What is Islamic Finance?
Islamic Finance is a system of finance that complies with Islamic law (Sharia) and its practical application through the development of Islamic economics.

Principles and concepts central to Islamic Financing
1. RIBA - The basic principles of Islamic Finance are the sharing of profit and loss and the prohibtion of RIBA (roughly translated as interest)
2. -Lending must be undertaken in connection with an Islamically acceptable transaction therefore the outcome must have a socially acceptable outcome which Sharia recognise as such (e.g. investment in pork, alcohol orgambling would not be acceptable).
3. Sharia Committee Supervisory Board - Anybody puporting to offer Islamic Finance products (Banks or other institutions) is required to set up a Sharia Committee/Supervisory Board which effectively performs as a health checking process to ensure Sharia compliance in all respects.

Types of Islamic Finance. Please click here for more information.

Why is pro.manchester interested in Islamic Finance
pro.manchester's interest in this field is at a very early stage, but we feel there are a number of reasons why this is a sector worth exploring for more opportunities including:
 - Large muslim population (as a possible client base)
 - Home of the first branch of The Islamic Bank of Great Britain outside of London, Birmingham and Leicester.
 - An alternative structure to finance a range of consumer and commercial transactions
- Seen potentially as a more ethically viable and sustainable financing model than the more traditional banking strcture particularly in light of the recent credit crunch.

Where do Members come in?
Take part! we're keen to actively engage with our Members to understand their first hand experiences of working within any of these three ICE niche markets to determine what the issues are in breaking into or operating within those markets; or just to hear your views generally. Click here to get in touch.