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Islamic Financing Islamic financing is the way of banking that is consistent with the Islamic laws (sharia). Islamic laws do not allow a fixed rate of interest that is usually known as markup. Islam prohibits the fixed profit. This fixed interest is known as RIBA. Islam also prohibits from investing in such a business which is unlawful, as well as gambling. In the early years, many Muslims did not like banks and preferred to save their amounts at their homes. Others liked to save in accounts where only service charges were deducted and no profit or loss was given. In Islamic finances, assets are usually backed. Islamic banking and finance Islamic banks also work for the same purpose as conventional banks. Their purpose is to create money by lending capital. They also have some other purposes, which is to follow Islamic laws. Islamic banking works on the principle of risk sharing rather than risk transfer as used by conventional banks.