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WHAT IS SHARIAH LAW ? |
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> Shariah law and Islamic Finance |
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Shariah Islamic law
Under Shariah Islamic law, making money from money, such as charging interest, is usury and therefore not permitted. Wealth should be generated only through legitimate trade and investment in assets. But investment in companies involved with alcohol, gambling, tobacco and pornography is strictly off limits.
Shariah Law and Islamic Finance
The overarching principle of Islamic finance is that all forms of interest are forbidden. The Islamic financial model works on the basis of risk sharing. The customer and the bank share the risk of any investment on agreed terms, and divide any profits between them. |
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