Islamic finance shall be ethic model for global banking: banker

Shari'ah-inspired finance has brought discipline and high- ethical standards to banking," Mahmoud said, adding that "we make money in a way that is transparent and far from being excessive... We make money when the client is able to perform and honor his contracts."

"We don't have a monopoly over these values, but we see a real value to promote them in the best interest of the banking industry all over the world," said Mahmoud, CEO of Abu Dhabi Islamic Bank (ADIB) .. Source

Mahmoud: Islamic Finance Could Prevent Crisis

The World Bank and Islamic Development Bank Sign MoU on Islamic Finance

The World Bank and Islamic Development Bank signed a Memorandum of Understanding (MoU) to set out a framework for collaboration between the two parties and lend support to global, regional and country efforts in the development of Islamic Finance. [Link]

Islamic Finance: Is a New Financial Model Possible?

Verdict of Al Barakah Financial Services Limited (2011)

The Kerala High Court’s judgment is a very important judgment as it will open new vistas for non-interest Islamic banking in the country.
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Islamic (interest-free) banking : Current scenario in India

Central bank asked to examine the possibility of making interest-free model part of India’s Rs.75 trillion banking system.

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Shariainvestor: Riba (Interest) in Quran

Shariainvestor: Riba (Interest) in Quran: Riba means Interest and is forbidden in Islamic economic jurisprudence (fiqh) and considered as a major sin.  So, It is must for the everyb...

Riba (Interest) in Quran

Riba means Interest and is forbidden in Islamic economic jurisprudence (fiqh) and considered as a major sin.  So, It is must for the everybody to purify their own income by not taking part in interest related activities. Quranic  term in not limited to money, it includes all those loan transactions where debtor returns in excess or above the original loan, be it money, gold, silver, eatable or any other item or goods;  anything in excess to original is considered “Riba” if items exchanged are of same kind (e.g gold for gold).

Initially in this blog we will discuss some the verses from Quran states on "Riba".

 Allah (SWT) states in Quran: O you who have believed, do not consume usury, doubled and multiplied, but fear Allah that you may be successful.[3:130].

What does this verse implies ? . It is basically states that dealing the usury can grown your money and may be you can enjoy in this world. But avoiding the consumption of usury (the product which you bought using the money generated using usurious activities) by fear of Allah then you may be successful in the next life where all people looking for.

[Insha Allah, we will be looking at past,present and future of Islamic banking, Finance and Insurance concepts. But initially it is must for the everybody to understand, why Riba is forbidden in Islam]