The financial world is fuelled by interest. However, as some of you might know, interest is strictly forbidden in Islam, with direct prohibition stated in the Qur’an. Thus, one must wander how does a world of finance function without charging interest?
Mamiza Haq of the University of Queensland, has made a great comic explainer, summarising the ‘should knows’ and ‘know how’s’ of Islamic Finance. She also explains the importance of having regulatory institutions which make sure that the financial institutions and their products and services are Shariah compliant, setting Malaysia as a great example.
Source: The Conversation