In the name of Allah, the most merciful and most beneficent!
Many societies believe in interest (Riba; an Arabic word used in Quran) based economy and eventually their culture is based on a financial system that revolves around Riba. Even with domination of Riba in Muslim societies, Islamic modes of financing are taking ground with extra pace.
Since 1970, when first Islamic Bank was setup, the idea became the life-goals of many to promote Islamic system of finance along with other Islamic norms. Islamic Finance and Banking; how it came into existence, what is Islamic Banking (IB), when was it started, what are the main modes of Islamic financing, key market players, the pace with which it is progressing, and why non-Muslims shall go for it, are the main reasons to explore these pages here. This website has been setup to account for:
- To provide all info at one place – single source for Islamic Finance know-how
- Though basic info about IB is available but most of IB sites are paid including magazines
- Islamic Banking events are high-cost oriented occasions
- A comparison between IB and conventional banking products are not available
- Social Justice, was it behind Islamic Finance theory?
- Main market players & their roles in promoting Islamic Fiances as per Quran & Sunnah
Keeping these ideas in mind, we had started collecting information available in different forms (books, articles, magazines, Arabic literature, European & American bank sites etc.) and build up basic BLOG covering information about banking, credit cards, and Islamic modes of financing.
Unfortunately, now Islamic Banking (IB) took a different turn and merely became a method to attract oil wealth of Muslims especially from Arab world. The eventual results of this approach became evident when all conventional banks opened Islamic windows in their existing Riba-based banking systems leading the transformation of Islamic banking into an extension of a Conventional banking system. The most unfortunate situation arose when the religious scholars endorsed these windows. Wouldn’t that be paving the way towards the merger of Islamic Banking back again into conventional banking system! So the whole idea of Islamic Finance (Riba free banking) was hijacked by major key players of conventional market!
IBFN team has decided to raise the voice against this hijacking of Islamic Banking!
You may find errors including typos but this is just the beginning. In coming days you will find lots of improved information, so keep visiting and guiding us towards the right path for which Allah has sent guidance and His last prophet Muhammad (peace be upon him) has provided the practical path.
IBFN and team