What is Islamic Banking and Finance Law?

Sariah Based Islamic Laws on Finance and Banking 

What does Islamic Finance do?

Islamic finance refers to the means by which corporations in the Muslim world, including banks and other lending institutions, raise capital in accordance with Sharia, or Islamic law.

 It also refers to the types of investments that are permissible under this form of law.

Islamic finance is the financing and banking field that follows the Sharia Law. Bank of London and the Middle East (BLME) is a sharia compliant bank that regulates and gives the outline of the rules that the Islamic finance products need to abide by. 

They included the prohibition of incomes through interests, charity, consumption, wealth accumulation unethical trade practices, communal development, social responsibility and moral directives in conducting business are a must.

Principles of Islamic Finance

The basic principle of this financing model is that any kind of interest is outlawed, but risk sharing is completely okay. 

The bank and the customer divide the profits between them after the agreement has been made to share risk of any investments between them.

Contemporary Islamic finance is based on the number of prohibitions that are not always illegal in the countries where Islamic financial institutions are operating.

 It becomes very important to understand the prohibitions of Islamic Finance to comprehend principles of Islamic Finance:

1. Paying or charging an interest

According to Sharia laws, interest is usury (riba) and Islam considers lending with interest payments as an exploitative practice that favors the lender at the expense of the borrower. 

This reason makes it strictly prohibited.

2. Investing in businesses involved in prohibited activities

Some activities such as producing and selling alcohol or pork are prohibited in Islam. 

The activities are considered haram or forbidden.

3. Speculation (maisir)

Islamic financial institutions cannot be involved in gambling or any form of speculation called maisir because Sharia strictly prohibits contracts where the ownership of goods depends on an uncertain event in the future.

4. Uncertainty and risk (gharar)

The rules of Islamic finance ban participation in contracts with the excessive risk and/or uncertainty. The term gharar measures the legitimacy of risk or uncertain in nature investment.

Gharar is observed with derivative contracts and short-selling, which are forbidden in Islamic finance.

In addition to those prohibitions, Islamic finance is based on two other crucial principles:

Material finality of the transaction: Each transaction must be related to a real underlying economic transaction.

Profit/loss sharing: Parties entering into the contracts in Islamic finance share profit/loss and risks associated with the transaction. 

No one can benefit from the transaction more than the other party.

What is the History of “The Ancient Islamic Law”?

Islamic finance principles date back to 1400 years ago, around the 6th century and are said to be have been derived first from the Quran. They discourage charging of interest, ambiguity and gambling in contracts or transactions. 

This kind of financial transactions were said to have been started in this Golden Age of Islamic civilization. 

Islamic financial institutions that follow the Sharia Law must not invest in pork, pornography, alcohol or gambling related activities. 

The Golden Age of Civilization is the period of the middle Ages from mid-7th century to mid-13th century.

Islamic commerce based trade also began flourishing then with the trade routes of Gibraltar to the Sea of China being established. 

After England’s rule spread, the Islamic Empire and Economic principles vanished behind the western influence.

In the 20th century, the Islamic principles of Finance were begun to be revived again.

Work officially started by the opening of the MitGhamr savings Bank in Egypt in the year 1963, which is the first modern Islamic Bank.

 In the same year, the Pilgrims saving corporation of Malaysia incorporated Islamic concepts into their rulebook.

 In 1975 and 1979, the Islamic Development Bank opened in Saudi Arabia, which went international and the Islamic Insurance Company of Sudan, the first of its kind, was established, respectively.

As the 90’s progressed, we saw the emergence of the Amana Income Fund, the Accounting and Auditing Organization for Islamic Financial Institutions, the Dow Jones Islamic Market Index.

 In the 21st century, to begin with, the International standard setting body for all Islamic institutions was decided as the Malaysia based Islamic Financial Services Board (IFSB).

Around 500 Islamic institutions, 300 Islamic banks with 75 of these institutions operating in 75 non-Muslim and Muslim countries, have created their foothold in the Finance industry with an average growth of 14 percent per year.

What is the Islamic Finance Model?

Islam makes no partition between the cognitive and the secular. Being a simple method of Islamic finance, banking and other trades are done in the same halal manner to reach a good extent. 

In the domain of financial matters it forms a unique form of socially responsible investment. It is considered good for humanity and is less painful for the people involved. 

Islamic finance sternly complies with Sharia laws.The main difference between conventional finance and Islamic finance is that some of the practices and principles that are used in the conventional finance are strictly prohibited under Sharia laws.

Categories of Islamic Finance:

Ijara

A leasing agreement it is, where the bank will buy an item as per customer’s requirement and lease it for the specified period.

Ijara-wa-Iqtina

It is similar to Ijara, but here instead of just leaving it with leasing, the customer is allowed to buy that item as the contract comes to an end.

Mudaraba

Sharing of profits, a financial expert suggests a special investment where the customer will be at the risk of losing money on an unsuccessful investment but will be charged by the bank only if the customer incurs profits.

Murabaha

A customer can make a purchase without taking a loan. In this form of credit, the bank will buy an item for the customer and will sell it on a deferred basis.

Musharaka

This is an interesting investment partnership where everything is decided beforehand- losses and profit sharing terms both are analyzed and fixed.

What is the situation of Crypto currency in the Islamic Legal World?

Crypto currency is a type of system which ensures to maintain an overview of the digital currency and its respective ownership

. This means that your digital currency is only yours and no one else has any claim over it. Thus, though a traditional central bank is missing from the scenario, its basic and primary task is always fulfilled.

Crypto currency can also be understood as digital currency which has faced an immensely controversial reception from the masses. 

Its revolutionary nature has left no stone unturned to awaken every self-proclaimed expert and comment on its uses and likely impact on world finance.

 This electronic medium of exchange is also referred to as virtual currency or alternative currency that employs consistent cryptography to function effectively and efficiently.

Features of Crypto currency

Crypto currency is a form of currency which is digital in nature. It uses encryption techniques in order to regulate the generation of this digital currency and verify the transfer of funds. 

What catches most attention is the fact that it’s operational in full force without the authoritarian supervision of any central bank. 

Crypto currency is independent in its functioning. It may also be regarded as a type of software which is developed to meet the advancing needs of the world’s ever increasing population.

A central bank does not supervise the actions or transactions. Unlike traditional currency where one bank (for example, US Fed Reserve, Bank of Japan, Bank of England, Reserve Bank of India in case of India) guides all transfers and activities, crypto currency enjoys freedom from such unnecessary authority.  

The generation of crypto currency units is regulated. This means that if there is chance for anyone to create extra crypto currency, then the circumstances of its origin and the place of origin are recorded. 

This is useful to know that exactly the owner of a crypto currency unit.

Ownership of a crypto currency unit can be proved only through one means, that is, cryptographically. There is no other medium to prove ownership. Thus, it is the sole method.

Well, this was the simplest and most comprehensive meaning of the term “crypto currency”. Though there are complex explanations as well, if you understand the aforesaid, you are good to go. That’s all you need to know at the moment.

People must have heard heated arguments around you as well as on national television news channels regarding the use and acceptance of crypto currency. 

But, before you decide which side you’re on and join the herd, you must know the advantages and disadvantages of using crypto currency.        

What are the pros and cons of crypto currency?

Whenever crypto currency is transferred from one person to the other, or exchanged, the ownership of the unit is changed. This is very important.

 A statement is generated to clearly state the new owner and this is final. This is like evidence or proof of the successful transaction.

If it ever happens that two different sets of information are entered to change the ownership of one cryptographic set, then the system is likely to act on only either of the two and not both. 

An informed decision is way better than a hasty and impulsive one. Before reaching up to a sound conclusion do read ahead the pros and cons of crypto currency.

What are the Advantages of Crypto currency to the Islamic world?

Easily Available with hassle free process

This means that crypto currency is readily and easily available to the common man and masses. The process is hassle free and anyone can be a part of the crypto currency network. 

The world has rapidly become digital and seems to advance at an even faster pace towards further development in terms of the cyber grid. 

There are no restrictions as to who can use crypto currency. This has led to the breakdown of barriers such as the affluent and not so affluent. 

It is very important in today’s time where this gap only seems to be increasing without any curative measures. Crypto currency is the solution. Almost anyone can make use of it.

Easy Access with least legal intervention

We all know that the system of currency is decentralized, without any authoritarian central bank; investors from every corner of the globe can easily make use of crypto currency. 

There is easy access for them. There is more for you in store. Well, it seems that you can also raise funds for your business or other work through crypto currency. 

The best aspect is that since any one can make transfers and be a part of the crypto currency grid, they can also be a part of your project. This is bound to increase your project’s productivity and positive outcomes.

Fast and simple crypto payments lawfully

Making payments using crypto currency is very easy. It can be done without any difficulty in a matter of minutes or seconds. This is another benefit which is highly desired by several. 

There are many who do not have the time to wait in queues at the traditional banks or keep filling long forms all the time. 

This is when crypto currency works like a boon. It helps to do work quickly, without the waste of any time, resources or energy.

You must be wondering that what exactly is that speeds up the process to such an extent. To answer that, the secret is that it does not need any lengthy details about the recipient. 

In fact, you are not required to feed in any credit card or debit card details either. Yes, you read it right. It is that simple. All that is needed to be put in is the address of the person or enterprise’s e-wallet.

Sariah Banking and Finance

Please note that the speed of transaction depends on the crypto. It usually does not exceed minutes. This is not it. I hope you know that the traditional bank charges a high fee for transactions. 

However, this is not the case with crypto currency. The fees charged here is nil or negligible. This helps you to save on your money and spend only the exact amount that needs to be transferred.

Quick Settlements

Money can be a driving force to ruin relations and morals but, with the blessing of crypto currency, this can be done away with for good. It is highly imperative to note that the functioning of crypto currency depends on its base technology, block chain.

 Block chain is known to remove all delays. There is instant clearance of dues. This leads to greater work ethics and also improved business relations.

In fact, there is no third party whose approval may be needed to actually sanction your transfer and activities. What happens in the case of traditional physical banks is that several middlemen cause delays and you are held responsible for it.

Lower Fees

You would be glad to know that crypto currency contracts are designed in such a manner of eliminating all bottlenecks. I am sure it often happens with you that when you check your monthly bank statements, you see that it shows the subtraction of more than you actually spent. That’s what the banks charge you as service fees. 

There is nothing you can do about it other than contemplates of all that you could have bought with all the extra cash that just got deducted from your account.

Don’t worry; you’re not alone in this boat. Almost everyone faces this same issue as you. Crypto currency, on the other hand, represents quick settlement and it works on a peer-to-peer nature where there is no scope for a third party or middleman to intervene. This is what a cherry on the creamy cake? 

The lower fees make it highly desirable and sought after.  It is not the same for crypto currency because the costs are nil or negligible.

Other than the transaction fees that you are obliged to pay, you are also required to pay tax. Yeah, like the fees wasn’t enough. 

Also, note that these charges are not a small amount. That’s how all these credit card companies ride high on success, I suppose. Please note that in case of credit cards and debit cards, the seller is the one who needs to pay a fee. But, it’s the exact opposite for crypto currency. 

In case of crypto currency, the buyer is needed to pay a fee. The piled up fees of traditional banks result in a hefty pocket pinch for you at the end of the day, rather month.

Private Storage and Transactions

Crypto currency ensures that your privacy is maintained at all times and under all circumstances. You are not required to share details about your location or identity when you make transactions. 

This is one of the biggest achievements of crypto currency as well the technology that led to the birth of this revolution. There is high security and safety. You do not need to worry about your personal details getting leaked or landing up in the hands of wrong people. 

Minimal information is shared between you and the recipient and this is perfect for maintaining highly professional relations. 

Also, there is no external central bank to keep an eye on your activities.

Liberty of work

It is truly decentralized since you do not need anyone else’s permission to get through with your transactions and payments.

 You are able to enjoy a sense of freedom while working. This allows you great liberty to work at ease, and just the way you want to. Each and every transfer is done on the basis of a NSA created cryptography. 

Thus, it is indeed highly secured. You are not under the pressure or rule of anyone else. Your free will gets to act upon it.

This means that there is literally no possibility for any third party to intrude into your activities and money. It remains sealed between only two parties; the sender and the receiver. 

However, please note that there may be hackers out there to try and invade your privacy. But, what must bring relief to you is the fact that there are several ways.

Remain anonymous

As stated earlier, your personal details are safe and secure. Yes, you read that right! You do not need to worry and can heave sigh of relief. You do not need to use your real name for the transactions but then you must be wondering that there are several masks which can be put on.  

Well, here’s the catch. This is the world of web. You only need to choose yourself a name for the crypto currency platform and you are sorted.

 This helps you to conceal everything about you without the fear of any wrongdoing. And, this is exactly the case with crypto currency as well.

Identity Theft

As the crypto currency heads on only the relevant information is pushed to the receiver. No personal details are sent out but only the amount which actually needed to be transferred from one wallet to the other.

Your online identify is safe. You would be taken aback to know that the old credit card and debit card details that you use, make use of the pull mechanism. This means that each time you enter your details at a restaurant or a shopping mall or any other place, your details are pulled by the receiver.

 This literally leaves you with no privacy and this also, in a way, increases the chances of frauds.

Crypto currency works on a push basis. This means that there is no one who can steal private data about you from merchants. Thus, all your sensitive information is kept under wraps and protected at all times. 

You actually use a fake name or create a proxy ID on the crypto currency platform.  No actual information about you is posted online, or onto the world of web.

This is another great benefit of crypto currency which has gained popularity and received a lot of appreciation from all over the globe. 

However, it is not recommended that you must nor have a laid back attitude. On the contrary, you must take the necessary measures and precautions as well. 

Crypto currency also ensures that your transaction history is not visible to others on the portal. And guess what? Crypto currency transactions are unique every time. This is irrespective of the fact that you use the same account for payments to the same party or different parties. That has no influence on your daily work.

Facilitate International Trades

It will be interesting for you to know that crypto currency transactions do not have a limit. And, that’s quite obvious and natural, given the fact there is no controlling authority. Thus, obviously there is no rule defining body to put any restrictions on your activities.

Since this is beyond the control of any government or bank, it is least impacted by man-made borders between countries. This limitless opportunity is great for all those who are on the crypto currency platform as it helps them to diversify their span of operations rapidly.

In simple terms, this means that you can easily go ahead with international trade. You may be in one country, while your recipient may be in another country that is across the globe and it’s totally fine. Not only this, you’ll also be happy to know that the easy transfer of crypto currency across nations with the benefit of no extra taxes.

Often international trade gets difficult and very expensive because of the taxes that are imposed by the government. But this is just not applicable in this case. 

Besides, it is not affected by exchange rates either. You wonder how? 

Well, the exchange rates are also set by the financial market and government. But if these two have no play in the entire scenario, exchange rates are also not applicable.

Thus, cross-border relations and economy can also be improved through the use of crypto currency. It is absolutely hassle free and provides the chance to make local trade go international.

 If this is accepted world-wide, global economy is bound to improve rapidly and there will be no looking back.

No chargebacks

This is the era of moving forward and crypto currency simply aids in the process. This means that once you have made a particular payment and successfully gotten over with a transaction, you cannot be charged back.

This is what makes crypto currency so preferred by top businessmen and all those who understand how important it is to move ahead with the changing times and advancing technology. 

The scope of no chargebacks makes it very difficult for the frauds out there to prey on innocent victims who are unaware of their ulterior motives.

What exactly is meant by a charge-back? 

Well, a chargeback means that once a transaction is successful, it cannot be reversed. Now you must be wondering that why will anyone initiate it in the first place if they wish to reverse it.

 Well, the fact is that a lot of people first start off the process under the disguise of making payment and then simply take it back once done so that they can lie that payment from there end is made so they must be given the products and services. 

Payment once done is done for good and it cannot be reverse under any circumstances. On the contrary, you can file for chargebacks on the credit card transactions. This may not be a fact too many of the young users these days know.

Easy Access

The cyber and thrilling world of crypto currency exists primarily due to one driving force, the internet. Nowadays, everyone has an internet connection. 

There used to be a time when people would have to wait for their turn at the cyber cafe to even read mails or anything on the net. But it’s no longer so.

Nowadays, irrespective of educational qualification, everyone has a phone with an internet connection. Those who do not have a laptop at home, at least have one computer with internet or Wi-Fi connection. 

Each individual has come to recognize the use of internet as it is great in connecting instantly to every part of the world. Thus, the rapid popularity and availability of internet has made the crypto currency platform available and accessible for everyone.

Gone are the days when anyone would prefer to stand in the queues at the banks. This is the age when even little things such as medicines, ice creams or groceries are ordered online. Thus, it’s no surprise that more and more people are switching over to crypto currency to reap several benefits.

In fact, No business account of withdrawal software is needed to become a part of the crypto currency grid. All you need is a mobile phone and an internet connection to get started. 

This is a boon for all developing countries as well where there are huge gaps in the country’s economic states and the level of education of the citizens. In such a situation, crypto currency seems to be a great remedy to bridge this gap and bring about a sort of harmony.

Please note that though these are advantages at the moment, it may also turn into a disadvantage within no time. Just like every coin has two sides to it, each pro can also become a con if not handled well.

What are Demerits of Crypto currency?

No third party

This implies that you are the sole and only master of your money. You are free to spend it and manage it the way you wish to. There is no one else who has a say in it or can control it. 

As stated earlier, there is no external central bank of third party involved. This means that this is just like solely owning a company.

In the sense, all decisions are taken by you. Thus, all benefits are yours as well as all losses. 

You do not need to trust the government or a central bank with your money and you can keep it or invest it just the way you prefer.

Difficult to understand 

Crypto currencies are relatively new in the market. This means that there is no expert course or anything for everyone to know all details about it. 

Also, there are several things to be kept in mind while engaging in transactions with crypto currency. This may not be easy for everyone to understand. 

Had everyone been of the same aptitude, there wouldn’t have been the need for experts. Thus, those who do not understand it, often incur losses instead of reaping the relevant benefits. This is a disadvantage which cannot be overlooked, no matter how great the system as whole is.

Lack of knowledge

The world of crypto currency is great to rapidly earn and gain fame. But, there is always a risk of hackers intruding your privacy and account. 

Though there are several measures of preventing yourself from hackers, these are not known to all. This is what makes them vulnerable to hackers who are always on the lookout for the ignorant that can be looted.

Not accepted widely

Well, this may not be on the top the list of disadvantages of crypto currency but it is definitely one of the major cons. 

This means that not all websites, companies and nations and yet open to the idea of dealing with crypto currency. Thus, you may be really rich in the crypto currency world, but if an enterprise does not accept payment in this form, it means that you will need traditional cash to carry out exchanges with the particular recipient. There is no solution to that yet.

For example, India is a country where the central bank, Reserve Bank of India has clearly declined the acceptance of crypto currency. 

Though court cases regarding the same are pending and the future is uncertain, at the moment, crypto currency is not accepted there. 

Thus, you are recommended that before making crypto currency transactions, you must know if you will actually be able to put it to use in the long run and in real life. 

It is surely way behind in its motive of replacing all traditional banks and financial systems.

What is Sharia law and what does it state?

Sharia literally means a well-trodden path to water, and we know that water is the source of all life. Sharia is basically the Islamic legal law which, unlike other legal codes, regulates public as well as private behavior and even private beliefs of the people. 

This law, out of all the legal laws is the most restrictive law, especially against women. Sharia has been made popular by groups like Islamic State who wish to implement hard aspects of Islamic law. Sharia law aims to preserve these five elements of life: -

•        Life
•        Learning
•        Family
•        Property 
•      Honor

As we have an idea about what actually is a crypto currency we can easily understand why crypto currency is creating such a commotion under Sharia Law. 

This legal law which emerged from the Holy Quran prohibits the activities which involve riba (interest), gharar (uncertainty) and maysir (gambling). 

So, recently when an Islamic scholar declared crypto currency, which involves huge profit and loss as permissible under sharia law, it became a heatedly debatable topic amongst the people.

Is Digital Currency Halal or Haram?

To understand whether Islam considers the usage of bit coin as permissible, we can look at it from four different angles:-

•        Value of money
•        Payment network method
•       Concept of gharar
•        Serving the real economy

For value of money, Islam states three elements - mal (wealth), taqawwum (legal value) and thamaniyyah (monetary usage).

 So when we look at the features of bit coin, it tends to have both the features of wealth and legal value but not monetary usage.

Hence, from the point of view of money in Islam, bit coin is haram (not permitted). But if we look at it from the perspective of payment network method, bit coin can be called as halal (permissible). 

Bit coin, based on proof of payment and not on debt which is unlike the fiat money. However, being changeable in the past leading to price ups and downs and with no central authority, elements of uncertainty do exist. This creates contradictions with one of the main laws in Sharia.

Therefore, for bit coin or any other currency to be considered as permissible or halal, there is a need for investors and users to understand the risks involved before purchasing any. 

Considering from the perspective of serving the real economy, bit coin and crypto currency investments, taking the current uses, do not really serve the real economy or contribute anything to its real growth. 

Notably, there is no consensus among Islamic scholars on whether crypto currency and bit coin are in accordance with the Shariah law. There is still an ongoing debate on this matter.

Although, the opinions stating that its usage is completely forbidden from an Islamic law, is not true to the core, the Islamic Banking and Finance Industry should consider its use in exchange useful until a more regulated and transparent option or framework gets established.

What is the situation of Acceptance of Crypto currency in Islam?

With regard to acceptance, you’d be surprised to know that recently an Islamic scholar declared that crypto currency is totally permissible and supported under the Sharia law. 

In fact, this has come on a blessing and a totally new world of opportunities to approximately 1.6 million Muslims all over the world. It is a known fact that the Islamic do not do anything that goes against their religious laws and that is exactly why they had abstained from the use of this crypto currency world till date. 

However, this recent development bound to bring about a revolution. It is in fact a historic statement which has created buzz all over the world.

The publication which argued whether Bit coin was halal or haram has gained rapid popularity. In fact, what goes to show the desire and preference of the masses is that within an hour of the public statement, the value of the crypto currency platform surged by more than 1,000 dollars. 

Now, that’s quite a sum and it is increasing day by day. Now, though it’s not clear if this surge was due to the publication or some other influencing factor, the publication is definitely being speculated as a contributor.

A mosque in the UK announced it is hoping to raise at least 10,000 in crypto currency donations in the month of Ramadan.

It has been pointed out that Bit coin is accepted as a legal currency in Germany and that is why it qualifies as Islamic money in Germany. The Sharia laws are not different for countries are this is what truly stands for equality in the Islamic world.

 A major chunk of the world population is Muslim and this cannot be overlooked. 

If such a block of the population stays away from this major crypto currency platform, then how is the world finance probably likely to improve? 

Thus, this recent development in this aspect is great.

There are countries which have accepted Islam as their state religion. In these regions, no act against the religious law is permissible under any cost or circumstances. 

Thus, the fact that Sharia law is too keeping up with the 21st century and it’s ever changing demands is a great relief.

In fact, this may be the first time that a religion has gone public with such a revolutionary and advanced statement as well as acceptance.It will be great to note if Muslim investors all over the world are able to understand this complex world of the web and crypto currency that has great advantages as well as cons. 

Not everyone is able to get a grip onto this online concept of money transfer and payments. Those who get into the hang of it are lucky enough and Muslims too are now in the league to make the most out of it.

What are the Accepted Investments under the Sharia Law?

Fixed income funds

Sukuk

Sukuk is considered to be the modified version of the conventional lease bond system. (Go back to Ijara for the background)Though interests are forbidden, it is okay to fix the return rates for the renting of items bought by the bank in this lease-bond system.

Retirement

Fixed income investments include riba (interests) which is obviously forbidden in Islamic Financial laws. 

This is the problem that retired people face. So, investments through real estates in direct or diversified are being suggested for retired people so that they can have a legal steady income.

Equity                                                 

Their law allows company share based investments under the strict rule that the companies are not involved in gambling, lending, tobacco, weaponry, alcohol or pornography. 

Some exceptions were made to some companies: They either needed to avail the debt to borrow or to invest excess cash. These investments can be done by direct manner or in shares. 

Companies that are in interest-bearing debt have in hand impure income (defined by the Sharia Law) or receive interest, trade debts are filtered out of availing equities.

Insurance is not a popular concept in the Islamic Financial law concept. Rather, they offer cooperative insurance which is mutual and those who have opted for it have to pool into funds which are later invested under the regulation of the Sharia Law. 

Money from the funds is periodically withdrawn to pay the claims and unclaimed profits are distributed equally among the holders of this policy.

Conventional insurance is not in existence under the Islamic Law, because it includes the usage of riba to satisfy liabilities and also that items are purchased even if they have an uncertain outcome. 

The cooperative insurance is thus the insurance vehicle for Muslims, if they want to secure themselves.

Islamic Financial Law and the establishment of financial institutions under them has been a blessing to the Muslims since they believe interest is wrong and forbidden. Till the reign of Islamic Finance for the Muslims, conventional bankers used to find it hard to satisfy both conventional customers and the Muslim customers, a source says. 

Now, with the Islamic institutions, everyone’s principles are being respected and the bank policies are available to everyone.

Do note that the Islamic Finance services are open to people of all religions. All FSA authorized Islamic banks function no different than conventional banks except for the laws that they follow.

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