Prophet Muhammad said: the loss is upon the
capital and profits as determined before
Less known in the West, even among experts, is that the Islamic world has tried and largely succeeded in recent decades to define its own economic theory, according to their traditions and religious writings. Even less known, however, is that there is an Islamic financial system type, which by its very construction attempts to eliminate uncertainty and risk. But what is nearly unthinkable to most experts in the field, as well as for the uninformed Western citizen, is that there is a type of Islamic banking system, one in which any interest is strictly prohibited.