of Islamic Banking system is increasing since the financial crisis in 2008. Islamic financial market activity as well as in some developed countries such as Australia‚ Bahamas‚ Canada‚ Cayman Islands‚ Danish‚ Guernsey‚ jersey‚ Ireland‚ Luxembourgh‚ Switzerland‚ United Kingdom‚ United States‚ and Virgin Islands also grow (Latifa and Mervyn 2001‚ p.9). Base on Bank Indonesia report at the third quarter 2009‚ The Banker’s survey in 2009 showed that the asset managed by the 500 largest Islamic financial
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International Journal of Islamic Financial Services‚ Vol. 5‚ No. 3 AN EXPLORATORY STUDY OF IJARAH ACCOUNTING PRACTICES IN MALAYSIAN FINANCIAL INSTITUTIONS Ros Aniza Mohd. Shariff Abdul Rahim Abdul Rahman Prior studies on Ijarah were mainly focusing on the economics‚ legal and financial aspects‚ there was‚ however‚ so far no in-depth study on accounting for Ijarah. The main objective of this study is to explore the nature of accounting for Ijarah financial instruments as practiced by Malaysian
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Paper presented at the 5th International Islamic Finance Conference 2007‚ organized by Monash University‚ Kuala Lumpur‚ 3rd – 4th September 2007. Commodity Murabahah Programme (CMP): An Innovative Approach to Liquidity Management By: Dr. Asyraf Wajdi Dusuki * Department of Economics Kulliyyah of Economics and Management Sciences International Islamic University Malaysia P.O. Box‚ 50728 Kuala Lumpur Malaysia Tel: +00 603 6196 4664 Fax: +00 603 6196 4850 Email: asyraf.w@iiu.edu.my Abstract Liquidity
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The Case of Affin Islamic Bank Berhad Aisyah Abdul Rahman‚ PhD. eychah@ukm.my Rahazilah Binti Rahman School of Business‚ Faculty of Economy and Management‚ Universiti Kebangsaan Malaysia‚ 43600 UKM Bangi‚ Selangor‚ Malaysia. Abstract Al-Ijarah Thumma Al-Bay‟ (AITAB) is the contemporary innovative product that specifically designed for Islamic hire-purchase facility with compliance of Shariah principle. Even though AITAB facility was established more than ten years ago in Islamic banking‚ there is
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How scholars criticize the practice of bay’ al-Inah in Malaysia Islamic Banking Bay’ al-Inah is a sale contract with immediate repurchase. It takes place when a person sells an asset in credit and immediately buys back the asset in cash at lower price. This practice has gained some popularity in the South East Asian region‚ despite the fact that it has been rejected outright in almost all other Muslim countries by the Islamic scholars. The classical jurists were in disagreement in assessing the
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deep cru in their hearts to fashion and design their economic lives in accordance with the precepts of Islam. But no Islamic banking system was developed here up to 1983. The Traditional banking is fully based on interest it is commonly meant as commercial banks. But interest is absolutely prohibited by Islam. As a result the people of Bangladesh have been experiencing such a non-Islamic and prohibited banking system against their normal values and faith. The present world especially the third world
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Barrack Obama stated in The New Yorker that “If a jayvee team puts on Lakers uniforms that doesn’t make them Kobe Bryant.” (Wood‚ page 89) President Obama was referring to the relationship between al-Qaeda‚ a well-established terrorist group‚ and ISIS (Islamic State of Iraq and Al-Shaam)‚ a terrorist group that has recently grown within the last couple of years. This statement suggests that ISIS and al-Qaeda are working together and has led to much confusion on the relationship between al-Qaeda and ISIS
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HUDOOD Hudood derived from the word ‘Hadd’ is often used in Islamic literature for the bounds of acceptable behavior and the punishments for serious crimes. In Islamic law or Sharia‚ hudood usually refers to the class of punishments that are fixed for certain crimes that are considered to be "claims of God." They include theft‚ fornication‚ consumption of alcohol‚ and adultery. These offences are specifically mentioned in the Quran and Sunnah. However shortly after coming into power in 1979‚ General
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4) Moving to new premises. 5) Day to day running of business. As requested‚ this report will guide anyone who wants to start his own business by explaining short‚ long and medium terms in details along with the traditional and Islamic finances aspects as well. Valuable advices and recommendations obtained from presenting the Pros and cons of each type of sources of finance are summarized in the conclusions sections of this report. 2.0 Traditional Sources Of Finance:(1)
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Christian and Islamic Art The difference between Islamic art and Christian art is that Christian art is of human objects and forms while Islamic art portrays the meaning and reflection of things. Unlike Christian art‚ people do not appear on Islamic art. Unlike Christian art‚ Islam art does not include pictures and statues of Prophets and Gods. Christian art however‚ brings religious forms and images to life. It represents spiritual beliefs through illustrated scenes from the life of Jesus. It gives
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