The main objective of Islamic banks is to: a

Economics Nov 21, 2020

The main objective of Islamic banks is to: a. Provide funds for Muslims b. Make maximum profits for shareholders c. Finance building of Masjids and other Muslim religious institutions d. Provide an alternative to interest-based banking

Expert Solution

Option D is the correct answer

Islamic banking is a banking system in accordance with the Shariat. In Islam, money has no intrinsic value – money, therefore, cannot be sold at a profit and is permitted to be used as per shariat only. The Islamic Law or Shariat prohibits paying any fee for renting of money for specific periods of time.

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