CAN A MUSLIM COUNTRY TRANSFORM ITS ECONOMY SUCCESSFULLY TO ISLAMIC FINANCE ? WHAT ARE THE PREREQUISITES FOR SUCCESS ?

Islamic Finance

Q1/ WHAT IS THE SCOPE OF TRANSACTIONS TO WHICH THE BAN ON RIBA IS APPLICABLE ? DOES THE TERM APPLY ONLY TO THE INTEREST CHARGED ON CONSUMPTION LOANS OR DOES IT ALSO COVER PRODUCTIVE LOANS ADVANCED BY BANKING AND FINANCIAL INSTITUTIONS ?

Q2\ CAN A MUSLIM COUNTRY TRANSFORM ITS ECONOMY SUCCESSFULLY TO ISLAMIC FINANCE ? WHAT ARE THE PREREQUISITES FOR SUCCESS ?

Q3/ IN THE ABSENCE OF LENDING AT A RATE OF INTEREST , WHAT MODES OF FINANCING CAN BE USED FOR:

A ) TRADE AND INDUSTRY FINANCE ,

B) FINANCING THE BUDGET DEFICIT ,

C ) ACQUIRING FOREIGN LOANS

Q4) Why does Islamic finance exist ? Why is Islamic finance a sizeable and growing market ?

( no more than 100 words in each question )