Sharia Compliant Banking
INTRODUCTION
sharia-compliant banking complies with sharia (Islamic law) and its practical application through the development of Islamic economics its one of the fastest growing industries in the world today. We have witness tremendous growth in the industry recent years. Islamic banking is a vital as part of the Islamic finance sector
In many majority Muslim countries, Islamic banking assets have been growing faster than conventional banking assets. There has also been a surge of interest in Islamic finance from non-Muslim countries.
Over the past decade Islamic compliant banking as emerged as an effective tool for financing development worldwide, including in non-Muslim countries. Major financial markets are discovering solid evidence that Islamic finance has already been mainstreamed within the global financial system – and that it has the potential to help address the challenges of ending extreme poverty and boosting shared prosperity. It is equity-based, asset-backed, ethical, sustainable, environmentally- and socially-responsible finance. It promotes risk sharing, connects the financial sector with the real economy, and emphasizes financial inclusion and social welfare.
Learning objectives:
- The various norms and prohibitions that govern activities and contracts in the Islamic financial system.
- The differences between the Islamic financial system, and its institutions, and the conventional system.
- The basic modes of Islamic finance