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A Guide to Islamic Banking and Takaful for Beginners

$ 60

Published: 2022-09-14
Category: Business and Economics
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Despite its seventh-century origins, Islamic finance has become increasingly institutionalized since the late 1960s. The scope of applicability of the term "Islamic financial system" has expanded considerably. The objective of Islamic finance is the establishment of a Shariah-compliant financial system. It recognizes human dignity and justice, granting privileges to every member of the human race. The principles of Islamic banking and finance revolve heavily around risk sharing. It is necessary to have a solid understanding of the function of risk-sharing. At the same time, Islamic finance requires its practitioners to steer clear of Riba, which translates to "interest," Gharar, which means "ambiguity or deception," and Maysir (gambling). 

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