By: Munawwar Ali Kartio
Journal of Islamic Banking & Finance July-Sept 2009
Abstract
Islam emphasis justice and equity in all spheres of human society and refrains from all sorts of exploitation in financial dealings. It encourages active participation in economic activity instead of earning money on utilization of money. Islam allows freedom in economic activities with certain limitations to differentiate between Halaal & Haraam. Islamic finance is based on the principles and rules laid down by Islamic Shariah. In Islamic financing system there is greater return because there is a greater risk. Islamic financial institute invest and get the profit not the interest.
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