus has the right to sell—and in financial transactions it demands that risk be shared. Islamic banking and finance has been described as having the "same purpose" Institute of Islamic Banking and Insurance ,  or having the same "basic objective" Mohamed Warsame ,  as conventional banking but operating in accordance with the rules of shariah law.