Volume : 4, Issue : 9, September - 2015

Non- Conventional Banking and its Money

Hasan Muwadh Gaber Al Gumaei

Abstract :

<p><p>&lt;p&gt;&amp;lt;p&amp;gt;This paper is going to investigate one of the most controversial issues in non-conventional banking which is money in Islam. This study will touch the early practices of Islamic bankingand for this purpose we will refer to preliminary Islamic banking model, examples of personal banking model and examples of Islamic business financing model. We will touch the economic strategy which came to change Islamic money to currency and what is the reason behind it. For this purpose, we will refer to the early legalization of interest, the process of starting using currency or money instead of gold and examples of new economic strategy model. The main focus of this study is to compare the two dissimilar kinds of money to see what is beneficial for banking industry without harming or exploiting its customers whom should be treated fairly.&amp;lt;/p&amp;gt;&lt;/p&gt;</p></p>