A primer on Islamic finance
This IMF working paper provides a review of the current state of market development in Islamic finance and examines the legal and economic implications of shariah compliance.
Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment.
Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant
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