Principles of Islamic Banking and Finance? Meaning, Definition, and Example

The principles of Islamic banking and Islamic finance are grounded in Sharia law, which emphasizes ethical, transparent, and interest-free financial transactions.

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Islamic finance principles include the prohibition of riba (interest), ensuring that all financial dealings are free from exploitation.

Another key principle is profit and loss sharing, where risks and rewards are shared fairly between parties, as seen in contracts like mudarabah and musharakah. Islamic banking principles also stress the importance of investing in halal (permissible) activities, avoiding ventures related to alcohol, gambling, and other unethical businesses. These principles aim to create a just and equitable financial system that supports social welfare and economic stability.

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