Mar01

Is Islamic Finance Islamic ?

Is Islamic Finance Islamic ?

As an Islamic finance student and professional, the most common and most frequently asked question to me, Is Islamic Finance Islamic? The surprising part is the people who ask this question are mostly Muslim and from South Asia. My answer to them starts with a simple question itself, what you think is not Islamic about Islamic finance? And I know what is coming. Common replies are, It looks same as conventional banks, same banking structure, same central bank, same interest rate, same designations of the employees as the conventional banks. I let the person take his frustration out on Islamic finance for a while.

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