Islamic banking represents the methods and ways of doing banking, conditioned by Sharia (Islamic legal norms). According to Sharia, it is forbidden to deliberately risk capital, take part in gambling, engage in usury and speculation, which distinguish Islamic banking from traditional.
The concept of Islamic banking implies the priority of Islamic moral norms and values.

Basic principles of Islamic banking:
  • Partnership between the Bank and the customer (distribution of profits and losses);
  • Money is not an object of sale, but a medium of exchange and a measure of value;
  • Prohibition of uncertainty regarding the subject of the contract and its terms (gharar);
  • Prohibition of making a profit as a result of a coincidence of circumstances (maysir): gambling, betting and operations with derivative financial instruments (derivatives);
  • Prohibition of financing certain types of activities in accordance with the principles of Sharia: tobacco, alcohol, weapons production, drugs, as well as activities related to the distribution of pornography and gambling (haram);
  • Prohibition on misappropriation of other people's property;
  • Prohibition on the sale of debt.

In the Islamic financial system, “riba” is primarily prohibited. This is any predetermined rate that depends on the terms and the amount of loan. This prohibition is explained by the Shariah laws on social justice and equality. Islam encourages getting profit, but condemns the use of interest as profit. After all, such activity does not lead to the creation of a product and does not increase the welfare of society.
Since the Bank does not charge interest for lending money, it becomes essentially an investor, not a lender. Thus, the owner of the capital and the entrepreneur share the risks associated with the implementation of the project.
Money is the potential capital. They become real capital when they are invested in production activities.
Any gambling, as well as working with derivative financial instruments, is prohibited, since transactions with them are characterized by significant risk.
According to the rules of Islamic banking, the fulfillment of contractual obligations is the most important for the parties to the transaction. This reduces the risks for all participants.
The functions of banks in the Islamic model do not differ from the traditional one: they ensure the operation of the national payment system and act as financial intermediaries. The key difference lies in the prohibition of receiving interest payments. However, at the same time, Islam does not condemn making a profit, it simply prohibits that interest that does not depend on the results of activities. According to Islamic ethics, profit should be a reward for risk, labor and effort.
Under Sharia law, it is prohibited to finance the trade ща tobacco, alcohol, weapons, as well as activities related to the distribution of pornography, the development of gambling, etc.
Deposits and lending cannot exist apart from interest, and Sharia prohibits usury and all games in time. The main difference is that both the Bank and the depositors receive money from a part of the profit actually earned by the Bank in accordance with the agreement. And the profit is obtained from investments. The situation is similar with the issuance of loans.
Resources are attracted through the Bank's equity participation in the profit and loss of a business enterprise. Accordingly, the Bank's remuneration (Mudaraba) directly and completely depends on the final result of this enterprise and the correctness of the assessment of its economic viability.
Substantially simplifying, the main technical difference of Islamic finance can be reduced to the rejection of lending interest. Islamic economists, instead of the concept of "the price of money", which is influenced by a huge number of speculative, subjective and private factors, introduce a more adequate concept - "capital efficiency". Namely, resources flow into those sectors of the economy where they will be used most efficiently, the potential of which is most positively assessed by the market.

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