Sharia Banking - Making Profit Without Interest

Shariah banking, also known as Islamic banking, banking activities, which is the type of Islamic law (Sharia in Arabic of the Sharia) is based on the principles that refers to. Also through the development of Islamic economics is the application of Sharia principles. This is different from conventional banking? In fact, Sharia loan interest rates (usury or Arabic RIBA) is prohibited from applying. Also, invest in businesses that do not operate according to principles of Islamic law Haram (Arabic 'forbidden') to be considered. Sharia principles of economics has been practiced for centuries, and their history as far back as the 8th century AD can be detected. Only the concept of Sharia banking was introduced near the end of the 20th century.

Sharia banking countries, Indonesia, Bangladesh, Malaysia, Iran, Saudi Arabia and other countries in the Middle East in which Islam is the majority religion, is practiced mainly in. These days, the concept of Islamic banking is becoming more popular in Western countries. For example, the UK, is considered the leader of Islamic banking in the western hemisphere. On the other hand, the Netherlands and comes in a close second to anytime soon is ready to take the lead. In North America, New York City's Wall Street opened its doors to the Sharia banking.

The primary purpose of Sharia banking traditional banking, which lend money to make the benefits are similar. However, since the interest charged on loans to restrict theSharia new Islamic banking al Muamalat (Islamic laws or transactions) is used to overcome this setback. Al - Muamalat new and Mudharabah (profitsharing), Musharakah (joint venture), Murabahah costs (plus), Wadiah (preserve), and Ijar (private) banking activity through loss of benefits such as sharing of Such technology is also included.

In addition, an Islamic bank borrowed money from corporations that produce media such as pornographic magazines or gossip magazines can not be invested in can be used. Therefore, it can be concluded that Islamic banks invest only in ethical purchasing and ethical can participate.

The Sharia does not allow usury banking, Islamic banking products offered by a profit (mark) are included.In fact, Islamic bonds or Sukuk are not based on interest rates. Profits of a mathematical formula that property costs are based on cash flow related.

Sharia banking is also shrouded in controversy. The principles of Sharia law requires that all fees are also some (about 20% or more) should be donated to Islamic charity. Therefore, many people worry that the decline in profits Islamic wrong. Some Islamic banks is the time value of money, which is the same as for the charging of interest. So it is no wonder that people question whether in fact some banks 'Islamic' or not.

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