Islamic finance and banking is governed by the tenets of Islam and is based upon the principles of the Shariah that constructs a code of conduct for Muslims to adhere to when managing their lives, including their finances. Therefore, when understanding the basis of the principles of Islamic finance one has to consider the fact that Muslims believe that economic transactions should take place responsibly, ethically and with the remembrance that Allah (God) is the owner of all wealth.
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Islamic finance and banking is governed by the tenets of Islam and is based upon the principles of the Shariah that constructs a code of conduct for Muslims to adhere to when managing their lives, including their finances. Therefore, when understanding the basis of the principles of Islamic finance one has to consider the fact that Muslims believe that economic transactions should take place responsibly, ethically and with the remembrance that Allah (God) is the owner of all wealth.
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