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CHAPTER THREE: CONCEPT AND THEORY OF ISLAMIC BANKING …
CHAPTER THREE: CONCEPT AND THEORY OF ISLAMIC BANKING – PART 1
The objectives of Islamic banking
Comprise of prohibition of interest in all forms of transactions, and undertaking business and trade activities on the basis of fair and legitimate profit.
Islamic banks have to incorporate both profit and morality to make a profit from their operations.
The philosophy of Islamic business
Trade must be conducted in a faithful and trustworthy manner.
Islamic banks are expected to conduct the transactions for the benefit of both.
Eliminating the element of usury or riba.
Islamic banks must treat their customers equally.
A Muslim entrepreneur is considered only a ‘vice-‐regent’ on earth.
The accumulation of profit without utilization for the betterment of the community is forbidden.
Allah SWT is the creator of everything on earth and in the heavens.
ISLAM
Syariah
Ibadah
Muamalat
Economic Activities
Banking and Financial AcDviDes
Social Activities
Political Activities
Akhlak
Akidah