Answered: Read about Islamic Banking and then…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Read about Islamic Banking and then write in your own words 10 distinguishing characteristics of Islamic banking from a conventional banking. (800 to 1000 words.)

Expert Solution

Step 1

Islamic banking: It means banking based on the Islamic law or shariah. Islamic banking is operating based on 2 principles. They are profit and loss are shared and the collection of interest and payment of interest are not allowed for the investors as well as lenders. There are over 300 banks that follow Islamic principles.

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