Islamic finance

Financial practices in accordance with Islamic Shari’a law. Among other things, the Shari’a forbids usury and the charging of *interest. Shari’a law is considered by Muslims to be divine and its principles therefore immutable, and its financial practices operate in their purest form in countries like Iran and Saudi Arabia. In some other Muslim-majority nations (like Malaysia and Pakistan) Shari’a law coexists with Western financial practices. For example, some Malaysian and Pakistani financial institutions charge interest, while others do not. The *Accounting and Auditing Organization for Islamic Financial Institutions has established auditing principles for Islamic finance.

Auditor's dictionary. 2014.

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