1. THE HOLY QUR’ANHAS PROHIBITED RIBA. WHAT IS MEANT BY THIS TERM? The term Riba can be loosely translated into the financial concept of ‘interest’. As per Shariah law and Islamic scriptures, the practice of giving or taking interest upon principal is prohibited. In financial transactions a few types of Riba could arise, namely, riba…
Tag: Islamic Banking
Islamic Banking: Sukuk and Screening of Stocks
The article titled Sukuk and their Contemporary Applications by Muhammad Taqi Usmani is a report of issues in relation to the “compliance of Sukuk with the precepts of the Shariah.” Sukuk, which can loosely be translated as ‘financial certificates’ in common economic parlance, is a crucial instrument in Islamic banking procedures. The precepts of Shariah…