Islamic finance

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Title: Islamic finance

Essay Details:

Subject: Business

Author: Francis M

Date: April 2, 2013

Level: University

Grade: A

Length: 19 / 5597

Essay text:

The principles of the Islamic Financial system is based on a set of rules and law called the "Shariah", originating from the Qu'ran. Its characteristics are based on the prohibition of the receipt and payment of interest (riba) and a more equitable distribution of income and wealth. Islam promotes profit and loss sharing. In this paper, I will first give a background of the Islamic banking system by using the example of the experimental bank in Pakistan and the Mitr Gahms Saving bank of Egypt, which set the bar for the new emerging banks and allow for a broader financial structure. Then I'll give an historic of the principles underlying Islamic banking, followed by a clear explanation of the profit and loss sharing contract...

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