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Islamic Banking

A Guide for Small and Medium-Sized Enterprises

image of Islamic Banking

This guide is part of International Trade Centre’s (ITC) Trade Finance programme, which provides assistance to help small firms in developing countries develop their capacities to link to global markets through exports. It is intended primarily for trade support institutions of developing countries, and owners or finance managers of small firms. The aim is to help these firms decide whether Islamic banking options are feasible for them, and how to use them. This guide intends to help the non-specialist reader understand and use Islamic finance. Part I – Understanding Islamic Finance – covers the key principles and perspectives of Islamic banking relevant to small firms. Part II – Using Islamic Finance – consists of a “how to” guide to use Islamic banking instruments for specific transactions.

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Basic principles of Islamic banking

Islamic banking can be simply defined as a banking operation that abides by sharia (Islamic law), under which a key tenet is the prohibition of interest or riba. Generally, Islamic banking is understood to mean interest-free banking.

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