Minneapolis/St. Paul Map Tourist Attractions on The Muslim orthodoxy revived the notion of Islamic banking as a religiously sanctioned and socially responsible alternative to capitalist, interestbased banking. As the Institute of Islamic Banking proclaims, the basic principle of Islamic banking is the prohibition of Riba (usuryor interest). This necessitates the development of alternative instruments of financial transactions. Following are some of the innovations proposed to circumvent the role of interest in the new model of banking. Profit and loss sharing accounts. In these accounts, depositors are not allowed any interest on deposits. Instead, they participate in the profit or loss of the bank’s transactions which, in turn, include only interest-free assets such as government commodity operations, bills of import, export, etc. Minneapolis/St. Paul Map Tourist Attractions 2016.
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