Give me the answer of this question and also give the difference of Finance and Islamic Finance in the financial and Islamic Religion Point of View.


Thanks



Muhammad Bilal Farooq
*Contact details deleted by Moderator.*

Replying to [mbfq]:
Islamic banking refers to a system of banking or banking activity which is consistent with Islamic law (Sharia) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. Generally, Islamic law also prohibits trading in financial risk (which is seen as a form of gambling). In addition, Islamic law prohibits investing in businesses that are considered haram (such as businesses that sell alcohol or pork, or businesses that produce un-Islamic media). In the late 20th century, a number of Islamic banks were created, to cater to this particular banking market.

ref;
http://en.wikipedia.org/wiki/Islamic_banking

please refer to this good site:
http://www.islamic-finance.com/indexnew.htm

regards

Ramesh
The Human Search Engine

Replying to [mbfq]:Some financial products in Islamic banking:
the bank buy the material, machines or any kind of equipment from your supplier at sight, then it sells it to you during 6 month payment adding a percentage (3% example)
also it could invest in your company for a choosen period, it puts money in your company for this perdiode, as an associator, when this periode ends it gets back its money with the percentage of your benifice (the bank can win with you, as it can lose) there's no fixed interest rate
you can also leave some money in the bank, so you enter as an associator with the bank, and when you want to have your money back you will get it with the rate of the company benifice percentage
you can also participate in one of the invetment operation of the bank
there's other products of islamic finance for every need

Replying to [mbfq]:SORRY I DONT KNOW ABOUT THIS