Islamic banking is a system of banking that is consistent with Islamic Sharia law. In particular, it prohibits usuryâ€”the collection and payment of interestâ€”and investment in businesses considered unlawful. In the late 20th century, a number of Islamic banks were created to cater to the needs of the Muslim banking market. These institutions rely on the common Islamic concepts of profit sharing, safekeeping, joint venture, and leasing. How are these banks able to operate without charging interest?
Back in the day
After Oliver Cromwell's death in 1658, the English republican experiment soon faltered. A strong reaction set in against Puritan supremacy and military control, and opinion favored recalling the exiled king. Charles II was persuaded to issue the Declaration of Breda, granting amnesty to former enemies of the house of Stuart, and return to England. As king, Charles reopened the country's theaters, which Cromwell's Puritanical government had closed, and encouraged what bawdy theatrical genre?
Born on a day like today
A decorated veteran of World War II, John F. Kennedy was the youngest man and first Catholic to be elected US President, serving from 1961 until his assassination in 1963. In office, Kennedy drafted an ambitious domestic program, but his administration soon became enmeshed in a series of foreign crises, including the Space Race, the Cuban Missile Crisis, the failed Bay of Pigs invasion, and the Vietnam War. What technological medium is credited with helping Kennedy win the presidency?