Is Lending Money for Profit Compliant with Sharia Finance?

One of biggest population of OFW’s are in the Middle East and other Islamic countries. That’s why our heroes should at least be familiar with Islam not only as a religion but as a way of life that embraces various social, economic, and political subjects.

Muslims live in accordance with the Islamic Law called sharia which is taken from Quran. Every detail and matters addressed by sharia is linked with different issues which means anything about money is related to religion, morals, politics, and culture.

Islamic finance, therefore, runs in accordance with sharia. Islamic finance is not new. It’s as old as Islam itself. It is similar to conventional financial systems as they also have banks, stock market, mutual funds, investment firms, and insurance companies but they are governed both by Islamic laws and by the existing conventional finance industry regulations.

The main concept of Islamic finance is the fact that Allah is the owner of all wealth in the world and the human beings are just entrusted with such. Continue reading Is Lending Money for Profit Compliant with Sharia Finance?