Vivek S. Kanojiya (78) 1 INTRODUCTION TO ISLAMIC BANKING Islamic Banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Shariah) .Shariah prohibits Riba. . i.e. interest free business. It is based on the Islamic economic system. It is not restricted to Muslims only. 2 EVOLUTION OF ISLAMIC BANKING Islamic banks are seen to involve themselves as financial intermediaries and investment oriented institutions in bringing
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INTRODUCTION TO ISLAMIC BANKING The term Islamic banking refers to a banking activity or a system of banking that is in consonance with the basic principles of Islamic Shariah (rules and values set by Islam). Islamic banking is also known as interest free banking system as the Shariah disallows the acceptance of “Riba” or interest rate for the accepting and lending of money. In Islamic banking system‚ a business that offers good interest rates or services is strictly prohibited and it
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[pic] ISLAMIC BANKING: IS IT REALLY “ISLAMIC”? By: Omar Mustafa Ansari & Faizan Ahmed Memon Is it really Islamic? …. In this era of development and growth in Islamic finance and banking‚ this is a question being raised at every forum by various quarters. All those who raise this question‚ are undoubtedly well-wishers of Islam‚ Islamic economic system and Muslim Ummah. Accordingly‚ while we celebrate the achievements of Islamic banking on one hand‚ we should not
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limited‚ if any‚ consideration of ecological processes (e.g.‚ hydrological process) Targets only specific resources of interest; typically those of commercial value Conflicting management policies Comparision Islamic management and conventional management 1.2 CONVENTIONAL AND ISLAMIC UNIT TRUSTS 1.2.1 CONVENTIONAL UNIT TRUSTS Based on the Guidelines on Unit Trust Funds issued by the Securities Commission in October 1991‚ a unit trust fund company can only invest in authorized Malaysian assets
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BASIS OF INCOME RECOGNITION FROM ISLAMIC PERSPECTIVE Yosita Nur Wirdayanti ABSTRACT This paper addresses the issue of basis of income recognition from Islamic perspective. In Islamic banks‚ income recognition is very important since it will determine amount of profit that will be distributed to depositors. Begin with accounting principles from Islamic perspective‚ this paper discusses the concept of accrual and cash basis and scholar opinion about this basis of accounting. Both accrual and cash
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chitectureIslamic Architecture Islamic architecture encompasses a wide range of both secular and religious styles from the foundation of Islam to the present day‚ influencing the design and construction of buildings and structures in Islamic culture. What is Islam? * The name of the religion is Islam‚ which comes from an Arabic root word meaning "peace" and "submission.“ * Islam teaches that one can only find peace in one’s life by submitting to Almighty God (Allah) in heart‚ soul and
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ASSIGNMENT OF ISLAMIC ECONOMICS TOPIC ECONOMIC IMPLEMENTATION OF REDISTRIBUTIVE MEASURES OF ISLAMIC SOCIETY WITH REFERENCE TO PAKISTAN REDISTRIBUTION OF WEALTH Redistribution of wealth is
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reference source for decision makers in the global Islamic finance industry‚ providing strategic insights from Ernst & Young Dear Banking & Finance Leader‚ It is with great pleasure that we present to you the 9th annual edition of the World Islamic Banking Competitiveness Report 2012/13‚ developed in collaboration with leading global professional services and advisory firm Ernst & Young‚ and exclusively launched onsite at the 19th Annual World Islamic Banking Conference (WIBC 2012) during a specially
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Islamic Radicalism As years have passed‚ Islam has become a major political force in the contemporary world‚ arguably through means of terrorism and guerilla warfare. The word Islam actually means‚ “submission” to the will of Allah‚ “God” which is similar to how terrorists tend to try and submit others by force to follow said will. These terrorists’ objective is to spread Islamic faith and politics by ridding the world of non-believers to ultimately achieve a pure Islamic state
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Islamic Fundamentalism: Myth and Reality Confronted? Dr Zaniah Marshallsay School of International Studies University of South Australia Refereed paper presented to the Australasian Political Studies Association Conference University of Adelaide 29 September – 1 October 2004 Zaniah Marshallsay: Islamic Fundamentalism Introduction Language is power‚ and terms consistently used take on a reality that truth belies. Thus with the term Islamic fundamentalism‚ which has been bandied about
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