Comments on: Why Islamic Banking is good for the environment https://www.greenprophet.com/2011/07/islamic-economics-environment/ Sustainably Driven. Future Ready. Wed, 14 Sep 2022 08:15:07 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: SaudiArabianMuslim https://www.greenprophet.com/2011/07/islamic-economics-environment/#comment-93647 Mon, 25 Feb 2013 05:50:22 +0000 http://www.greenprophet.com/?p=51010#comment-93647 “Islamic banking is system of finance based on the principles of Islamic laws – two of the main principles are sharing profit and loss and the other is the prohibition of collecting and paying interest. So if you take out a loan, interest cannot be paid or collected so the lender pays back the amount owed plus a small amount of extra money agreed on at the very beginning.”

Hmm… I thought you just said no interest.

“All investment must reflect Islamic principles and so you can’t invest in companies involved in alcohol, pork and gambling.”

Truth is, there is no islamic banking, in theory or practice.

]]>