BANKING AFFAIRS

Detailed explanation-1: -Understanding Islamic Banking Practices There are approximately 520 banks and 1, 700 mutual funds around the world that comply with Islamic principles.

Detailed explanation-2: -So AIFICIL is touted as India’s first commercial Islamic banking institution, and is getting set to open branches in Hyderabad, Madras and Calicut as the first steps in reaching for a national network.

Detailed explanation-3: -About Islamic Banking: Interest free banking is a narrow concept denoting a number of banking instruments or operations which avoid interest. Islamic banking, the more general term, is based not only to avoid interest-based transactions prohibited in Islamic Shariah but also to avoid unethical and un-social practices.

Detailed explanation-4: -While the initiation of modern Islamic Banking dates back to 1963, the present-day practice debuted in 1975, when banks were established and mandated to operate in adherence to Shari’a rules and principles. Ever since, Islamic Banking has been one of the fastest growing sectors in the global banking industry.