Islamic Finance: Principles and Global Growth

Muhammad Al Bashir Muhammad Al Amine
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Muhammad Al Bashir Muhammad Al Amine: Bank Alkhair

Chapter Chapter 2 in Islamic Finance and Africa's Economic Resurgence, 2016, pp 27-51 from Palgrave Macmillan

Abstract: Abstract There are five major principles that differentiate Islamic finance from conventional finance. These principles are: the prohibition of ribā (usury or interest), the prohibition of gharar (excessive risk or ambiguity), the prohibition of financing or trading products of illicit sectors in Sharī’ah (such as drugs, alcohol, and pork), the preference of the profit and loss-sharing principle over debt-based products, and the principle that all transactions have to be backed by a real economic transaction that involves a tangible asset.

Keywords: Private Equity; Global Financial Crisis; Islamic Banking; Sovereign Wealth Fund; Gulf Cooperation Council Country (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-319-28835-2_2

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DOI: 10.1007/978-3-319-28835-2_2

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