in-house supervisory boards of Islamic banks‚ and reporting the Islamic murabaha contract. In contrast‚ compliance with the AAOIFI ’s requirements regarding the zakah religious tax and the mudaraba contract is relatively low. Keywords: Shari ’a law; Riba; Mudaraba; Islamic accounting standards; Murabaha; Zakah Article Outline 1. Introduction 2. The AAOIFI 3. Measuring compliance 4. Determinants of the compliance index 4.1. The importance of Shari ’a compliance 4.2. The
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CHAPTER 1: INTRODUCTION 1.1 History of Islamic Banking in Malaysia Islamic banks today exist in all parts of the world and are looked upon as a viable alternative system which has many things to offer. While it was initially developed to fulfill the needs of Muslims‚ Islamic banking has now gained universal acceptance. In Malaysia‚ the first Islamic bank is Bank Islam Malaysia Berhad (BIMB). Operated as the only Islamic bank for 10 years since July 1983 before the government allowed
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General Muhammad Zia-ul-Haq ------------------------------------------------- Presented by: Faculty: ------------------------------------------------- Niha Jawaid Dr.Imdad Shah ------------------------------------------------- Muneeb Fazal Group # We would like to begin by first thanking our instructor and mentor Imdad Shah‚ whose guidance and knowledge proved to be most valuable in this course. His never ending efforts at making us more
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CHAPTER ONE RELEVANCE DEFINITION AND METHODOLOGY OF ISLAMIC ECONOMICS Dr. MONZER KAHF This chapter consists of four Sections or sub-chapters. They deal respectively with the issues of relevance‚ definition‚ and methodology of Islamic economics and with its relationship with other branches of knowledge. Section One examines the issue of the relevance of Islamic economics from different angles. First‚ it will discuss the relevance of economics to religion in general and Islam in specific
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Ethics What is the meaning of ethics? Actually‚ the definition of ethics is complicated. Some philosophers have attempted to make ethics objectively and universal‚ while others claim moral decision making is a lonely‚ intuitive‚ and wholly individually business of making fundamental choices. Some individuals anchor their ethics in religion; and some believe morality is an odd mixture of received tradition and personal opinion. During the past 50 years‚ ethics has moved from the academic realm of
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Journal of Money‚ Investment and Banking ISSN 1450-288X Issue 22 (2011) © EuroJournals Publishing‚ Inc. 2011 http://www.eurojournals.com/JMIB.htm The Performance Analysis of Islamic and Conventional Banks: The Pakistan’s Perspective Mian Muhammad Ashraf M. Phil Scholar‚ Superior University of Lahore E-mail: Ashraf.iub@gmail.com Tel: 0092-300-7808066 Zia-ur-Rehman Lecturer‚ Hailey College of Commerce University of the Punjab‚ Lahore E-mail: Ziaurrehman_hailey@hotmail.com Abstract The intent of
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Assignment On Microfinance and Islamic Banking Submitted to: Dr. Mohammed Nurual Islam Department of Business Administration International Islamic University Chittagong Dhaka Campus Submitted by: Rabiul Hossain ID: B092070 Batch no: FIN-5 Date of Submission: 22/02/2013 Microfinance 1. Introduction: Micro financing
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INTRODUCTION Islam has strictly prohibited all the activities that are did not give any benefits or get the profits from a wrong or illegal ways. It also waste peoples’ time‚ energy‚ money and make others in trouble and difficulties. The activities are like riba‚ fraud‚ gambling‚ gharar‚ sell goods that are no use and others. All of the activities are against by Shariah but in our country‚ there are many cases of these activities. People do not take care about halal and haram of the things that they do. They
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Burj Khalifa Tower Phaedra Rosengarth‚ Joseph Barlow‚ Steve Corrales‚ Vanthea Chhim‚ and Kenneth Gottschalk ITT Tech - Lathrop Burj al Khalifa Tower The Burj Khalifa‚ known as Burj Dubai prior to its inauguration‚ is a megatall skyscraper in Dubai‚ United Arab Emirates‚ and is the tallest man-made structure in the world‚ at 829.8 m (2‚722 ft). The Burj Khalifa skyscraper is a world-class destination and the magnificent centerpiece of Downtown Dubai‚ Dubai ’s new urban masterpiece. Cost of Construction
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today could prevent a major economic collapse. Islamic Banking is banking system based on Shari ’a (Islamic) Law on which it developed its unique characteristics that will be discussed in this paper. Shari ’a Law does not allow the use of Interest (Riba)‚ trading in financial risk‚ and investing in businesses that are considered unlawful according to the Quraan and Islamic scholars. Shari ’a law in Islamic Banking is meant to promote economic and development through the means of disciplined investing
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