search query: @indexterm Banks / total: 1629
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| Author: | Drummond, J. |
| Title: | Islamic Financial Institutions: A risk-free return? |
| Journal: | Accountancy
2001 : APR, VOL. 127:1292, p. 98-99 |
| Index terms: | FINANCIAL INSTITUTIONS ISLAM BANKS BANKING |
| Language: | eng |
| Abstract: | The author of this article considers the Islamic banking system and answers the question whether existing IASs can deal properly with all the transactions involved in Islamic finance. Islamic finance is based on the Quranic injunction against riba, or usury, and on the belief that investments should be made in a socially responsible way, eschewing products that are haram or forbidden under Islam. Analysts talk of riba-based (conventional) and non-riba based (Islamic) banking systems. Islamic banks also avoid industries involved in alcohol, gambling and rearing pigs, and they try to avoid other institutions that charge interest - such as conventional banks and (arguably) any company with a treasury function. |
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