Об Исламских банках на английском. Как они работают? Дают кредит? (Школьные сочинения)

One day interesting point came to my mind. I thought about banks. We know that bank=credit, but in Islam credit is haram (forbidden). So I started to think how banks could work in an Islamic country with giving credit or maybe they don’t give credits and just save money. Eventually, I found information about banks in Saudi Arabia. After searching, I almost understand all systems of their work, but, in my opinion, I saw controversy which has disappeared in the future. After talking with people who very well know the Islamic world I fully understand all. So I try to explain the system.

It is exciting.

Imagine the situation. You want to buy an apartment for 2 million rubles, but you do not have that money, so first what comes to mind is debt. You went to an Islamic bank and asked for help. They answer you: “Ok, we help you. We will buy that apartment for 2 million and sell you it in the future for 4 million. You will duty to pay 4 million us by little pieces for 20 years. ” You confirm and sign documents and that’s it!

Well, that’s could look like credit, but it is not. It is reselling. So you can ask me ( I had that question, too) what’s different. So in an Islamic bank you will not have punishments like penalties.

anking activities that comply with the principles of Sharia and its practical application through the development of the Islamic economy. A more correct term for Islamic banking is financial activity based on the principles of Sharia.

a little story: There was an Islamic bank in Russia – "Badr-Forte Bank", in the creation of which Heydar Jemal took part. This bank was initiated by Adalet Jabiyev, who previously worked as a classical banker, and then entered the space of Islamic banking. In 1997, on the basis of his financial structures and with the help of the Islamic Development Bank in Jeddah, he created an Islamic bank. Things were going well, branches and correspondent accounts were opened in 60 countries... Badr-Forte Bank was registered and licensed as a project and investment bank in the Central Bank. However, in 2006, the deputy chairman of the Central Bank, Kozlov, initiated the withdrawal of the license, as a result of which a very useful undertaking was ruined after 10 years of work. According to Heydar Jemal, the chicken that laid golden eggs was slaughtered according to a letter from the US State Department to the Central Bank, as the department did not like the bank's extensive connections in the Islamic world. Nevertheless, such an experience has taken place, Adalet Jabiyev today heads the Al-Shams consulting company and lives in Azerbaijan. Also, a small organization in Dagestan, called "La biba Finance", operates on the basis of Islamic lending.

Thank you for reading my article! I hope you loved it. It is very interesting topic for me, so I decided to share you with it.