Islamic Finance is a financial system that doesn’t work like other conventional banking systems. It follows the Islamic law‚ Shariah‚ which doesn’t allow certain aspects of a normal banking system such as usury and speculation. There are some main principles to be followed in Islamic banking. First of all‚ it prohibits interest‚ or Riba. Riba is forbidden in Islam‚ and therefore Islamic banking system adopts the principle of profit and loss sharing. It also prohibits uncertainty‚ gambling‚ and prohibits
Premium Islamic banking Subprime mortgage crisis Sharia
Fulda‚ Germany Available online 4 March 2010. Abstract Islamic banking and finance have grown rapidly in recent decades. Islamic banks offer a range of products‚ which‚ in complying with Islamic law‚ often differ from traditional Western financial products. Consequently‚ developing accounting standards to guide Islamic financial reporting is now an important issue. To this end‚ the Accounting and Auditing Organization for Islamic Financial Organizations (AAOIFI)‚ was established in Bahrain
Premium Islamic banking Sharia Financial statements
or private utility or exposing a national or natural resource to danger.” The definition‚ mentioned by the Muslim World League Journal‚ sounds pretty similar to the most recent attack on the U.S. . On the day of 9/11‚ Al-Qaeda‚ an Islamic terrorist organization‚ hijacked four planes. They succeeded in their mission‚ putting America in fear and panic‚ after crashing two planes into the world trade center‚ one into the Pentagon‚ and one into a field in rural Pennsylvania. There were
Premium Islam Muslim world
Risk Management – Differences Between Islamic and Conventional Banking In evolving the Islamic financial system‚ important considerations include the development of a system that is able to meet the changing requirements of the consumer and business community‚ that is efficient and competitive‚ that is safe and sound and that is robust and resilient and able to withstand a more challenging and uncertain world environment. These considerations are vital to ensure the sustainability of the system
Premium Fractional-reserve banking Islamic banking Bank
Business practices in an Islamic country are likely to differ a lot from business practices in Canada. The impact of God is tremendous in Islamic countries‚ so that Muslim is regulated by a variety of religious principles and moral conducts in their social and economic activities. In this sense‚ Canadian people may not get used to the ritual nature of everyday life in Islamic countries. For example‚ orthodox Muslim ritual requires prayer five times a day. As a result‚ business people should be
Premium Islamic banking Islam Bank
pains of childbirth‚ she is taken by the angel Gabriel to an isolated stream with a date palm tree. There‚ she bears Jesus as a child untouched by sin and Mary is able to rest‚ shaking the palm to allow as many dates to fall as she pleases. The Arab-Islamic influences make themselves plain here in the form of the date-bearing palm‚ a traditional fruit in the Arab Gulf region that fails to appear in the Christian Gospels’ accounts of the birth of Jesus. It provides an example of the Arab influences on
Premium Jesus Qur'an Muhammad
Branches of Philosophy Professor John Wise American Intercontinental University Thesis This essay project with answer different questions to the six branches of Philosophy. The branches are Metaphysics-is something real? Epistemology-How do we know? Ethics-What is right or wrong? Aesthetics- Is something beautiful? Political- What government is best? And Social-
Premium Morality Ethics Aesthetics
LEADERSHIP FROM AN ISLAMIC PERSPECTIVE By LOKMAN EFFENDI RAMLI Page 1 of 27 1.0 INTRODUCTION Allah (s.w.t.)1 has created mankind with noble objective that people would lead their live in peace and harmony following the system of belief of his revelations sent down through Prophets from time to time since very beginning of the society in this world. On top of that‚ Allah (s.w.t) said in Al Qu’ran the responsible of humankind is to worship to him. “I have only created jinns and men
Premium Muhammad Islam Qur'an
O R T F O L I O MANAGEMENT OF ISLAMIC BANKS ’Certainty Model ’ B.A. BASHIR* University of Lancaster‚ Lancaster LA1 4 YX‚ UK Received January 1982‚ final version received February 1983 The Islamic banking and finance system is recent in origin. Its special features preclude the application of modern finance theories. The system is briefly described in this paper as part of an initial attempt to develop a simple model for the portfolio management of an Islamic bank. The model is built on
Premium Investment Bank Islamic banking
PHILOSOPHY OF MAN PROF. M. SAEED SHEIKH “Man” seems to have been quite a neglected subject in the history of Western philosophy; more attention has been paid to God and universe than to man. Though there are many reputable histories of the specific branches of philosophy; and even of some of its special subjects such as logic ethics‚ aesthetics‚ politics‚ law and history‚ a “history of the philosophy of man” has yet to be written and even vet to be conceived. True “man” has sometimes been
Premium Philosophy Ethics