This kind of fee goes against Riba principles of Sharia law. For that reason, we offer an Islamic account to be used by our Islamic clients, such accounts may keep positions open for a maximum of 5 days without incurring the rollover fee. Positions open for longer than 5 days will incur the fee. How to open an Islamic account in 3 simple steps: Islamic law varies by country, is influenced by local customs, and evolves over time. Sharia is also the basis of legal opinions called fatwas, which are issued by Muslim scholars in response to Sharia is a religious law forming part of the Islamic tradition. Traditional theory of Islamic jurisprudence recognizes four sources of Sharia: the Quran, sunnah (authentic hadith), qiyas (analogical reasoning), and ijma (juridical consensus). Different legal schools—of which the most prominent are Hanafi, Maliki, Shafi'i, Hanbali and Jafari ()—developed methodologies for deriving Sharia Concepts. The premise underlying PLS is the concept of shirkah (similar to joint venture) in which the partners share in the profit and loss based on their ownership. This premise may be realized through mudarabah, musharaka, or a contract combining both concepts. One of the pioneers of Islamic banking, Mohammad Najatuallah Siddiqui, suggested a two-tier model as the basis of a riba-free .

types of riba in islam