Politics / Economics > Economics Forum

Islamic economics

(1/1)

JLM:
I do realize that sunnis and shias have their own systems of banking based on what they perceive as the principles of islam such as no interest, etc. However, from my understanding this stuff is probably largely based on ahadith. I'm interested in some of the concepts so does it have any basis in the Qur'an whatsoever?

DoubleU:

--- Quote from: JLM on March 13, 2012, 01:55:32 AM ---I do realize that sunnis and shias have their own systems of banking based on what they perceive as the principles of islam such as no interest, etc. However, from my understanding this stuff is probably largely based on ahadith. I'm interested in some of the concepts so does it have any basis in the Qur'an whatsoever?

--- End quote ---

I think the idea is quite simple: you cannot charge interest. Whether hadith is irrelevant: the main purpose surrounding Islamic Banking is that you cannot charge interest.

Of course, a bank is a business at the end of the day. So it will seek to profit, but through means other than interest.

Navigation

[0] Message Index