If banking is based on interest-free transactions, what would be its basic practical shape in conformity with the Injunctions of Islam? |
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Economics -
General
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Q: If banking is based on interest-free transactions, what would be its basic practical shape in conformity with the Injunctions of Islam?
A: Practically, the interest-free banking system can be structured on tripartite arrangement, between depositors, banks and borrowers. The nature of arrangement will vary in different cases as summarised below:
Contemporary fatawaa
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