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    Penn Collins
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    This document discusses Islamic finance and outlines 5 elements prohibited, 5 instruments used, and 5 principles guiding the practice. It also defines 5 key terms related to Islamic versus conventional banking including prohibited interest (riba), permissible (halal) and forbidden (haram) activities.

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    This document discusses Islamic finance and outlines 5 elements prohibited, 5 instruments used, and 5 principles guiding the practice. It also defines 5 key terms related to Islamic versus conventional banking including prohibited interest (riba), permissible (halal) and forbidden (haram) activities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views1 page

    Islamic Finance

    Uploaded by

    Penn Collins
    This document discusses Islamic finance and outlines 5 elements prohibited, 5 instruments used, and 5 principles guiding the practice. It also defines 5 key terms related to Islamic versus conventional banking including prohibited interest (riba), permissible (halal) and forbidden (haram) activities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Islamic Finance

    Section B. Answer all questions 30 Marks

    1. Outline 5 elements prohibited in Islamic finance (5 marks)


    2. State and explain any 5 instruments used in Islamic finance. (10 marks)
    3. Discuss 5 principles guiding Islamic finance (10 Marks)
    4. Define the following ( 5 marks )
    A. Islamic banking and finance
    B. Conventional banking
    C. Riba
    D. Halal
    E. Haram

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