Fandom

Religion Wiki

Sharia-compliant finance

34,278pages on
this wiki
Add New Page
Talk0 Share

Ad blocker interference detected!


Wikia is a free-to-use site that makes money from advertising. We have a modified experience for viewers using ad blockers

Wikia is not accessible if you’ve made further modifications. Remove the custom ad blocker rule(s) and the page will load as expected.

Sharia-compliant finance (SCF) refers to commercial (especially lending) transactions conducted in accordance with Islamic law. Typically, interest is not charged in SCF transactions. In addition, SCF avoids investments in certain industries, such as the pornography, pork, alcoholic beverage, and gambling industries. In addition, the investors must comply with Muslim rules regarding the zakat, or a charitable contribution aimed at supporting the poor. Note, however, that while sharia forbids the charging of interest, SCF has developed ways to get around this prohibition. Problems presented by SCF include that it enables racketeering, antitrust activity, securities fraud, consumer fraud and material support for terror.

Source

David Yerushalmi, Esq., Civil Liability and Criminal Exposure for U.S. Financial Institutions and Businesses Engaged in Shariah-Compliant Finance (http://www.centerforsecuritypolicy.org/Modules/NewsManager/Center%20publication%20PDFs/Shairias%20Black%20Box%20(D%20Yerushalmi).pdf ). (Caution: large file).

Also on Fandom

Random Wiki