Despite the growing demand for Islamic Finance and Fund services the, Concept of Islamic Finance can be confusing sometimes, the role of IICC is to enlighten this concept to financial institutions.
The key principles of Islamic Financial practices:
1) Prohibition of Interest (Usury).
2) Sharing Risk
3) Prohibition of Uncertainty (mainly applied in conventional insurance industry).
4) Speculation activities or in other words investing in non productive projects considered as another form of gambling in Islam, one of the recommendation of the IICC to reform global economies is redirecting monies invested in Stock Exchange markets to more real productive projects (goods or services). However; this does not mean that to stop the Stock Exchange markets, but to regulates them and to introduce some policies and regulations to make speculation and gambling in the SE markets more difficult.
Islamic Bonds (SUKUK):
Islamic Investment Fund: