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Islamic Finance: Principles and Global Growth

In: Islamic Finance and Africa's Economic Resurgence

Author

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  • Muhammad Al Bashir Muhammad Al Amine

    (Bank Alkhair)

Abstract

There are five major principles that differentiate Islamic finance from conventional finance. These principles are: the prohibition of ribā (usury or interest), the prohibition of gharar (excessive risk or ambiguity), the prohibition of financing or trading products of illicit sectors in Sharī’ah (such as drugs, alcohol, and pork), the preference of the profit and loss-sharing principle over debt-based products, and the principle that all transactions have to be backed by a real economic transaction that involves a tangible asset.

Suggested Citation

  • Muhammad Al Bashir Muhammad Al Amine, 2016. "Islamic Finance: Principles and Global Growth," Palgrave Studies in Islamic Banking, Finance and Economics, in: Islamic Finance and Africa's Economic Resurgence, chapter 0, pages 27-51, Palgrave Macmillan.
    • Handle: RePEc:pal:psibcp:978-3-319-28835-2_2
    DOI: 10.1007/978-3-319-28835-2_2
    as

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