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What is Islamic Finance?

What is Islamic Finance?

Islamic finance is a type of financing activities that must comply with Sharia (Islamic Law). The concept can also refer to the investments that are permissible under Sharia.

The common practices of Islamic finance and banking came into existence along with the foundation of Islam. However, the establishment of formal Islamic finance occurred only in the 20th century. Nowadays, the Islamic finance sector grows at 15%-25% per year, while Islamic financial institutions oversee over $2 trillion.

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COVID-19 is an unprecedented, worldwide pandemic that has brought more depression than the 1918 Spanish Flu in terms of its impact on people’s health and behavior. As measures to control COVID-19 pandemic, physical distancing, and quarantine/self isolation have been enforced in most countries including Malawi.

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