THE INFLUENCE OF QURAN AND ISLAMIC FINANCIAL TRANSACTIONS AND BANKING1

The Quran is the holy book of the followers of Islam, where simple solu-tions to the day-to-day problems of life are discussed in detail. Whatever the nationality of a Muslim, the Quran and Islamic prayers remain in a single universal language called “Arabic”. Thus, uniformity has been maintained throughout the world from the days of the Prophet Mohammed, in the sev-enth century to the twenty-first century. Financial transactions and banking based upon Shariah are growing rapidly today. Islamic banking has bee