Islamic banking – what is the difference?

 photo by designIdg

Some years ago I was very active in the field of Intercultural communication (was even on Bord of Directors of SIETAR Europa, a huge interdisciplinary network of professionals).

I believed that knowing other cultures would help mutual understanding and collaboration in all spheres. Later I found out it was often even contra-productive! – but this is another story…

Editing a SIETAR newsletter on Islam I was enamored with the deep beauty and wisdom of that religion and culture around it. Apart from Sufis, fantastic architecture, ethics and the message of Mohammad I was fascinated by the idea if Islamic banking.

Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values).

 In the late 20th century, a number of Islamic banks were created, to cater to this particular banking market.  The western media frequently suggest that Islamic banking in its present form is a recent phenomenon – such a pity!

This is what wonders me a lot: even such profound and stable cultures like Indian and Islamic obviously fall under the spell of profit and materialism…It is sad…

LOVE, axinia