Islamic Finance is a financial system that doesn’t work like other conventional banking 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
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The Medieval Times‚ also known as the “Dark Ages” is criticized as a time of stagnation‚ where learning and technological advancement were halted by both feudalism and manorialism. During the Medieval Times‚ Europe pales in comparison to other civilizations and empires. While Europe’s Dark Ages were a time of ignorance‚ China had invented several revolutionary items such as clocks‚ and Medieval Islam had a “Golden Age” in which scientific discoveries advanced greatly. Europe was virtually the only
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CTU351 INDIVIDUAL ASSIGNMENT RHB Islamic Banking NAME : ATIQAH BT NORDIN SECTION : 12.6.21 COURSE : BM112 LECTURER’S NAME : USTAZAH ZURAIDAH ACKNOWLEDGEMENT I admit that this is the result of my own work or effort Date : 3 JULY 2013 ( _____________________) ATIQAH BT NORDIN
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Risk Management – Differences Between Islamic and Conventional Banking In evolving the Islamic financial system‚ important considerations include the development of a system that is able to meet the changing requirements of the consumer and business community‚ that is efficient and competitive‚ that is safe and sound and that is robust and resilient and able to withstand a more challenging and uncertain world environment. These considerations are vital to ensure the sustainability of the system
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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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Business practices in an Islamic country are likely to differ a lot from business practices in Canada. The impact of God is tremendous in Islamic countries‚ so that Muslim is regulated by a variety of religious principles and moral conducts in their social and economic activities. In this sense‚ Canadian people may not get used to the ritual nature of everyday life in Islamic countries. For example‚ orthodox Muslim ritual requires prayer five times a day. As a result‚ business people should be
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O R T F O L I O MANAGEMENT OF ISLAMIC BANKS ’Certainty Model ’ B.A. BASHIR* University of Lancaster‚ Lancaster LA1 4 YX‚ UK Received January 1982‚ final version received February 1983 The Islamic banking and finance system is recent in origin. Its special features preclude the application of modern finance theories. The system is briefly described in this paper as part of an initial attempt to develop a simple model for the portfolio management of an Islamic bank. The model is built on
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Between the years of 622 and 750 AD‚ the early Islamic Empire expanded rapidly‚ taking control of most of the Middle East. While the expansion of the Islamic empire has had a large impact in the present day‚ there are still many arguments on how the early Islamic Empire expanded. The following essay will prove that the early Islamic Empire expanded by defeating all enemies in their path and conquering all land possible. According to Document A‚ written by Ahmad al-Biladuri‚ a Muslim historian in
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A thesis on ‘‘COMPARISON OF ISLAMIC AND CONVENTIONAL BANKING: A CASE STUDY OF PRIVATE BANKS KARACHI‚ PAKISTAN’’ Submitted to: Faculty of Business Administration In partial fulfilment of the requirements for the degree of MASTERS OF BUSINESS ADMINISTRATION (MBA) Supervised by: Ms. Ambreen Faizan Ms. Amna Munir Submitted by: Naveen Naqvi Enrolment No: 2008/Bus.A/BBA/8317 Major Subject: Banking and Finance Dedication I dedicate this research work to my beloved parents
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reasons of the Islamic Revolution in Iran in 1979 and see what is changed by revolution. In 1979‚ a drastic change has been occurred in Iran. It was a revolution in the true sense of the concept for its lust for justice‚ liberty and equality. It was also a popular uprising against imperialism of which all revolutions had the same stand. But it has also many novelties not to the theory‚ but for the Islamic perspectives. First and foremost‚ it was a breaking point within the Islamic history in general
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