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Topic: Technology
Number of pages / Number of words: 5 / 1166
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The Shariah is based on the Quran and the sunnah of the Prophet Muhammad (PBUH), and it governs all aspects of personal and collective life.

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The most distinctive element of Islamic banking is the prohibition of interest, whether "nominal" or "excessive," simple or compound, fixed or floating...


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Other elements include the emphasis on equitable contracts, the linking of finance to productivity, the desirability of profit sharing, and the prohibition of gambling and certain types of uncertainty. These parameters define the nature and scope of Islamic banking, as interpreted by the Shariah scholars that work with Islamic financial institutions...


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