The Purpose of IFSB is to Establish A Standard Regulatory Framework for Islamic Banks Worldwide.Many Central Banks worldwide are represented. It is Headquartered in Kuala Lumpur, Malaysia.
The Purpose of AAOIFI is to Establish A Standardized Body of Regulations, Rules and Standards for Auditing & Accounting for Islamic Banks Worldwide. It is Headquartered in Bahrain.
The Islamic Development Bank Membrship Includes All Member States of Organization of Islamic Conference, OIC. It is Involved in Financing Development Projecs and Central Bank Needs in the Islamic Countries. It is Headquartered in Jeddah, Saudi Arabic.
Buddhists, Hindus, Sikhs, Jews, Christians and Muslims are taught not to deal in Riba. For a Detailed Study on Prohibition of Riba in All World Religions and Philosophies please Click Here
OUR MISSION:
Building Bridges Between People of Different Faiths to Prosperity and Cooperation Through Riba/Ribbit-Free Financial and Banking Services.
Riba (in Qur’aan/Islam) or Ribbit (in the Old Testament) is the act of RENTING the USE OF MONEY at a Price called Interest Rate. This concept of Renting the ‘Use of Money” is the origin of the word “Usury!” in contrast to today’s definition of “Usury” as excessive rate.
In Juaism, Christianity and Islam (and other faiths) renting the use of MONEY is prohibited.
Money is a Measuring Device. It is a Thing. So, its use cannot be rented. Exactly like an apple. One can only transfer its title of ownership but cannot rent it. So, money can be used to measure the success or failure of a venture. That is; one can rent a building, a car or a business BUT NOT MONEY. So, based on the rate of return of invested money using the RENT OF PROPERTIES AND ASSETS (and NOT the Rent of Money), prudent investors can decide if it makes economic sense to invest. In early times, if you charge interest; i.e. renting the use of money – also called at that time “usury” – and you were: Catholic: You will be Denied a Catholic Burial, or Jewish and you cannot stand as a witness in court.
