The basics of Islamic finance

The term "Islamic finance" is familiar even to those who are not directly related to the work of financial systems. As the name suggests, Islamic Finance is a way of organizing and accounting income and expenses in accordance with the financial laws of Sharia and Islam. These laws not only guide believers on the right path, but also teach them the right approach in dealing with finances and investments. These laws also prohibit activities that allow one party to benefit from a relationship with the other and receive interest. Islamic finance as a way of managing money was formed in the 20th century and since then this sector has been growing by about 20% every year.

There are some prohibitions in Islamic financial law, and one of such prohibitions is the receipt of interest or riba. Lending or providing interest is considered illegal in Islamic banks, and therefore they offer interest-free services in accordance with the law. This practice is exploitative in the eyes of Islamic law.

Another important principle is investing in a business related to gambling or the sale of alcohol. These actions fall under speculation or maysir and are strictly illegal. When investing according to Sharia law in a partnership, you should keep in mind that it is based on profit and loss sharing, and neither side can benefit more than the other.

One of the key points in the application of these laws is that they are not limited to any particular religion. This sacred and pious method of financing is open to anyone who really wants to invest without fear that their funds will be misused. IslamicCoin is one such means by which you can invest wisely in accordance with Islamic financial laws.

IslamicCoin is a cryptocurrency that conceptualizes Islamic laws and is as legitimate and sacred as Sharia law itself. This coin allows the investor to use his legal and investment method, which is fully protected using the HAQQ blockchain.

Investing in accordance with Islamic financial laws allows you to feel closer to the Almighty, because these principles are true and pious. The law allows you to invest for yourself and make zakat or donation from your money. This principle is dominated by a sense of satisfaction in you, because you serve both public and personal interests.