How can you distinguish between the main features of risk management in Islamic finance from the conventional practice of risk management?

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07-04-2022
Business

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How can you distinguish between the main features of risk management in Islamic finance from the conventional practice of risk management?

Sagot :

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jayilych4real jayilych4real · Answer 1 · 2022-04-11T05:09:35-04:00

The main difference between risk management in Islamic finance and the conventional practice of risk management is that the former is based on Sharia laws while the latter is based on checking credit history.

What is Risk Management?

This refers to the identification and control of threats to the long-term goals of a company.

Hence, we can note that in Islamic finance, there is a strict following of the provisions of finance in Islam which are the Sharia laws and they try not to engage in usury but the conventional practice of risk management makes use of modern methods like credit history and financial risk.

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Sagot :

What is Risk Management?

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