Description
This book dispels the myth that it is bizarre to operate an interest-free system of banking and finance. It shows that interest-free banking is practical and ought to be implemented.
It evokes new management thinking to create fresh avenues to stretch money. It eases customers' burden, thus fulfilling the banks' social obligations towards society. Interest- free loans is in line with the revelations in the Quran. So much so that even today established conventional banks have their own Islamic banking department. The International Association of Islamic Banks is working towards standardising all aspects of Islamic banking to facilitate speedy and seamless transactions.
In the age of technology and profit maximisation, Islamic banks must be competitive not only within and among themselves but also with the conventional financial institutions. The former is charged with social objectives while the latter with mercantile motives.
This book explains the various schemes other Islamic banks use to accomplish their objectives by tackling various aspects of banking: from loans to helping firms and individuals in their businesses.
