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How Islamic finance differs from conventional banking
THE ISLAMIC ECONOMIC MODEL
Modern discourse on economic models tends to be dominated by two opposing ideologies, namely capitalism and socialism, neither of which is explicitly associated with particular religions. It is rare to see a discussion about economic models that refer to a particular religion. The Islamic faith is holistic in nature; there is no separation between ‘church’ and ‘state’, so to speak. As mentioned previously, Islam means submission to God’s Will and by implication believers should, in every sphere of their lives, including finance, seek to follow the guidance and values espoused by their faith. ...
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