Islamic Finance.

Islamic banking refers to commercial banking activities that are conducted in accordance with Sharia law, or the moral code as derived from the Qur’an and Islamic practices. Islamic banking practices prohibit levying or accepting interest for loans and investing in businesses that are thought to be immoral. It is also required that the quantity, quality, and date of delivery for all services be made explicit in advance of the transaction. Although Islamic banking principles have been in existence for centuries, an increasingly global economy has necessitated the development of privately owned commercial banks for Muslim communities. Reflecting the need and interest of foreign businesses to interact with Muslim communities, non-Muslims have established several major Islamic banks.