Halal finance is a financial system that is fair, ethical and transparent. It prohibits practices like charging or paying interest (riba), gambling, and investing in businesses that generate income from activities considered haram by Islam, such as alcohol, tobacco or services and products that can create harm .  

Halal finance operates on principles like risk-sharing, profit-sharing, and asset-based transactions. Instead of charging interest, Islamic financial institutions often use mechanisms like profit-sharing, leasing, and trade finance.  

No, a person does not need to be Islamic to partake in shariah-compliant partnerships. Sharia-compliant finance is open to individuals of all faiths.  The underlying principles of Sharia finance, such as risk-sharing and profit-sharing, can be attractive to anyone seeking ethical and transparent financial solutions.

The cost of Halal financial products can vary depending on the specific product and the institution. However, they are generally comparable to conventional financial products as it avoids practices like charging interest, which can lead to debt cycles and economic inequality.