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1. Title of the essay: How is Conventional Finance Differs from Islamic Finance. It is a...

1. Title of the essay: How is Conventional Finance Differs from Islamic Finance.

It is a group essay consisting of 4 students in a group.

Word length of the essay: Maximum 2000 words

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Answer #1

Conventional Finance Differs from Islamic Finance in the following ways:

  • Conventional finance includes man made principles, whereas the Islamic finance is based on the principles of Islamic law
  • Interest charging is permitted in Conventional finance. But in Islamic finance the charging os interest is not permitted
  • Activities that are prohibited according to the rules of concerned financial institutions. But in Islamic finance, the activities based on gambling are prohibited.
  • Conventional finance cover wide range of activities. Islamic finance covers only halal activities
  • Conventional finance does not require any asset to be purchased for any transaction. Islamic finance promotes purchase of asset for transactions to generate income
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