Comparison of Mudaraba and Salaph in point of Religious Basis of Interest-Free Banking

Abstract

Banking. Today's interest-free banks continue their activities in line with principles of mudaraba.In accordaııce with these principles, the se banks co llect deposits in status of profit and losspartnership,depositors partners for their benefits and losses in appearance. In this strucrure, the ir obligation ofrepayınent for the ir depositors is removed exactly in their loss. Yet there is no similarity betweenmudaraba aııd banking, but a little. From this point of view, mudaraba doesn't own qualities thatwill be basis for banking system; thus, it makes iııterest-free banks face excessive problems. Wepropose that the salaph method used by Zubair b. Avvam as a collecting capital system in theperiod of Prophet Muhammad (pbuh) and flrst four caliphs should be accept as a foundation inthe iııterest-free banking system