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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should be noted that Islamic fundamentalism is highly religious in nature‚ and a religion based on the salvation of all men. Islamic fundamentalism is for the most part a modern phenomenon‚ it is impossible to grasp without first understanding at least the roots of Islam . Fundamentalist Islam is based primarily on two pillars‚ the first being that Islamic law(shuria or Sharia‚ also known as the Law of Allah) is the only valid system for regulating the law and culture as a whole. This includes
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to express our deepest appreciation to Mr Zainal Azhar Bin Zainal Azim who is our lecturer for Islamic Finance on giving us the opportunity to work on the assignment and providing us with lots of support and guidance which has helped us to complete the assignment on time. This assignment has brought us in making lots of research and we came across to acquire new things about Islamic Finance and Islamic banking specifically. Nevertheless‚ we would also like to thank our fellow classmates who
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Chapter 1 Introduction 1.1 Background Islamic legal principles regulate the conduct and content of commercial transactions in Islamic Banking. The most important of these principles is the prohibition of riba‚ any predetermined or fixed return in financial transactions. As stated in Quran: “Allah forbids riba and permits trade.” While there is much debate about the exact nature of this prohibition on riba‚ there exists a widespread perception that the ban on riba implies ban on interest
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ISLAMIC FINANCE MID-TERM Usama Bin Asif ISLAMIC FINANCE MID-TERM By Jebran khan 1. Economical system 2. 4 Problems of economical system 3. Principles of Socialism a. Errors in Socialism 4. Principles of Capitalism a. Errors in Capitalism 5. Islamic instructions regarding economics 6. Initiative person and secondary person 7. Profit motive a. Restrictions from Gods side b. Governmental restrictions b.i. Condition of governmental
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Fitzgerald biography” (Source B)‚ and “F. Scott Fitzgerald: Encyclopedia of American Literature” (Source C) Fitzgerald’s contribution to American culture was syntax/diction and fashion. This is important because his work set the standards for new American writers‚ and perfectly described different types of Americans. Firstly‚ F. Scott Fitzgerald’s contribution to American culture was syntax/diction. The reason why a
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controversial approaches of political science. Another argument is the question of contribution of Marxism to the world politics. Although Marxist ideas were influenced and accelerated the diversity between the Western the Eastern hemispheres in the past‚ especially during the Cold War‚ some notable political scientist like Martin Wight asserted “neither Marx‚ Lenin nor Stalin made any systematic contribution to international theory...[1]”. Due to these problems mentioned previously‚ it is
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Civilizations are the cradles of humanity. Without this‚ we are an unorganized clutter of people with no chance of survival. But in a civilization‚ we depend on one another to keep the world stable and insure one another’s ability to live successfully. A civilization is many things but an accurate definition is “the stage of human social development and organization that is considered most advanced.” This shows that a civilization is very advanced form of life where there is a lot of social interaction
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The Principles of Islamic Accounting Definition and discussion of some accounting principles and how they are fit into Islamic framework to furnish an accounting system and procedures for Islamic Financial institutions will be considered here. The plan to study accounting principles From an Islamic perspective is to review these principles from the viewpoint of the Major Islamic principles which govern financial dealings and contracts‚ as mentioned In the Qur ’an. These are: 1- Realization
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Noraini Hashim Asst. Professor‚ Institute of Education‚ International Islamic University Malaysia (IIUM) Kuala Lumpur‚ Malaysia E-mail: mataidtweety@gmail.com‚ cnoraini@gmail.com Suhailah Hussien Asst. Professor‚ Institute of Education‚ International Islamic University Malaysia (IIUM) Kuala Lumpur‚ Malaysia E-mail: mataidtweety@gmail.com‚ cnoraini@gmail.com Mohyani Razikin Asst. Professor‚ Institute of Education‚ International Islamic University Malaysia (IIUM) Kuala Lumpur‚ Malaysia E-mail: mataidtweety@gmail
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