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IFT October 2020

$2.00

Islamic banking institutions are established to provide an alternative
financing arrangement that uses trading (al-bay) as opposed to usury
in their business. The banking modality however is still based on the

 

 

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Description

Islamic banking institutions are established to provide an alternative
financing arrangement that uses trading (al-bay) as opposed to usury
in their business. The banking modality however is still based on the
deposit-taking function where deposit funds are used by banks to make
loans. Deposit funds are in essence loans acquired from depositors who
can make withdrawal on call,

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