Islamic Banking

Abbas Mirakhor and Mohsin Khan

No 1991/088, IMF Working Papers from International Monetary Fund

Abstract: Islamic banks are prohibited from charging or paying interest, and thus can operate only on the basis of profit-sharing arrangements. This paper provides a brief survey of the theory and practice of Islamic banking. It covers developments in Islamic banking since the mid-1970s, how such banks operate, and the analytical underpinnings of a financial system based on Islamic principles. Finally, the future of Islamic banking is assessed.

Keywords: WP; interest; banking operations; return; asset positions of bank; assets of the bank; such bank; investment deposit; Islamic banking; Commercial banks (search for similar items in EconPapers)
Pages: 8
Date: 1991-09-01
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Citations: View citations in EconPapers (39)

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