Pillars of Islamic Banking & Finance By: Munawwar Ali Kartio Research Scholar MBA (Finance)‚ DAIBP‚ LLB‚ PGD (Islamic Banking & Finance) Under Supervision of Prof Dr. Iqbal Ahmed Panhawar Pro-Vice Chancellor UNIVERSITY OF SINDH – JAMSHORO (MirpurKhas Campus) بسم الله الرحمن الرحيم PILLARS OF ISLAMIC BANKING & FINANCE Abstract Islam emphasis justice and equity in all spheres of human society and refrains from all sorts of exploitation in financial dealings. It encourages
Premium Sharia Islamic banking Capitalism
The company’s profit and loss account for the year ended 30 June 2007 is as follows: Note Sales Less: Cost of sales Gross Profit Less: Repairs to premises Wages and salaries Freight and insurance Consultancy fees Miscellaneous expenses Donations and zakat Lease rentals Motor vehicle expenses Depreciation Lease amortization Tax penalty Net Profit Add dividends received Net profit before taxation Notes: Cost of sales includes: i) Entertainment expenses amounting to RM80.000 which was wholly related to
Premium Tax Income tax Taxation
Testing A Model of Islamic Corporate Financial Reports : Some Experimental Evidence 1. Introduction Religion can exert a profound influence on individuals and societies. There has been a growing religious commitment during the past two decades which has led to more Muslim countries seeking to manage their economies in line with the precepts of Islam (Hassan‚ 1998). Central issue in Islamic accounting is weather the external financial reporting system currently adopted by Muslim countries serves
Premium Financial statements Income statement Islam
CONTENTS CHAPTER 1 .............................................................................3 (INTRODUCTION ) CHAPTER 2 .............................................................................4 (CAPITILISM ECONOMIC SYSTEM) CHAPTER 3 ...........................................................................11 (SOCIALISM ECONOMIC SYSTEM) CHAPTER 4 ..........................................................................14 (MIXED ECONOMIC SYSTEM) CHAPTER 5 ………..………………………………………………………………
Free Capitalism
are unconnected by blood they should at least call each other on the phone and say hello ‚ such as friends or neighbors. Another reason is to remind rich people to donate the poor people by many ways . For instance ‚ there is something called Zakat which is mean that people should donate 2.7% of their money account for poor people by hand instead of philanthropic organization .In addition‚ neighbors exchange each other (rich people to poor people) the food they made to make close relations gather
Premium Islam Poverty
Islamic Traditions The Muslim concept of worship is very broad. Muslims consider everything they do in this life according to Allah ’s will‚ an act of worship. Worship of Allah is foremost in a Muslim ’s mind all the time. There are also five formal acts of worship which help strengthen a Muslim ’s faith and obedience that are referred to as the Five Pillars of Islam. The first of the five pillars is the testimony of faith called Shahadah. The statement is "Ashadu alla ilaha illa Allah‚ as
Premium Islam Muhammad
Aisha Bint Abu Bakr has a major and significant role in adjusting the Muslim Ummah. It was she who was named the mother of the believers‚ it was she who transmitted 2210 ahadeeth that we find in books of Prophetic narrations that we read today and it was she who memorised the amazing and glorious book of Allah (s.w.t) the Quran‚ but who is this decent women? Aisha Bint Abu Bakr was one of the wives of The Prophet Muhammad (s.a.w). She has contributed a lot for the sake of Islam as many hadiths have
Premium
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 and services which contradict the Islamic value (haram) On the other hand‚ conventional banking is essentially based on the debtor-creditor relationship between the depositors and the bank on one
Free Islam Sharia Muhammad
THE DIFFERENCES BETWEEN CONVENTIONAL AND ISLAMIC ACCOUNTING ABSTRACT The concern of this project paper is to explore the differences between Islamic accounting and its conventional counterpart. The distinctions need to be addressed as both accounting is presently thought of many people as synonymous. There is danger for such kind of perception because the basic building blocks for respective accounting are worlds apart. As for professional accountants who have been taught on the idea for accounting
Premium Balance sheet Islam Generally Accepted Accounting Principles
These acts of worship that the faithful of Islam are supposed to do in order to increase their sense of God and to help create discipline in their attitudes toward others and the use of their time and property. These Pillars are the Shahadah‚ Salat‚ Zakat‚ Sawm Ramadan‚ and Hajj. These came from the Qur’an and Sunnah and shape the lives of Muslims throughout the world. The central belief and teaching of Islam is that there is no god but God and Muhammad is the messenger of God. This is also the first
Premium Islam