Is Islamic Banking 'Fraud'?

Financial Express

6 Pages Posted: 3 Mar 2015 Last revised: 6 Jul 2021

Date Written: February 25, 2015

Abstract

While Islamic banking and finance continues to enjoy robust growth, there is also a lot of skepticism and criticism. Recently, the finance minister of one of the largest Muslim-majority countries with strong presence of Islamic banking and finance labeled the niche industry as "fraud." This essay examines such viewpoint with special reference to the Riba-Interest Equation.

Keywords: Islamic finance, Islamic banking, Riba, Interest, Fraud, Misrepresentation

JEL Classification: G29

Suggested Citation

Farooq, Mohammad Omar, Is Islamic Banking 'Fraud'? (February 25, 2015). Financial Express, Available at SSRN: https://ssrn.com/abstract=2569377

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