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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Fundamental Islamic values to business activities. Islamic Accounting hopes that Islamic organizations abide by the principles of the Shari’ah or Islamic Law in its business activities. There is a prohibition of interest-based income or expense in the business activities according to the Islamic accounting. In Islamic accounting‚ the profit determination is more important. In the reporting of financial statement according to Islamic accounting‚ the reporting must be holistic. Its mean that both
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Pillars of Islamic Banking & Finance By: Munawwar Ali Kartio Research Scholar MBA (Finance)‚ DAIBP‚ LLB‚ PGD (Islamic Banking & Finance) Under Supervision of Prof Dr. Iqbal Ahmed Panhawar Pro-Vice Chancellor UNIVERSITY OF SINDH – JAMSHORO (MirpurKhas Campus) بسم الله الرحمن الرحيم PILLARS OF ISLAMIC BANKING & FINANCE Abstract Islam emphasis justice and equity in all spheres of human society and refrains from all sorts of exploitation in financial dealings. It encourages
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Prophet(PBUH) helped by striking such a hit on the rock that it broke apart. Conflict Resolution * before attaining prophet-hood‚ a conflict arose amongst the four main tribes of Mecca during the building of the Kaaba. The sacred black stone was the center of the conflict when each tribe wanted the honor of placing the stone in the Kaaba. * After much debate and argument‚ it was decided that the first man to enter the gate the following morning would decide who would have the honor of placing the
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Islamic Financial Institution (IB 1004) Project Work “Islamic Finance development: the Moroccan experience” Student: FZ Habib Eddine CIFP online 2013 1. Islamic Banking in North Africa Compared to other Muslim regions North Africa is still undeveloped in terms of Islamic Finance Institutions. The largest Islamic Bank in the region is Faisal Islamic Bank of Egypt established in 1971 but it is still a small institution compared to other Banks in Middle East and Gulf Area‚ according
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Library Media Center Lisa Bertie EDU 367 Elementary & Secondary School Media Instructor: Judy Donovan May 13‚ 2013 Library Media Center Libraries have always been a source of knowledge and almost unlimited information for students‚ lovers of literature‚ and researchers. The ability to find the information needed is in the hands of the Librarian. This individual is well versed in all library materials from microfiche to non-fiction books and the fastest way to access these materials
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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
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still using Siam name. Thailand is a constitutional monarchy country and had never been colonized. The king is the leader of the country. Thailand has 77 provinces which are grouped into 5 parts‚ North‚ Northeast‚ East‚ South and Center. Bangkok is capital city and center of business. The estimate population in Thailand as at October 2013 is 67.1 million. The majority ethnic groups are Thai which cover 89%‚ followed by Chinese ethnic and Malay ethnic. According to last census (2000)‚ 94.6%
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