22.01 For religious reasons, the development of conventional financial systems in Islamic countries has always been constrained.1 At some points, the ‘credit culture’ has been totally absent from the minds of the Muslim communities. From a Shari’a perspective, interest-based borrowing has been considered to be un-Islamic. It is plausible, therefore, to conclude that the emerging Islamic finance system and its development is a natural response to these religious-based constraints. Islamic finance is a form of finance based on Islamic legal concepts and principles....
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