A Comparative Study of Islamic Banking in Pakistan: Proposing and Testing a Model BY Ashfaq Ahmad PhD Scholar 117/FUIMCS/Ph.D(MS)-2006 FACULTY OF MANAGEMENT SCIENCES 2009 A Comparative Study of Islamic Banking in Pakistan: Proposing and Testing a Model A thesis submitted to the FUIEMS Foundation University‚ Islamabad In partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY In MANAGEMENT SCIENCES BY Ashfaq Ahmad PhD Scholar FACULTY OF MANAGEMENT SCIENCES 2009 APPROVAL
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Cardiff Law School 2003-2004 PROSPECTS OF ISLAMIC BANKING: Legal and other Challenges and Issues Faisal Nasim LLM (Commercial Law) Table of Contents Acknowledgment…………………………………………………………….... 1 Preface ………………………………………………………………………..... 2 Glossary of Arabic Terms …………………………………………………......4 Chapter 1: ……………………………………………………………………....5 Introduction and the Basis of Islamic Banking Chapter 2: ………………………………………………………………..……..9 Islamic Modes of Financing Chapter 3: ………………………………………………………….………….21 Practical
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Sharia’h is ’the way to the source of life’ and is now used to refer to legal system in keeping with the code of behavior 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 activities involving oppression (zulm) * The avoidance of economic activities involving speculation (gharar); * The introduction of an Islamic tax‚ zakat; * The discouragement of the production of goods
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The Shariah Supervisory Council of Bank Islam approved this product in its 102nd meeting dated 7th April 2008 (30 Rabiulawal 1429H). 6. Are prize draws allowed according to the Shariah Law? YES. Prize draws are permitted if there is no elements of riba (usury)‚ gharar (uncertainty) and maysir (gambling). 7. What is the basis on the permissibility of draw in Islam? 1. Al-Quran‚ in Surah Ali ‘Imran verse 44 This is a part of the news of the Ghaib (unseen‚ i.e. the news of the past nations of which
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Islamic Banking in Pakistan 1 ISLAMIC BANKING IN PAKISTAN Islamic Banking in Pakistan: A Review of Conventional and Islamic Banking Prof. Dr. Khawaja Amjad Saeed Hailey College of Banking and Finance University of the Punjab‚ Lahore Proceedings of 2nd International Conference on Business Management (ISBN: 978-969-9368-06-6) Islamic Banking in Pakistan 2 Terminology IBIs ND NIB NPFs P PP PTC ROA ROE SBP SME TFC Islamic Banking Institutions. No Date Non – Interest Based Banking
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VIII. LITERATURE 4.1 ORAL: Like other ethnic tribal groups of the North East India and Assam‚ the Rabha tribe also have their own distinct language‚ literature and culture‚ which they express through mythology‚ folk songs‚ ballads‚ proverbs‚ etc. This community has rich oral literature‚ which passes from generation to generation. The Rabha oral literature can be classified into three major groups- namely (1). Folk songs‚ (2). Proverbs‚ riddles‚ sayings and charms‚ and (3). Folk-tales. Folk Songs:
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day of resurrection‚ then seize his jaws‚ then say‚ ‘I am your property; I am your treasure.” The only verses which state not mere ethical norms but rather economic rules or regulations are the verses dealing with zakaat (tax on surplus wealth) and riba
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All England Law Reports/2004/Volume 4 /Shamil Bank of Bahrain EC v Beximco Pharmaceuticals Ltd and others - [2004] 4 All ER 1072 [2004] 4 All ER 1072 Shamil Bank of Bahrain EC v Beximco Pharmaceuticals Ltd and others [2004] EWCA Civ 19 COURT OF APPEAL ‚CIVIL DIVISION POTTER‚ LAWS AND ARDEN LJJ 11‚ 12 DECEMBER 2003‚ 28 JANUARY 2004 Conflict of laws - Contract - Proper law of contract - Bank - Bank entering into Islamic financing agreements with defendants - Governing law clause providing
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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 certain products and industries such as alcohol and tobacco. Islamic Finance needs
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Illustrate the fundamentals of Islamic banking by comparing and evaluating an Islamic bank with a western one. Introduction: This report seeks to give an analysis of Islamic Banking and an organisational comparison to a corporate Global banking system/western one whilst identifying key issues and challenges that may arise for the use of such Islamic banking in the United Kingdom. “Islamic banking is a growing sector with its diversity in different segments and spectrum. It Caters to religious
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