We use cookies to enhance your experience on our website. By continuing to use our website, you are agreeing to our use of cookies. You can change your cookie settings at any time. Find out more Banking (Islamic) - Oxford Islamic Studies Online
Select Translation What is This? Selections include: The Koran Interpreted, a translation by A.J. Arberry, first published 1955; The Qur'an, translated by M.A.S. Abdel Haleem, published 2004; or side-by-side comparison view
Chapter: verse lookup What is This? Select one or both translations, then enter a chapter and verse number in the boxes, and click "Go."
:
  • Previous Result
  • Results
  • Highlight On / Off
  • Look It Up What is This? Highlight any word or phrase, then click the button to begin a new search.
  • Next Result

Banking (Islamic)

Source:
The Oxford Dictionary of Islam What is This? Covers the religious, political, and social spheres of global Islam in the modern world

    Banking (Islamic)

    Islamic banking is interest-free banking inspired by Islamic law. Its uses include mudarabah (profit sharing), murabahah (advance purchase with later sale at marked-up price), ijarah (leasing or long-term credit), and musharakah (equity sharing). The first modern Islamic banking institutions were farmer credit unions in Pakistan in the 1950s and the Mit Ghamr Savings Bank in Egypt ( 1963 ). Major expansion came in the 1970s due to oil revenues and growing economies in the Persian Gulf and the rising desire for implementation of Islamic values in all spheres, including economic and financial. Gulf business interests strongly supported the Islamic banking movement, which has spread beyond the Muslim world into the West. Islamic banking today is particularly strong in Malaysia and Indonesia. Islamic financial instruments increasingly are accepted internationally, even in non-Islamic countries. In Iran and Pakistan, the financial system was reorganized in the 1980s to bring it into conformity with Islamic law.

    See also Economics (Islamic); Islamic Develoment Bank

    • Previous Result
    • Results
    • Highlight On / Off
    • Look It Up What is This? Highlight any word or phrase, then click the button to begin a new search.
    • Next Result
    Oxford University Press

    © 2021. All Rights Reserved. Cookie Policy | Privacy Policy | Legal Notice