Islamic finance in Europe (33)

Continuation

The author notes:

The Islamic prohibition on paying interest has to be considered in the wider framework of the Islamic economy.

This is much more than just a doctrine against usury.

Islamic finance fits different following elements into the general context of the Islamic economic system.

Here social solidarity and belonging to the community are core values in the creation of an economic order.

Principles of:

-      equity;

-      and inviolability

of contractual obligations are ensured.

Thus, there are effective links between financial transactions and real economic activity.

From the research paper of European Central Bank

(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho, B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)