Professor: George Naufal The Main concept of Islamic banking vs. conventional banking systems Introduction Islamic finance is one of the fastest growing sectors of the global financial industry. It has become essential in some countries and very relevant in others. Many factors have influenced to the rapid growth of Islamic finance‚ including: (i) high demand in many Islamic countries; (ii) growing demand of foreign investors to invest in Islamic banks‚ along with introducing it to their own
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The Influences of Islamic Culture towards Architecture I. Introduction Islamic architecture encompasses a wide range of both secular and religions style from the foundation of Islam to present day. Most of the building is influenced by Islamic element with variety of style in which are Persian style‚ Indo-Islamic style and Indonesian-Malay style. II. Body A. The first style of Islamic culture that influences the architecture is Persian style. 1. Persian style can be identified
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The foundation of Islamic bank is based on the Islamic faith and must stay within the limits of Islamic Law or the Shariah in all of its actions and deeds. The original meaning of the Arabic word Shariah is ’the way to the source of life’ and is now used to refer to legal system in keeping with the code of behaviour called for by the Holly Qur’an (Koran). Amongst the governing principles of an Islamic bank are : * The absence of interest-based (riba) transactions; * The avoidance of economic
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SHARÔÑAH GoVeRnAnce FoR ISlAmIc FInAncIAl InStItutIonS Rodney Wilson∗ Abstract For Islamic financial institutions to have credibility‚ formal procedures for SharÊÑah governance are required; otherwise clients would have no assurance that the institution is upholding the principles of Islam in its financial dealings. This formal assurance can be provided by national law‚ as in the case of Iran‚ which enacted the Law on InterestFree Banking of 1983‚ under which all banking operations had to be SharÊÑah
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both believe that Jesus was born through a virgin birth. The Islamic religion believes that Jesus did not die but that he ascended into heaven as a result of the crucifixion while Christians on the other hand believe that Jesus did die at crucifixion. The Christians believe that Jesus was resurrected on the third day morning however the Islam’s don’t believe that. However they each believe in the second coming of Jesus. The Islamic religion believes in salvation based on the Five Pillars of their
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Fundamental of Islamic Ornament in Geometrical Art Abstract Islamic ornament is underlying the pictorial or an icon. It ’s inspirational is from nature like stars‚ moon‚ trees and etc. Islam stricly does not allow arts in form of living things such as human and animal. In order to inhibit worshipping idol other than worshipping Allah subahanahuwataala. Basically the art of Islam can define as merge of science and mathematics learnings. In this content we will be more focing on geometry
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ISLAMIC EXPANDTION early Islamic Empire expanded due to conquest. As stated from Al-Biladuri‚ “The Battle of the Yarmuk (636)” “Muslim forces took control of Syria in 636 CE when they fought the Eastern Roman Empire (which included Greece)...” The Muslims were able to expand to/conquer Syria after the battle against the Eastern Roman Empire. Another way that the Islamic Empire expanded due to conquest is that many of conquered non-believers began to turn to the Islamic Religion. As stated from
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How the Islamic Golden Age helped save Europe The Golden Age of Islam is characterized as being a period of great achievement‚ in the fields of science‚ mathematics‚ education‚ medicine‚ and art. Strides and discoveries made in these fields would later change Europe and the world forever. During the time of this tremendous period of growth‚ stretching from 750-1258 AD during the rule of Abbasid Empire‚ Europe was in what is commonly known as “The Dark Ages.” A period characterized by plague
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diplomacy should be used instead (Pape 2010). The military intervention in Afghanistan‚ and later Iraq‚ as part of the Western worlds war on terror‚ has raised a number of contentious issues regarding the best way to combat terrorism in a foreign‚ Islamic country. The military campaign has been deemed a success by the USA and its allies‚ having removed both the Taliban and Saddam Hussein from power‚ and in Afghanistan having removed the political and geographical space needed for al Qaeda to operate
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During the time period of 600 c.e to 1200 c.e‚ the two societies‚the Islamic empires and Medieval Europe both had the technological innovation of games and recreations that were played throughout the whole society. A difference among societies were that the Islamic empire had a more enlightened society in natural science‚ in contrast to Medieval Europe who had little knowledge about natural science. Another similarity that the two societies had were the value in literary technologies and processes
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