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A Review of the Principles of Islamic Banking System for Agriculture Credit

Khattak, Naeem Ur Rehman Khattak and Hussain, Anwar Hussain (2006): A Review of the Principles of Islamic Banking System for Agriculture Credit. Published in: Sarhad Journal of Agriculture , Vol. 22, No. 2 (2006): pp. 341-345.

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An attempt has been made in this paper to highlight the basis and principles of Islamic banks in general and particularly the agriculture banks for agricultural credit. Islamic financial techniques and their nature have been discussed. Murabaha, Mudaraba, Musharaka, Ijara Wa Iktina, Muqarada and Salam were observed the major Islamic financial techniques. The basic rules regarding Islamic finance have been mentioned. It was observed that Islamic banking system believes in assets based transactions. The challenges facing the Muslim ummah regarding Islamic banking were highlighted. It was also concluded that Islamic banking system is more effective in the distribution of income, reducing monopolies and curbing inflation as compared to conventional banking system.

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