ISLAMIC APPROACH TO BANKING: SOME CONCEPTUAL AN OPERATIONAL ASPECTS; 2nd International seminar on Islamic Economics

That is why Islam’s abhorrence for interest, the institution on which Western banking system is based, cannot be treated as a peripheral matter. Islam challenges the very foundations of the capitalist banking system and Islamic resurgence would remain a distant hope and^^ream unless the prospects of an alternate banking system, capable of meeting the complex needs of a modern economy without compromising on any of the principles and norms of Islam, become ” real and realizable.
In this paper we propose to briefly discuss the ethico-economic position of Islam vis-a-vis banking, focusing on selected conceptual and operational aspects.