“islamic Financial Services Industry: the European Challenges”
نویسنده
چکیده
What is Islamic Finance? There are at least three characteristics which makes it different from the conventional debt finance. First, it prohibits riba or interest, or in other words a fixed and pre-determined rate of return to be paid on the deposits or to be received from the borrowers. The rate of return is variable and determined by the profit and loss that the bank makes during a given period and the returns on assets depend on the particular mode and purpose of financing, i.e. Murabaha (trade finance), Mudaraba (profit sharing), Musharaka (partnership), Ijara (leasing), etc.
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