With turmoil in the international capital markets, Islamic banking is being touted again as a new paradigm for the global markets. The receipt and payment of interest, for instance, are prohibited under Islamic law.

The prohibition of interest is merely one aspect of Islamic finance, which, in its broadest sense, is a philosophy established to pursue in business and commerce the wider objectives of shariah, the code of conduct based on the Koran and the example set by the Prophet Mohammed.

Read the complete story(Some news sites require registration)