The Importance of Shari’Ah Supervision in Islamic Financial Institutions

The Importance of Shari’Ah Supervision in Islamic Financial Institutions

The Importance of Shari’Ah Supervision in Islamic Financial Institutions

Islamic financing differs from conventional financing in that it prohibits the payment or receipt of interest. The concept of interest-free financing existed prior to the advent of Islam and was embraced in ancient Arabia. The concept was officially launched in the 1970’s by the Organization of Islamic Countries (OIC) and introduced in most Muslim nations and some Non-Muslim nations.

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