Publication at Faculty of Law |
2018
Abstract
Islamic finance and banking remain somewhat out of focus of the general public and professionals and little known in the Czech Republic, although Islamic legal institutes have been used in the financial sector for decades in the world and Islamic banks are even operating in a number of European countries. The aim of the paper is to bring this issue closer while clarifying how Islamic banks can operate without the use of interest.
Attention is paid to the explanation of basic aspects of this alternative financial sector and the description of its expansion, including the explanation of some Islamic contractual institutes that are used for banking transactions within the Islamic banking model.