Translated by Yusuf Ali
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The main difference between regular banking and Islamic banking is that in Islam it is haraam (forbidden) to lend money at interest. While both Islamic and conventional banks exist for the same purpose – to make a profit – rules for Islamic banking have evolved such that banks can still lend to customers and make a profit without having to charge interest. The best example to illustrate this is a housing mortgage. Instead of a customer taking out a loan with interest from a bank to buy a house, the bank instead buys the house and then sells it back to the customer for a higher price. The bank then allows the buyer to pay the bank back in installments.
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