Islamic Banking

Islamic banks are prohibited from charging or paying interest, and thus can operate only on the basis of profit-sharing arrangements. This paper provides a brief survey of the theory and practice of Islamic banking. It covers developments in Islamic banking since the mid-1970s, how such banks operat...

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Bibliographic Details
Main Author: Mirakhor, Abbas
Other Authors: Khan, Mohsin
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1991
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:Islamic banks are prohibited from charging or paying interest, and thus can operate only on the basis of profit-sharing arrangements. This paper provides a brief survey of the theory and practice of Islamic banking. It covers developments in Islamic banking since the mid-1970s, how such banks operate, and the analytical underpinnings of a financial system based on Islamic principles. Finally, the future of Islamic banking is assessed
Physical Description:8 pages
ISBN:9781451851069