While sharia (interest) is banned in Islam, profit sharing is not. An Islamically sound banking practice could
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While sharia (interest) is banned in Islam, profit sharing is not. An Islamically sound banking practice could be a system in which depositors deposited money under a principle of profit sharing and the bank provided funds on the same principle with a markup as payment for their financial services.
a. How does this system differ from a system based on interest?
b. How might the system of interest be exploitative and a system based on profit sharing not be exploitative? (Religious)
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