Meezan Bank Riba Free Certificate. Both countries adopted different tracks for the same ultimate destination of developing full fledge viable Islamic financial system and produced quite interesting results. The council included panelists of bankers and economists who submitted their report in February 1980, highlighting various ways and sufficient details for eliminating the interest from the financial system of Pakistan.
Tabung Haji utilizes Mudarabah (profit and loss sharing), Musharikah (joint venture) and Ijara (leasing) modes of financing for investment under the guidance of National Fatawah Committee of Malaysia. The Supreme Court delivered its judgment on December 23, 1999 rejecting the appeals and directing that laws involving interest would cease to have effect finally by June 30, 2001.
Newly established Islamic bank can be listed on the stock exchange provided minimum of 50 percent of total shares must be offered to the general public.
Abstract The objective of this paper is to describe the advantages of the Sharia Banking Practices in Indonesia. The growth of Sharia Banking has increased significantly since 1991 until now. It has proved that Sharia Banking has got trusted by the most of Indonesian society because Sharia Banking System is free from interest excessive or Riba. Key Words: Riba, Sharia Banking System.
