Covid 19 Time SeriesIslamic banking 101 with Peter Makau the Managing Director of Dubai Islamic Bank (DIB) Kenya.Wondered what "Islamic banking” was all about? Like most, did you believe that it was a banking system of Muslims, by Muslims, and solely for Muslims? Whilst the system is built on the foundation of Sharia principles, Islamic banking is open to all, regardless of any race, religion or ethnicity.The underlying driver of Islamic banking when it was established was the betterment of the community. The main difference that many people may be familiar with is that Islamic banking does not charge interest, which is forbidden. Also, in Islamic banking, risks are shared by both the customer as well as the bank In the Islamic system, money is used only as a medium of exchange.

Source: Standard Digital July 24, 2020 21:00 UTC