what is islamic banking? Islamic banking is a concept derived from the fact that in Islam forbids taxing people or charging interest for lending money. Thus a concept evolved where rich financiers, bankers or banks will lend you money to start your own business without charging any interest but instead they will be partners in your business and there is written guidelines on how much equity they will own in your business. Some say it is an 'unwritten' guideline where banks cannot own more than 50% of the profit or equity in the business of the person whom they are lending the money. Here are some of my observations It is an unwritten guideline that banks or financiers cannot own more than 50% of the equity of the business of the person to whom they are lending the money but it is an unwritten guidelines which means the bankers are not obligated to obey it under islam or under the law of the nation and one can easily demand more equity or profit than 50%. if a bank has le...
This is abt me, myself n dat lil mad-man in me