ISLAMIC BANKING IS ALL ABOUT ESTABLISHING THE EXISTENCE OF ALLAH AND HIS LAW: WHICH SAYS (INALLAH HALALA BAIA WA HARAMAH RIBBA) MEANING ALLAH (S.W.T) PERMIT US TO DO BUSINESS AND FORBID US TO ENGAGE IN USURY(INTEREST).
FOR ALLAH TO FORBID ANYTHING FOR MANKIND HE WILL PROVIDE US WITH ALTERNATIVE:
FOR INSTANCE HE FORBID FOR US TO FORNICATE, BUT ALLOW US TO MARRY MORE THAN ONE WIFE.
HE HAS US NOT TO DRINK ALCOHOL, HE BLESS US WITH FRUITS E.T.C
LIKEWISE IN THE BUSINESS WISE HE WANT TO DO BUSINESS BASE ON JUSTICE AND FAIRNESS NOT INTEREST BASE. SEE FOR EXAMPLE :
The principle of Islamic banks is the principle of justice which is an essential requirement for all kinds of Islamic financing. In profit sharing of a financed project, the financier and the beneficiary share the actual or net profit/loss rather than throwing the risk burden only to the entrepreneur. The principle of fairness and justice requires that the actual output of such a project should be fairly distributed among the two parties. If a financier is expecting a claim on profits of a project, he should also carry a proportional share of the loss of that project.
My cause member try to reflect, this tip of iceberg.