Module I discusses the need for, basis and overall structure of Islamic economics, presenting a framework under which the Islamic financial system is supposed to work. It explains the philosophy and the main features of Islamic finance that form the basis of operations for Islamic financial institutions (IFIs). The major prohibitions that IFIs are required to observe are also discussed in this part. As the prohibition of Riba is the least controversial issue, more emphasis in discussion has been given to the connotation of the term Riba and how it encompasses various forms of present-day business and finance.
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