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.
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