Law on Islamic banking in
The law supposes that the
Islamic banking is a banking activity that is consistent with the principles of Sharia and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for money loans. Investing in businesses that provide goods or services considered contrary to Islamic principles is also haraam (sinful and prohibited).
Islamic banks reportedly have more than 300 institutions in more than 50 countries.
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