-Scroll.in
The Islamic financial system works on the principle of not charging interest.
What is Islamic banking?
Islamic banking is a banking system in accordance with the Shariat. In Islam, money has no intrinsic value – money, therefore, cannot be sold at a profit and is permitted to be used as per shariat only. The Islamic Law or Shariat prohibits paying any fee for renting of money (called riba) for specific periods of time. It also prohibits any sort of investment in businesses that are considered haraam or against the principles of Islam. It is largely believed that these principles have been derived from the Quran and have been in practice since then.
Please click here to read more.