Fundamentals of Islamic Banking
Islamic banking is a finance management system that is based on the Islamic rules of Sharia. The main concept of the Islamic banking is the prohibition on collection of interest and its utilization for the business purposes. Banking in Islam is a saving money framework that depends on the standards of Islamic law, additionally known as Shariah law, and guided by Islamic financial matters.
This course is a free online training programme being run in close collaboration with major international stakeholders in Islamic finance. The course is deliberately designed for learners desirous of updating their information and knowledge in Islamic economics at their own pace. No previous knowledge or background in Islamic finance is requured to do this course.
By the end of these lectures, you should be able to:
- explain the term Islamic banking
- differentiate between Islamic banking and conventional banking systems
- outline the seven principles of Islamic banking
- discuss the concept of Mudarabah (partnership)
- differentiate between Islamic banking and Islamic finance
- differentiate between Islamic finance and Islamic economics
- Lectures 4
- Quizzes 0
- Students 1
- Certificate No
- Assessments Yes
Principles of Islamic Banking
Principles of Islamic Banking and Finance Islam has set values and goals that meet all the economic and social requirements of the human life. Islam is a religion that not only focuses on the success of the afterlife but also organza the life of a person perfectly. The Islamic laws are known as Sharia that means clear path. In the present is banking system is against the principles of Islamic banking. Due to the reason, here we discuss the seven major principles of Islamic Banking and finance
Murabahah is a contract wherein the Islamic Bank, upon request by the customer, purchases the asset from a third party supplier/vendor and resells it to the customer either against immediate payment or on a deferred payment basis. Basically Murabaha financing is the sale of goods at cost plus an agreed profit.