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Interest

Islamic principles in economic life

By Taha Abdel Alim | Ahramonline | 8 Jan 2012

Until now, no final decision has been made on the use of interest in monetary affairs under Islam, which alone feeds the confusion.

 

Consumer behavior for Islamic credit cards

Consumer behavior for Islamic credit card is outstanding. People are eager to adopt this new form of E-banking because they knew the advantages of such great services. These credit cards has different criteria’s these credit cards are not only available for rich person but for the middle man as well. So everybody have access and these Islamic credit cards are for all. 

 

How a Prohibition on Interest (Riba) Would Affect Trade Cycles and Entrepreneurship

Islam is extremely strict in its prohibition of interest (Riba.) Riba is an unfair, unearned, and undeserved income which is usually used to denote business transactions like money lending or credit. Muslims argue that Riba is at the heart of most of the ills of the modern economic system. 

Islamic economics proposes that instead of interest, a more fair approach would involve profit sharing; that is, in which both parties gain a proportional income depending on the investment or business in question.

 
 

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