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Managing Your Money and the Halal Economy with Harris Irfan
The Thinking Muslim
Participatory Model in Western versus Islamic Finance
The participatory model in finance emphasizes a partnership between the financier and the borrower, where both share the risks and rewards of a business venture. This model contrasts with traditional banking relationships characterized by asymmetric power dynamics, where the bank imposes terms and holds all the authority over loan conditions. By engaging in participatory finance, the financier invests with a vested interest in the venture's success, aligning their interests with those of the borrower, which fosters a collaborative relationship. This approach is more consistent with Islamic finance principles, which advocate for shared risk and active participation in business ventures.
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