Islamic financial institutions committed themselves to structuring transactions according to Shari‘ah and avoiding interest-based dealings.
This commitment forced banking operations to ask legal questions that conventional finance did not need to ask: ownership, possession, risk, profit entitlement, debt rules and valid contract sequence.
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Islamic Banks: What They Have Achieved
Islamic financial institutions committed themselves to structuring transactions according to Shari‘ah and avoiding interest-based dealings.
This commitment forced banking operations to ask legal questions that conventional finance did not need to ask: ownership, possession, risk, profit entitlement, debt rules and valid contract sequence.