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How is Islamic banking different from commercial banking?

Banking
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Question added by Dana Salameh , Director of Learning , Energi Lab LLC
Date Posted: 2013/07/18
Upvote (6) Views (9) Followers (1) Answers (3) Report Question
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Zeeshan Ahmed
by Zeeshan Ahmed , Credit Analyst , National Bank Of Pakistan

The main difference between two is interest (Riba). Interest (Riba) in Islam is prohibited (Haram) in Islam. Therefore Islamic finance based on profit/loss sharing basis just like bussiness of Modern Corpoation based on Capital.

 

fadi amer
by fadi amer , Reporting & Financial Analysis Division Chief , Wassel Group

please see this link http://www.ijbssnet.com/journals/Vol._2_No._2%3B_February_2011/20.pdf

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Islamic Banks have a Fatwa Committee in which all banks products and services need to approved as per Islamic or Share'ah

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