What is Islamic Banking ? Meaning, Definition, and Example

What is Islamic banking? Islamic banking refers to a system of banking that operates in accordance with Islamic law, or Sharia. Unlike conventional banking,

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the Islamic banking system prohibits the charging of interest (riba) on loans and focuses on profit-sharing arrangements and ethical investment. Islamic banking and finance emphasize risk-sharing, transparency, and the use of financial products that are aligned with Islamic principles, such as Murabaha and Ijara.

Also known as Sharia banking, this system ensures that financial transactions are conducted in a manner that avoids activities forbidden by Islam, like gambling (maysir) and unethical investments.

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