By : NISFAKHUL AZIZI / PS IA / 4.42.16.0.19
When Islamic banking was first
developed in the 1970s in the Persian Gulf states, its customers were almost
exclusively observant Muslims who wanted a banking system that complied with
their religious values. These include prohibitions against lending money with
interest, which is defined as usury. But today, Islamic banking is getting
wider attention, including among non-Muslims. That is because Islamic banks,
which are open to people of all faiths, have largely survived the global
economic crisis intact.
In practice, Islamic banks are often more conservative in their commercial activities than ordinary banks. Their prohibitions against interest-bearing loans, for example, meant they did not buy up the large quantities of bad consumer debt that now burdens Western banks and has threatened many with collapse.
In Sharing Profit, conventional banks, a saver receives a guaranteed interest payment of, for instance, 5 percent in exchange for keeping money in the institution. In Islamic banks, savers can earn the same amount but instead of receiving it as interest, they do so by sharing in the profits of the bank. If in a bad year, the Islamic bank might not pay a profit share, whereas a conventional bank is contractually bound to pay customers the promised interest rate. This is making sharia banking can survive better than comecial banking in crisis
Like conventional banks, Islamic banks make their profits by loaning money to customers. But whereas a bank loans with interest, Islamic banks do so through buy-and-sell transactions.
However, just as with conventional banking, there is nothing about Islamic banking that by itself guarantees that its commercial transactions are risk-free.
Banks can still face problems when the parties to whom they provide money are unable to fully pay back the sums. And, if an individual Islamic bank's owners are high risk-takers, they can still make bad investment choices, which can end in bankruptcy for the institution.
Many Islamic banks try to guard against such pitfalls by setting formal limits on how much risk they take.
In practice, Islamic banks are often more conservative in their commercial activities than ordinary banks. Their prohibitions against interest-bearing loans, for example, meant they did not buy up the large quantities of bad consumer debt that now burdens Western banks and has threatened many with collapse.
In Sharing Profit, conventional banks, a saver receives a guaranteed interest payment of, for instance, 5 percent in exchange for keeping money in the institution. In Islamic banks, savers can earn the same amount but instead of receiving it as interest, they do so by sharing in the profits of the bank. If in a bad year, the Islamic bank might not pay a profit share, whereas a conventional bank is contractually bound to pay customers the promised interest rate. This is making sharia banking can survive better than comecial banking in crisis
Like conventional banks, Islamic banks make their profits by loaning money to customers. But whereas a bank loans with interest, Islamic banks do so through buy-and-sell transactions.
However, just as with conventional banking, there is nothing about Islamic banking that by itself guarantees that its commercial transactions are risk-free.
Banks can still face problems when the parties to whom they provide money are unable to fully pay back the sums. And, if an individual Islamic bank's owners are high risk-takers, they can still make bad investment choices, which can end in bankruptcy for the institution.
Many Islamic banks try to guard against such pitfalls by setting formal limits on how much risk they take.
many sharia
banks using the name of sharia, but in application operations using
conventional principles, just to increase profits
However, the scholars hold Islamic banks as a measure to keep people from usury
Now, sharia banking is growing very rapidly and many banks have established Islamic banks in the world including Europe and the United States
However, the scholars hold Islamic banks as a measure to keep people from usury
Now, sharia banking is growing very rapidly and many banks have established Islamic banks in the world including Europe and the United States
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