Shari’a supervision plays an essential role in the governance of IFIs. It has different forms at macro and micro levels. (Chris Pierce‚ 1988) 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)
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TOPIC : MASLAHAH MURSALAH (CONSIDERATIONS OF PUBLIC INTEREST) DEFINITION • Literal : benefit or interest – unrestricted public interest in the sense of not having been regulated by the Lawgiver & no textual authority can be found on its validity or otherwise. - Al Ghazali : - consists of considerations which secure a benefit or prevent a harm but are‚ in the meantime‚ harmonious with the objectives (maqasid) of the Shariah. • Technical : a consideration which is proper & harmonious
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SYED MUHAMMAD SHAFIQ B. SYED JA’AFAR (0822075) SECTION 19 My Leadership Potential There isn’t a need for me to think for three minutes as I have decided long time ago to become the 11th Prime Minister of Malaysia‚ InsyaAllah. Why do I want to go that far? It is because‚ I love this country and I want to bring Malaysia and the Malaysians to the next level. Malaysians had enough of being in a developing country. Why do I set that as my goal? I believe 90% of Malaysian will agree with me that the
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Takaful and Actuarial Practices (TK2002) 1000490 Ahmad Azhar Bin Mohd Juwaidi 1000490 International Center for Education in Islamic Finance This project paper is a partial fulfillment of Module TK2002 of Certified Islamic Finance Professional (CIFP) INCEIF September 2013 1|Page Takaful and Actuarial Practices (TK2002) 1000490 Question Whilst the development of the takaful industry has been rapid many takaful operators fail to distinguish themselves from their insurance
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J Bus Ethics (2013) 112:257–270 DOI 10.1007/s10551-012-1246-1 Bringing Work Back in Islamic Ethics Bayu Taufiq Possumah • Abdul Ghafar Ismail Shahida Shahimi • Received: 18 January 2012 / Accepted: 7 February 2012 / Published online: 22 February 2012 Ó Springer Science+Business Media B.V. 2012 Abstract Religion and work are seldom discussed. The two have caused scholars to question the religion’s role with work. This paper reviews research on the integrate between religion and work
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www.sciencerecord.com Science Series Data Report Vol. 4‚ No. 1; Jan 2012 AN EMPIRICAL STUDY OF RELATIVE EFFICIENCY USING FRONTIER ANALYSIS APPROACH – A CASE OF ISLAMIC BANKS Khizer Ali (Corresponding author) Hailey College of Commerce‚ University of the Punjab‚ Lahore‚ Pakistan Tel: +923458800015 Email: vjkhizer@yahoo.com Muhammad Farhan Akhtar Hailey College of Commerce‚ University of the Punjab‚ Lahore‚ Pakistan Tel: +923464666786Email: vjfarhan@yahoo.com Shama Sadaqat Hailey
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Islamic Economics Economics studies are devoted with the economical behavior of individuals and societies‚ for instance production‚ consumption‚ saving‚ good exchange and so on. Every nation is supposed to regulate the production of goods and services as demanded by the people‚ consumers‚ thus any economic system needs to answer four main questions: 1- What to produce of goods and services? 2- How to produce these goods and services? 3- Who to produce to these goods and services
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The American University of Sharjah Fall 11 08 Fall Ghada AL Ghazali ID: 37506‚ 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
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Riem Jalajel History 271: The Modern Middle East Writing Assignment #2 Professor Yanıkdağ April 19‚ 2012 The rise of Islamism Islamism is an ideology that demands Muslims complete adherence to the law of Islam and rejects as much as possible outside influence. It is based with a deep antagonism towards non-Muslims and has a particular hostility towards the West. It amounts to an effort to turn Islam‚ a religion and civilization‚ into an ideology. Islamism is‚ in other words‚ another twentieth-century
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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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