Islamic Finance – Conventional methods of payment
Every financial system needs a way to settle payment transactions between buyers and sellers. When the seller has provided the precise item and received the agreed-upon quantity of value, the payment transaction is considered to be settled. Payment instruments and a centralized method for the exchange of monies between the suppliers of payment services are the two primary components of payment systems. The majority of payment services are provided by deposit-taking institutions, who frequently hold central bank-issued licenses to carry out such tasks. For the settlement of retail and wholesale transactions, several methods have been devised.
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May 2023
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