I would like to add my two cents that it is not necessary that 'all' banks with islamic in their title, or claiming to be islamic are perfect and following the islamic rules perfectly. That is why there is need of audit, even audit finds some mistakes which are rectified.
But islamic financing and interest based financing are clearly two different things and worlds apart. I have read the book quoted above and also attended a Islamic Finance course.
For anyone who really wants to understand what is islamic banking and how it works, i would like to recommend this book:
ISBN:
969-428-006-0
http://www.meezanbank.com/GuideIb.aspx
and here you can read it online:
http://islamicbookslibrary.wordpress.com/2012/02/07/meezan-banks-guide-t...
I would like to add my two cents that it is not necessary that 'all' banks with islamic in their title, or claiming to be islamic are perfect and following the islamic rules perfectly. That is why there is need of audit, even audit finds some mistakes which are rectified.
But islamic financing and interest based financing are clearly two different things and worlds apart. I have read the book quoted above and also attended a Islamic Finance course.
Brgds,