Tuesday 11 August 2020 \

 

Riba

Islamic banking assets hit $1.69trn in Q1: IFSB

With the inclusion of new countries’ data, the total assets of the Islamic banking industry grew to $1,699 billion in the first quarter of 2018 (2018Q1) from $1,573 billion in 2017Q1, marking an increase of 8 per cent, said the Islamic Financial Services Board (IFSB).

IFSB has announced the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q1 of 2018 from 21 IFSB member jurisdictions.

 

Why Riba declared Haram?

Source : Hazariba / 11 Mar 2014

It is worth to present an example to start with the subject, a factual example from existing interest based banking methodology that is valid and current, which can be well understood by a common person. One should consider the following facts before going through the example.

 

How Sharia-compliant is Islamic banking?

By John Foster : Former editor, Islamic Business & Finance magazine | 10 Jul 2012

The Islamic finance industry has often battled with the question: How Islamic is Islamic banking?

 

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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