islamic product standardization

Idea / Finance and Investing

islamic product standardization
nawab khan, Member, Student (MBA), Pakistan

the islamic banking product should be standardize or there should be unformity in products

the conventional banking using only one products ie loan on both sides ie depsoit side and finance side but in islmic finance or banking there are three contrats on based unlimited products the contracts are musharikah(join venture), ijara(leasing),bai(sate transaction) but as there are main four schools of thoughts in islamic jurisprudence ,that are hunfi,humbli,shafi,maliki.schools,. so evey country and every financial institution follow different schol of thought,which creates the problme of uniformity of products,where in one country one products is prohibited but in another courty that products is allowed which may confuse the investor to slove thios problme there should be uniform products throught the world which is approvrd by OIC organizataion islamic coountries

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