LAW 240 ISLAMIC BANKING PRODUCT 05/29/13 ISLAMIC BANKING PRODUCT 1 05/29/13 ISLAMIC BANKING PRODUCT 2 05/29/13 ISLAMIC BANKING PRODUCT 3 AL-WADIAH (CURRENT A/C) • Based on the Islamic principle of Al-Wadi’ah Yad-Dhamanah (Guaranteed Safe Custody) • Can withdraw all or part of money whenever want. • Free from Riba (Usury) and is the clear and pure way to bank. • Can be opened by an individual aged 18 years and above with the capacity to contract‚ or a company‚ organisation
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“There is a gap between all the money coming in to Islamic banks and the deployment of that money into real economic assets‚” says Sayd Farook‚ the global head of Islamic finance at Thomson Reuters. “A crazy amount of money has gone into their coffers and they need somewhere to invest it.” There was a need for a bank that followed the rules and bans of certain investments and money handling‚ and this began the establishment of Islamic Banks in the 1970’s. The establishment of these banks opened a
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ISLAMIC ECONOMIC SYSTEM Definition of Economics A. Ibnu Khaldun’s Definition Economics is the study of humankind’s civilization and human association. It also refers to activity related to humankind’s livehood‚ its development‚ progress and prosperity. The economic problem resides in efforts spent by people to obtain earnings that they used to satisfy their needs and necessities‚ for refinements and luxuries‚ and for acquisition and possession. Hence we can conclude that Economics is the study of
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It wasn ’t until 622 AD that the Islamic religion took its lead. It started with the creator‚ Prophet Muhammad and his followers fleeing to the town of Yathrib and starting the first Hijra movement. This movement began the popularity of the Islamic faith (Patel). Today the Islamic faith is one of the most practiced religions in the world. The Islamic faith goes back to the town of Mecca‚ which is considered for them the holiest place in the world. The Kaaba‚ which is located in Mecca‚ holds many
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MANAGEMENT FROM ISLAMIC PERSPECTIVE DEFINITION ♛ Management from Islamic perspective defined as‚ the ability to utilize resources both material and human‚ optimally in order to achieve goals‚ be it short term or long-term goals. ♛ It has been practiced since the era of our prophet‚ Muhammad s.a.w. It based on the teachings generated from the holy Al’-Quran and the As’-Sunnah. It sources that provided guidance in making decisions. ♛ The leadership under our prophet Muhammad s.a.w through the Islamic way of
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Islamic banking and finance An alternative form of banking which challenges the western norms and addresses it limits. But it shouldn’t really be considered a norm just because it is developed in the West‚ based on capitalist ideas. Other forms of banking such as IBF have been around for many years’ especially Islamic countries but just ignored by economic geographers as they were in the global South. It is not an ‘emerging’ method; it has been successful in many Middle Eastern and Asian countries
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pay Zakah and undertake Hajj‚ so it teaches us how to run a state‚ from a government‚ elect councilors and members of parliament‚ make treaties and conduct business and commerce. Bear in mind that Islamic ruling system is not the same as the ruling system we have in the non-islamic countries. The Islamic Political System is based on the following main principles: Sovereignty of Allah‚ Khilafah of Mankind‚ Legislation by Shura‚ Accountibility of government‚ Independence of judiciary‚ and Equality before
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The navigational innovations during the Islamic Golden Age were not only the effect of the many scientific innovations of that time‚ but the increased connectivity among different societies allowed technology to advance even further. Whether it was improved maps or the widespread use of the compass‚ this time fostered many crucial inventions in navigational history. Additionally‚ many important historical navigators came from this time. One of these men was Piri Reis‚ the author of the Kitab-i-Bahriye
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1. Introduction Islamic View on Terrorism The events of September 11th‚ 2001 brought the issue of terrorism to the forefront of world affairs in an unprecedented manner. The attacks on the World Trade Center and the Pentagon forced a new and aggressive campaign to combat terrorism worldwide. The US declared a war on terrorism. On October 7th‚ a war against Afghanistan was launched by the US and Britain supported by many nations in the world. The US declared list of suspects
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Islamic Contract Law TYPES OF COMMITMENTS 1. Wa‘d – • • • – وunilateral promise One party binds itself to perform a function for another Does not normally create legal obligation Legal obligation is created: • • Genuine need of the masses – (ر Contingent promise ا س )رد ا ز ن ز ا إذ ا 2. Muwaa‘ada – ا ة • • • • – bilateral promise Two parties performing two unilateral promises on the same subject Use of two unilateral promises can lead to a forward contract
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