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Islamic finance was practiced predominantly in the Muslim world through the Middle ages, fostering trade and business activities.
The heart of Islamic finance lies in two defining principles, the prohibition of riba (interest) and the sharing of profit and loss. These principles help to ensure that funds are being channeled into real business activities as opposed to speculative activities.
As the Islamic finance industry progresses, many Islamic financial institutions have developed a vast range of products designed to serve the growing market. These products cater for housing and consumer finance, business loans and project funding. |
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The Industry
