Islamic finance is the method of planning your expenditures following Islamic guidelines. Islamic financial laws or Sharia laws are Islamic compliant laws that not only guide you to the right path but also teach you the right way of investing. It prohibits the activities that favor the profit of one party over the other and taking interest in the name of finance.
This method of finance was coined in the 20th century and since then; this sector has grown about 20% every year. One of the main reasons for its growth is that it forbids some of the points from conventional methods of finance that promote illicit activities in the name of investing and lending money.
How does Islamic law work? What are its key principles? Stay connected till the end of this blog to know everything about this topic of great importance.
Important principles of Islamic finance
There are some prohibitions in the Islamic law of finance, and one such proscription is taking interest or riba. Lending or giving interest is considered illicit in the Islamic compliant banks, and therefore, they offer interest-free services to abide by the law. This practice is exploitive in the eyes of Islamic law.
Another important principle is investing in a business that is related to gambling or selling alcohol. These activities come under speculation or maysir and are strictly illegitimate. While investing according to the Sharia laws in partnership, you need to keep in mind that it is based on profit and loss sharing and no single party can benefit more than the other one.
Islamic financial system is open for people with varying beliefs
One of the key highlights of this law is that it is not limited to any religion in particular. This sacred and pious method of financing is open for everyone who truly wants to invest without the fear of their funds being misused. Caizcoin is one such medium through which you can understand this finance and invest smartly in compliance with Islamic financial laws.
Caizcoin is a cryptocurrency that conceptualizes Islamic laws and is as legal and holy as the Sharia laws themselves. This coin lets the investor make use of its legitimate, lawful, and legal method of investing that is end-to-end encrypted and based on the first Islamic blockchain concept that gracefully brings out the true Islamic financial spirit.
Islamic financial law- a boon for mankind
Investing in obedience to the Islamic financial laws makes you feel closer to the almighty because the listed principles are true and pious according to Allah’s attributes. The law allows you to invest for yourself and perform zakat or donation from your money. This principle prevails the sense of satisfaction in you as you serve the purpose of public interest as well personal interest.
Under this law, you’re not investing with a bank or a financial institution that performs unacceptable activities making it everything a true investor relies on. Therefore, investing per these principles highlights the main purpose of mankind for everyone irrespective of their culture or religion. It lets you finance with freedom and provides contentment of investing by the laws that are approved by Islamic scholars.
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