Islamic finance products, services and contracts
Islamic finance products, services and contracts are financial products and services and related contracts that conform with Sharia. Islamic banking and finance has its own products and services that differ from conventional banking. These include Mudharabah, Wadiah (safekeeping), Musharakah, Murabahah, Ijar (leasing), Hawala, Takaful, and Sukuk.
The Faisal Islamic Bank in Khartoum.
Both a Reverse Murabaha (aka Tawarruq) and conventional loan provide a customer with cash in return for deterred repayment, but while a conventional loan is simpler and involves fewer fees, a tawarruq does not violate sharia law (according to some jurists).
Islamic banking and finance
Islamic banking, Islamic finance, or Sharia-compliant finance is banking or financing activity that complies with Sharia and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah, wadiah (safekeeping), musharaka, murabahah (cost-plus), and ijarah (leasing).
A Jordan Islamic Bank branch in Amman
Building housing the Islamic Banking & Finance Institute Malaysia (IBFIM) in downtown Kuala Lumpur
A Saba Islamic Bank branch in Djibouti City
An Islamic Development Bank branch in Dhaka
