Shariah-compliant finance is the best choice: Islamic bankers
In these times of financial turbulence, Shariah-compliant banking and finance is being endorsed for its stability and is evolving as the best choice on the road to economic recovery.
According to Imtiazz Sarfaraz Khan, Head of Retail Banking and Finance Department at Abu Dhabi National Islamic Finance, Shariah-compliant finance has always been an appropriate and relatively risk-free route for financial dealings but was downplayed for quite some time mainly due to political considerations across the globe.
Khan said the definitions of Shariah-compliant or Islamic banking were endless.
"Some non-Shariah-compliant banks and financial institutions may choose to call it ‘interest-free banking’, while others are comfortable with ‘zero interest on asset-backed finance’," Khan added.