Or maybe it’s your brother-in-law, boss, or auntie. At some point, you’ve heard the usual refrain, “Islamic finance just seems like conventional finan

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Or maybe it’s your brother-in-law, boss, or auntie. At some point, you’ve heard the usual refrain, “Islamic finance just seems like conventional finance,” followed by their rationale.

If you’ve ever struggled for an answer, here it is:

“It’s true that Islamic finance is sometimes turned into something it’s not by banks claiming to be Islamic. But just as there are good Muslims and bad Muslims, there is good Islamic finance and bad Islamic finance. Bad Muslims don’t make Islam any less good. And bad Islamic finance doesn’t make Islamic finance any less good.

The main difference between interest-free finance and interest-based finance is that interest-free finance is based on buying, selling, renting, and partnering in real assets. And assets are not something that you can compound like cash. You can turn a $1,000 loan into a $10,000 loan using interest, but you can’t turn 1 house into 10 houses in Islamic finance. That’s the beauty of basing finance on real assets...”

At this point you can offer to forward them more information. We’ve found that an email can be non-confrontational:

If they prefer to watch or listen send them the "Why Islamic Finance?" video
If they prefer to read send them the "Why Islamic Financ?" script


Important Links:

Download Ethica’s Handbook of Islamic Finance: 700 Pages of Practical, Usable Knowledge
Get your FREE 7 day Islamic banking course
Watch a webinar on how to get your next job in Islamic finance
Play an Ethica training video
Listen to what CIFE™ graduates are saying
Search the largest database of Islamic finance Q&As
Ask a qualified scholar an Islamic finance question


About Ethica Institute of Islamic Finance


Ethica is trusted by more professionals for Islamic finance certification.

The Dubai-based institute has trained and certified professionals in over 100 financial institutions across 62 countries.

Ethica’s 4-month Certified Islamic Finance Executive™ (CIFE™) is a globally recognized certificate accredited by scholars to fully comply with AAOIFI, the world's leading Islamic finance standard. The award-winning CIFE™ is delivered 100% online or live at the bank.

Ethica recently won the award for "Best Islamic Finance Qualification" from Global Islamic Finance Awards in the UK; "Best Research and Education Company" from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and Ruler of Dubai at the Global Islamic Economy Summit; and the "Education Leadership Award" at the Asian Leadership Awards.

For more information about this article, or to schedule an interview with Ethica Institute of Islamic Finance, please call +971—4—455—8690 or e-mail at info@ethicainstitute.com.

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