Islamic Finance is the tern use in by financial institutions & allow the use of islamic law, all the directions, rules & regulations sourced from the Quran and the Sunnah. The Islamic prohibits taking or giving interest which is the most essential & chief feature in Islamic banking.
The basic sources of Shariah principles are the Quran, the religious book, which are followed by the consensus of the jurists and interpreters of Islamic law Introduction Profit sharing and fee-based financing approaches have developed in compliance with Shariah laws. These special modes of financing have emerged in retail, private and commercial banking for debt and capital markets, insurance, asset management, structured and project financing, derivates, etc.
The Islamic finance system gives the path for the establishment of new rules in the banking system in the world. infact it is seen that the current capitalist system has failed.
difficult to manage your financial resources.. Similarly you need a little (maybe more) amount of money to be with you in your daily routine. this may help to in purchasing things that you frequently need or either you need it for paying for your utility bills. So here i would like to compare different froms of money. like it will either be in the from of cash such as currency notes or coins. in the second case it would be a credit card in your pocket. so if we see in todays busy life style it would be better to keep a light & smart credit card with you always & you can pay for what ever you want in most of the cases. Like if you like to do some shopping at any shopping mall in the city you have the option there to pay using your credit card. so you can make your transections tension free.. one the other hand keeping curreny notes with you is also a risky these days. There is a probability that you can lost it or it can be stolen, while in both the cases you are not safe & you have no adequate option for the refund of your loss. In most of the developing countries the use of credit cards for day to day transection has got tremendous boom duing the last years, Infact its a good option which is easy, safe & secure.