Islamic Banking or Islamic Finance is a system of banking that follows Islamic laws. Islamic banking and financial services prohibit the collection of fees on the renting of money (called Riba), which would include all interest and speculative activity. In addition it prohibits banking on all activities not allowed under Islamic principles. Islamic banking hence works on a profit-and-loss sharing method (mudarabah, musharakah etc.), asset management systems (Murabahah, Musawamah, Salam, Istisna’a, Tawarruq), Bonds (Sukuk), Insurance (Takaful) etc.

• Islamic Banking practices exist for almost all conventional banking practices
• Rapid digitisation of Islamic Banking necessitates extensive QA processes
• Quality assurance of Islamic Banking systems require specific knowledge of the terminologies and practices used in it
• Experience is the biggest asset of a Islamic Banking QA partner