Islamic finance is a form of finance that is based on Islamic law (Sharia). It is a system of banking and finance that is compliant with Islamic religious principles. Islamic finance is based on the concept of risk-sharing, which is in contrast to the conventional banking system, which is based on debt. Islamic finance also prohibits the charging of interest, which is known as riba.
Islamic finance is a growing market, with a range of products and services available. These include Islamic banking, Islamic insurance (takaful), Islamic capital markets, Islamic funds, Islamic investment banking, and Islamic microfinance.
Some of the major players in the Islamic finance market include Al Rajhi Bank, Dubai Islamic Bank, Bank Islam Malaysia Berhad, Abu Dhabi Islamic Bank, and Qatar Islamic Bank. Show Less Read more