Is Islamic banking truly Islamic? How is it conducted? Islamic banking is a financial system that operates in accordance with the principles of Islamic law, also known as Shariah. It is designed to provide financial services and products that align with the ethical and moral values of the Islamic faith. Unlike conventional banking, which mainly focuses on interest-based transactions, Islamic banking follows a different approach. It prohibits the charging or paying of interest, as it is perceived as exploitative and unjust. Instead, Islamic banking promotes profit-sharing and risk-sharing arrangements, aiming to foster fair and equitable transactions. One of the key … Continue reading Islamic banking really Islamic? How is Islamic banking is done?