What is Islamic Banking ? Meaning, Definition, and Example

Islamic banking refers to a financial system that operates in accordance with Islamic law, or Sharia.

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The Islamic banking system prohibits interest (riba) and emphasizes profit-sharing, ethical investments, and risk-sharing principles. Unlike conventional banking, Islamic banking and finance focus on investments that are socially responsible and comply with Sharia principles. Sharia banking ensures that financial transactions are free from exploitation and are based on fairness, transparency, and mutual benefit.

This system includes products such as Islamic mortgages, savings, and investment accounts that adhere to these ethical guidelines.

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