Islamic finance as social finance
Islamic finance as social finance
This chapter explores the linkages between Islamic finance and social finance. The chapter opens with a brief overview of the history of finance to provide a context for some of the subsequent precepts of Islamic finance. Next, the most well-known prohibition in Islamic finance—the prohibition on charging interest—is reviewed. This is followed by an overview of the different product types available in this market. The next section considers other, lesser-known prohibitions specifically focused on social responsibility within Islamic finance. Finally, conclusions summarize the main issues and arguments in the chapter and draw the key themes together.
Keywords: Islamic finance, financial product development, prohibitions of investment, ethical finance, debt interest
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