Islamic Banking

Author/Editor:

Abbas Mirakhor ; Mohsin S. Khan

Publication Date:

September 1, 1991

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

Islamic banks are prohibited from charging or paying interest, and thus can operate only on the basis of profit-sharing arrangements. This paper provides a brief survey of the theory and practice of Islamic banking. It covers developments in Islamic banking since the mid-1970s, how such banks operate, and the analytical underpinnings of a financial system based on Islamic principles. Finally, the future of Islamic banking is assessed.

Series:

Working Paper No. 91/88

Subject:

English

Publication Date:

September 1, 1991

ISBN/ISSN:

9781451851069/1018-5941

Stock No:

WPIEA0881991

Format:

Paper

Pages:

8

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