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International Conference on Islamic Microfinance CENTER OF ISLAMIC BANKING & ECNOMICS By : Held At:
What is Islamic Finance Abdul Samad Shariah Advisor The Bank of Khyber
Islam and Shariah Islam Aqidah (Faith & Belief) Shariah (Practices & Activities) Akhlaq (Morality & Ethics) IBADAT (Man to God Worship) Muamalat (Man to Man Activities) Political Activities Economic Activities Social Activities Banking & Financial Activities
Human Financial Needs Fulfillment of Financial Needs Own Capital Others’ Capital Equity Financing Debt Financing
He (the Prophet) said: Bring them to me. He (the man) then brought these articles to him and he (the Prophet) took them in his hands and asked to the assembly of people: Who will buy these? A man said: I shall buy them for one dirham. He (the Prophet) asked twice or thrice: Who will offer more than one dirham? Another man said: I shall buy them for two dirhams.
He (the Prophet) gave these to him and took the two dirhams and, giving them to the man of the Ansar, he said: Buy food with one of them and hand it to your family, and buy an axe and bring it to me.
Charity occupies a central position in the Islamic scheme of poverty alleviation.
Suddqa kind of Charity which is not obligatory.
The term waqf literally means detention. The legal meaning of Waqf according to Imam Abu Hanifa is the detention of specific thing in the ownership of waqif and the devoting of its profit or products "in charity of poors or other good objects".
The literal meaning of Musharakah is sharing. The root of the word "Musharakah" in Arabic is Shirkah, which means being a partner.
Under Islamic jurisprudence, Musharakah means where two or more than two persons agree to contribute funds for conducting some business in which all partners share the profit according to a specific ratio while the loss is shared according to the ratio of the contribution.
All partners must contribute their capital in terms of money or species at an agreed valuation.
Share capital in a Musharakah can be contributed either in cash or in the form of commodities. In the letter case the market value of the commodities shall determine the share of the partner in the capital.
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