Shariah Compliant loans

What is Shariah Compliant loans? Meaning, Definition, and Example

Shariah Compliant loans are financial products that adhere to the principles of Islamic law, known as Shariah. The Shariah meaning emphasizes ethical, interest-free transactions that avoid activities deemed harmful or unethical, such as gambling or investing in alcohol and tobacco.

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So, what is Shariah? It is a set of legal and moral guidelines based on the Quran and Hadith, governing all aspects of a Muslim's life, including finance. Shariah definition in finance ensures that loans and investments align with these principles, often by using profit-sharing or asset-backed arrangements instead of charging interest. Thus,

Shariah Compliant loans offer a way for Muslims to engage in financial transactions without violating their religious principles.

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