{"id":2938,"date":"2015-12-03T08:58:23","date_gmt":"2015-12-03T06:58:23","guid":{"rendered":"http:\/\/monneta.org\/?p=2938"},"modified":"2020-02-25T15:40:21","modified_gmt":"2020-02-25T13:40:21","slug":"islamic-banking","status":"publish","type":"post","link":"https:\/\/monneta.org\/en\/islamic-banking\/","title":{"rendered":"Islamic Banking"},"content":{"rendered":"

Islamic Banking describes banking business according to Islamic, Sharia principles. Peculiarities of banking based on the Koran include not only a ban on charging interest but also the avoidance of speculative business and unethical investments of clients’ money such as in alcohol, tobacco and pornography. Islamic Banking thus includes on the one hand the issuance of interest-free credit and on the other hand the pursuit of investment and finance products that indeed bring a profit but do not promise any risk-free interest on the investment. Extended credit is also not available if a bank has to add interest charges on top. In order to get around this, Islamic Banks first of all acquire financeable objects like houses themselves and then sell them on in exchange for a markup on the profit. In Great Britain, the Islamic Bank of Britain was the first bank based on Islamic principles to open its doors in September 2004 (Study by Mark Anielski, PDF<\/a>). In 2012, the first Sharia-based finance products were offered by an asset manager in Germany (Report on German radio<\/a>). The first Sharia-based bank to receive a banking licence for the German market from the German finance ministry in March 2015 was the Kuveyt T\u00fcrk Bank AG, <\/em>according to media reports such as in the ZEIT<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamic Banking describes banking business according to Islamic, Sharia principles. Peculiarities of banking based on the Koran include not only a ban on charging interest but also the avoidance of speculative business and unethical investments of clients’ money such as in alcohol, tobacco and pornography. Islamic Banking thus includes on the one hand the issuance […]<\/p>\nread more<\/a>","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[350,356],"tags":[],"class_list":["post-2938","post","type-post","status-publish","format-standard","hentry","category-interest-free-money","category-islamic-banking-en","post_form-advanced"],"acf":[],"yoast_head":"\nIslamic Banking - Monneta<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/monneta.org\/en\/islamic-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Islamic Banking - Monneta\" \/>\n<meta property=\"og:description\" content=\"Islamic Banking describes banking business according to Islamic, Sharia principles. 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