« Back to Glossary Index
Tags: banking
Categories: Economics & Finance
Banking activity that is consistent with the principles of sharia law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also forbidden.
(source:http://en.wikipedia.org/wiki/Islamic_banking)
