Islamic Banking refers to a banking system that operates in accordance with the principles of Islamic law (Shariah) and prohibits the use of interest (riba) and investments in prohibited activities.
What are the key principles of Islamic Banking?
The key principles of Islamic Banking include profit sharing (Mudarabah), risk-sharing (Musharakah), and the prohibition of interest (riba) and investments in prohibited activities.
Is Islamic Banking only for Muslims?
No, Islamic Banking is not exclusive to Muslims. It is open to individuals of all faiths who are interested in banking in accordance with Shariah principles.
