Deposits are strictly not considered as loans in the Islamic sense. If it is in the form of money‚ then he has an obligation to pay Zakat out of it. If these deposits are indeed loans‚ then it is the banks which should pay zakat on them. In reality‚the banks make the depositors pay the zakat ‚ which is injustice. (Alexandra R‚ Hardie & M. Rabooy‚ 1991) M. Norain‚ Ariffin‚ & M Adnan explained the perceptions and awareness among bankers in Islamic banks is essential to enhance corporate social responsibility
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2088-9976 RESEARCH PAPER Liquidity Risk Management And Financial Performance In Malaysia: Empirical Evidence From Islamic Banks Noraini Mohd Ariffin Assistant Professor at the Department of Accounting‚ Kulliyyah of Economics and Management Sciences‚ International Islamic University Malaysia. The author would like to thank Associate Professor Dr. Salina Kassim from International Islamic University Malaysia for giving valuable comments in completing the paper. Abstract - Liquidity risk arises from
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LAWS OF MALAYSIA Act 276 Islamic Banking Act 1983 Date of Royal Assent Date of publication in the Gazette 9-Mar-1983 10-Mar-1983 An Act to provide for the licensing and regulation of Islamic banking business. PU(B) 182/1983 [7th April 1983] ARRANGEMENT OF SECTIONS PART I PRELIMINARY 1. Short title‚ commencement and application. 2. Interpretation. PART II LICENSING OF ISLAMIC BANKS 3. Islamic banking business to be transacted only by a licensed Islamic bank. 4. Minister may vary or
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and Jebel Ali Free Zone raised funds through sukuk but were forced to restructure once they found themselves unable to pay creditors. | * The market in Islamic bonds‚ or sukuk‚ is believed to total about $50 billion‚ roughly one per cent of global bond issuance * Dubai’s fast-growing Emirates airline said it was looking at the Islamic finance market to fund aircraft deliveries as European banks backed out of plane deals because of the euro zone debt crisis. * Some big Western banks‚ facing
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Development of Islamic Banking in the UAE Selected Topics in Finance Development of Islamic Banking in the UAE Prepared by : Dalida Cheikh ID number : 200911197 Supervised by : Dr. Al Gielani Al Sherief Summer1- 2012 Contents Abstract 3 Introduction 3 Islamic Banks and Conventional Banks 4 Comparison of performance 2005 - 2010 5 Findings 7 Conclusion 13 References 14 Appendix 15 Acknowledgements I would like to express my special gratitude to my boss
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C‚x7ik y7ku`w2History of Islamic Banking in Pakistan Efforts to Islamize the economy of Pakistan started in the mid 60s. However a significant attempt was made in the mid 80s1 to convert the banking system to an Islamic banking system. The Banking Companies Ordinance (BCO‚ 1962) was amended to accommodate non-interest based transactions and the industry was given a specific timeline to convert to the non-interest based system. In early 90s‚ the whole exercise was challenged in the Federal Shariat
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2013 TOPIC: ISLAMIC FINANCE PRESENTED BY: NAME REGISTRATION NO NDIRANGU MERCY D61/60537/2013 KIIO PETER D61/61023/2013 AGAO EMILY D61/79814/2012 MUTUKU ESTHER D61/80221/2012 OCHOLA JOSHUA D61/79312/2012 MUHALIA JOHN D61/67666/2011 MAURICE OJOW D61/75719/2012 NICODEMUS KIPTOO D61/76091/2012 MOHAMMED CHUTE OCTOBER 2013 TABLE OF CONTENTS LIST OF ABBREVIATIONS 3 INTRODUCTION 4 1. BACKGROUND AND EVOLUTION OF ISLAMIC FINANCE 5 2. THEORY REVIEW OF ISLAMIC FINANCE 7 2.1
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Difference between islamic banking and conventional/ commercial banking BUSHRA TABASSUM IQRA ARSHAD SIDRA MEHAK MEHAK KHAN EMAD KHAN ISLAMIC BANKING: Islamic banking refers to a system of banking activity that is consistent with Islamic law (sharia’h) principles and guided by Islamic economics SHARI’AH – INTRODUCTION • What do we mean when we say ISLAMIC? We certainly mean an • Act‚ action‚ activity or thing that is in conformity with islamic • Teachings; • And when we say shari’ah what do we
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The Sumerians and Akkadians were the first civilizations to settle in Mesopotamia.The Sumerians people and Akkadians have multiple similarities and differences.Both civilizations lived in modern day Iraq.Both civilizations spoke two different languages.They both had similar farming methods as well.Each of these civilizations had for the the most part a lot of Accomplishments.The customs of these civilizations very similar in a variety of ways. There are Many similarities between the Sumerians and
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Efficiency of Islamic Banks in Malaysia Mariani Abdul Majid* NOR GHANI MD. NOR** FATHIN FAIZAH SAID ABSTRACT IN RECENT YEARS‚ MALAYSIAN ISLAMIC BANKS HAVE TO OPERATE IN AN INCREASINGLY COMPETITIVE ENVIRONMENT. THIS TREND IS EXPECTED TO CONTINUE AS THE COMPETITION FROM CONVENTIONAL BANKS PICKS UP‚ PARTLY IN RESPONSE TO THE ASEAN FREE TRADE AGREEMENT (AFTA)‚ BUT ALSO IN RESPONSE TO THE GENERAL GLOBALIZATION OF MARKETS. HOW ISLAMIC BANKS WILL BE AFFECTED BY THE INCREASED COMPETITIVE PRESSURES
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