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What else can I help you with?
What is differences between Islamic economics and modern economics?
islamic banking is nt full on interest but infront of modern banking totally on interest
What are the objectives and principles of islamiC banking system?
As per Islamic laws giving and receiving interest is considered Haram or Unlawful. So, Islamic banking practices were started to provide banking services to customers following the Islamic faith so that they can take up banking without offending their religious sentiments.
If i say Islamic banking is not Islamic what say you?
It is totally fine under Islamic rules IF the bank does not charge interest on any loans.
Is Islamic economic system better for Afghanistan?
There is no Islamic economic system any more than there is a Hindu economic system.
Why is it necessary to introduce islamic banking system to a country like nigeria?
Any country that has a significant Islamic population would need Islamic banking systems to help the Islamic community avail banking services. Per the Islamic laws, giving or taking interest is considered haram or illegal. Islamic banks operate per the laws laid down by Islamic Religion and thus more and more Islamic people can use their banking services. They may not be willing to open an account with a regular bank as it is forbidden per their religion.
Should an Islamic country Americanize its system or not?
No relation at all between an Islamic country and an American system. The country is called Islamic country by having majority of its population as Muslim. An American system is applied in any country, Islamic or non Islamic, if they find it better for their economy and society.
What is the difference between similarities and differences of the Islamic and regular current savings and investment fixed deposit accounts?
As per the Islamic law of Sharia, giving and getting interest is prohibited. So Islamic accounts would not give interest to the customers and nor would the money in those accounts be lent to people to earn interest out of it.
What is significance of comparison between the Islamic banking and conventional banking?
Islam forbids the charging and paying of interest, so many Islamic banks use some sort of fudge to get around 'interest'.
Is Iran a Communist country?
Islamic republic is of Islamic religious system and is not communistic
Is Islamic banks works in Islamic way in reality?
One OpinionNo, They all work on the principle of Interest which is prohibited in Islam. They give different names to the interest they deal with and so deceive many innocent Muslims into believing that their dealing is without Interest. It is an ironic but true fact that not a single bank works in the true Islamic way.Another OpinionYes, They do work. In conventional banking system the interest is involved in all the transactions. i.e. The investor has no concern whether the business runs into profit or loss, he automatically gets an interest(Riba) in both outcomes at a fixed rate on his capital. whereas in Islamic bank the investor along with profit also bear the loss. There are many differences in Islamic and conventional banking. The Islamic banking is very wide and cover all types of financing & banking needs. well the above mention explanation is just one of the differences.The positive angle towards Islamic bank and its processes is the need of time and economic stability.
Where can one obtain a list of countries having an Islamic economic system?
as far as an Islamic economic system is concerned there is an Islamic economic system in Saudi Arabia where you connot find even a person for zakat.then There is Iran also.An Islamic economic system means means every one's prosperity.
Is compound interest haram according to Islamic teachings?
In Islamic teachings, compound interest is considered haram (forbidden) because it involves making money from money without engaging in productive economic activity.
