1000 petals by axinia

the only truth I know is my own experience

Islamic banking – what is the difference? June 29, 2007

 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


7 Responses to “Islamic banking – what is the difference?”

  1. You are right. But it is impact of European culture on Islam

  2. leelajesus Says:

    Very interesting article Axinia!

  3. axinia Says:

    Alakh Niranjan, i see your point and I agree. but tell me, how anything can impact me if I dont want it?
    This is the point I wanted to make here: is materialism really stronger that spiritual basic and dharma? Seems to be…

  4. khurram Says:

    what are simillarties bwtween islamic bankik products and commercial bank products????please reply

  5. axinia Says:

    dear khuram, I do not know banking as such, it is not my profession and my interest in life… sorry, i can not help you here, may be you google something interesing yourself? (would be great if you could share it here then!!!)

  6. Virendra Says:

    Islam……..spiritual basic and dharma????? Are you in your senses?????

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