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Islamic banking and finance is a system of banking that is based on the principles of Islamic law (Shari'ah). It is a fast-growing industry that has seen tremendous growth over the past few decades. There are now hundreds of Islamic banks and financial institutions operating in countries around the world. The key principle of Islamic finance is the prohibition of Riba, or usury. This means that Islamic banks are not allowed to charge interest on loans. Instead, they must focus on profit-sharing arrangements between the bank and its customers. This allows both parties to share in the risks and rewards of the investment. Islamic finance also requires that all transactions must be conducted in a fair and transparent manner. This means that there can be no hidden fees or charges, and all contracts must be clear and unambiguous. Finally, Islamic finance prohibits investments in businesses that are considered to be harmful to society, such as gambling, alcohol, tobacco, and pornography. By adhering to these principles, Islamic banking and finance offers a ethical and sustainable alternative to traditional banking. This video explains the seven major Islamic banking principles.

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