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Today, interest-free banking has become an undeniable reality.
It has been introduced and accepted widely in many countries of the world including Muslims as well as non-Muslim dominated countries.
The underlying principle of Islamic banks is the principle of justice which is an essential requirement for all kinds of Islamic financing.
The prohibition of interest and speculation, as well as the sharing of profit and loss between the bank and the customer, are the basic principles.
The Islamic financial system employs the concept of participating in lawful business opportunities, utilizing the funds at risk on a profit-and-loss-sharing basis.
Through this system, Islamic banking opens windows of opportunities for countries who have implemented it.
However, to achieve such benefits, suitable working environment is a mandatory.
The financial environment should be free from obstacles and it should be well-situated for the banking system and it should permit all the activities of the bank to be implemented.
Abdurahman Jemal is Lecturer and Researcher at Haramaya University (Ethiopia) in the College of Business and Economics.
He has received his MSc Degree in Accounting and Finance from Addis Ababa University (Ethiopia) and Post Graduate Diploma in Islamic Banking and Insurance from Institute of Islamic Banking and Insurance, London.
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