What is it about?
This paper looks at the practiced Islamic finance and alternatives it offers for businesses and individuals.
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Why is it important?
The paper gives a brief account of literature on Islamic corporate finance, interest free finance and the alternatives suggested in the past and their pros and cons.
Perspectives
The paper highlights some distinct factors in Islamic banking as they do not use conventional derivatives, do not roll over loans automatically, do not charge penalties as source of income on late payments by clients and always provide asset backed financing for which the bank becomes the owner and assumes risk, albeit for a short time.
Dr Salman Ahmed Shaikh
Islamic Economics Project
Read the Original
This page is a summary of: A Brief Review & Introduction to Practiced Islamic Banking & Finance, SSRN Electronic Journal, January 2010, Elsevier,
DOI: 10.2139/ssrn.1536943.
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