Islamic Banking [electronic resource] / Abbas Mirakhor.
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TextSeries: IMF Working Papers; Working Paper ; No. 91/88Publication details: Washington, D.C. : International Monetary Fund, 1991Description: 1 online resource (8 p.)ISBN: 1451851065 :ISSN: 1018-5941Subject(s): Banking System | Banking | Islamic Bank | Islamic Banking | Islamic Banks | Iran, Islamic Republic ofAdditional physical formats: Print Version:: Islamic BankingOnline resources: IMF e-Library | IMF Book Store Abstract: Islamic banks are prohibited from charging or paying interest, and thus can operate only on the basis of profit-sharing arrangements. This paper provides a brief survey of the theory and practice of Islamic banking. It covers developments in Islamic banking since the mid-1970s, how such banks operate, and the analytical underpinnings of a financial system based on Islamic principles. Finally, the future of Islamic banking is assessed.
Islamic banks are prohibited from charging or paying interest, and thus can operate only on the basis of profit-sharing arrangements. This paper provides a brief survey of the theory and practice of Islamic banking. It covers developments in Islamic banking since the mid-1970s, how such banks operate, and the analytical underpinnings of a financial system based on Islamic principles. Finally, the future of Islamic banking is assessed.
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