Islamic finance: a vehicle for economic development
Abstract
Islamic finance is based on adherence to Shariah, or Islamic law, by prohibiting paying or charging usury or interest. This paper discusses the theological background for the differences between Islamic banking and conventional banking. It gives a picture of how and where the Islamic finance industry operates today. It also shows how the Islamic banking model is different from that of conventional Western finance through a discussion of various Islamic financial instruments. The paper then introduces ideas for how Islamic finance can be used as a vehicle for economic development.
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