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Interest Free Economy Promulgated by THE QUR’AN,[object Object],Presented by:,[object Object],Mohammad Aamir Khan,[object Object],2K10IB13,[object Object]
RIBA,[object Object],RIBA IS MENTIONED 8 TIMES IN THE QURAN,[object Object],RIBA means :an addition to, an increase, over and above the original size.,[object Object],In other words: interest,[object Object],Interest: amount paid for amount lent,[object Object],The practice of lending money is known as usury or interest,[object Object],According to islam: unlawful addition,[object Object],Any act of interest is prohibited in islam,[object Object]
What does the QUR’AN say about riba(interest),[object Object],SurahBaqrah chapter 2 verse 278,[object Object],O you who believe! Fear ALLAH, and give up what remains of your demand for usury, if you are indeed believers,[object Object],Allah says in the QUR’AN that HE has allowed trade but prohibited USURY.(RIBA),[object Object]
Types of Riba,[object Object],RIBA NASIYA: Loan for bussiness on which interest is charged ,[object Object],RIBA FADAL: Exchange of a superior good in return of larger quantity of inferior goods.,[object Object],BOTH TYPES OF RIBA IS STRICTLY PROHIBITED,[object Object]
System of Zakat,[object Object],Compulsory on all muslims who are sahib-e-maal,[object Object],2.5 % per year,[object Object],Should be given to the poor ,needy , debtor, traveller , feesabeelillah (in the way of allah),[object Object]
Objective of Zakat,[object Object],To prevent the wealth from circulating among the rich and wealthy,[object Object],The serious issue of hunger and poverty would be in control if everybody in the whole world starts giving out zakat,[object Object]
Modern banking interest ,[object Object],Increases the cost of living,[object Object],if Firm takes a loan and goes under loss, it has to pay the debts + interest,[object Object],A bank will prefer giving loan to an alcohol producer rather giving it to a social cause,[object Object]
1980’s,[object Object],1980’s saw the world become a gambling den,[object Object],All financed by banks,[object Object],Huge and consistent returns,[object Object],Power is concentrated in the hands of few people,[object Object]
Principles of islamic banking,[object Object],Tawheed,[object Object],Divine origin of nourishment ,[object Object],Khilafa,[object Object],Taskiyaa,[object Object],Accountablity,[object Object]
Islamic banking,[object Object],No interest,[object Object],Profit and loss sharing,[object Object],Reduce the cost of living,[object Object],Social justice,[object Object],Social consideration (loan wont be given to an activity against society),[object Object],If the debtor is unable to repay, they let go,[object Object]
Factors of production,[object Object],Land                                                 - rent,[object Object],Labour                                             - wages,[object Object],Capital                                             - interest,[object Object],Organisation (entrepreneur)       -profit/loss,[object Object]
ISLAMIC FACTORS OF PRODUCTION,[object Object],Land                                                 - rent,[object Object],Labour                                             - wages,[object Object],Capital                                             - profit/loss,[object Object],Organisation (entrepreneur)       -profit/loss,[object Object],Islam does not differentiate between the entrepreneur and capital,[object Object]
Types of business unit,[object Object],Surplus unit,[object Object],Deficit unit,[object Object],Best example of the two units coming together in islamic history is of,[object Object],Our beloved Prophet Muhammad(s.a.w),[object Object],And his wife Khadija(r.z.a),[object Object],Shared their profit in predetermined ratio ,[object Object]
How do islamic banks work,[object Object],Options available ,[object Object], current A/c (Amanat),[object Object],( no interest),[object Object],With the depositor’s permission, the bank can utilize the money,[object Object],No profit and no loss will be shared between the depositor and the bank,[object Object],As the primary motive of an account is safety of the money,[object Object]
Savings a/c,[object Object],Safety,[object Object],The bank invests your money in businesses ,[object Object],In return bank may give u share of the profit,[object Object],The shariya allows it(sadqa),[object Object]
Investment account(mudariba),[object Object],Profit and loss sharing,[object Object],Fix period,[object Object],The depositor (sahibe-maal)     (surplus),[object Object],The bank (sahibe-amal)               (deficit),[object Object],The ratio of profit is 7:3,[object Object],The depositor gets 70 %,[object Object],The depositor bears the loss,[object Object]
Project financing,[object Object],Mudariba,[object Object],All loss is burdened by bank,[object Object],Profit is shared ,[object Object],The bank has no authority over the management,[object Object]
Project financing,[object Object],Musharika(partnership),[object Object],Profit is shared on capital ratio,[object Object],More loss is burdened by the bank,[object Object],The bank has a control over the management of the firm,[object Object]
Project finanacing,[object Object],Murhaba,[object Object],The bank buys an asset on behalf of the firm,[object Object],And charges service charge over it(negociable),[object Object],It can be combined with mudariba(full finanace) or musharika(partnership),[object Object]
Project financing,[object Object],Al ijra( hire purchase),[object Object],Machinery is bought by the bank and lent on life span basis,[object Object]
KARZ-E-HASAN,[object Object],10% of bank’s profit is reserved of karz-e-hasan,[object Object],Lent only to the poor and needy for bussiness,[object Object],The bank cannot ask for any profit,[object Object],The business man can give some profit if he wants,[object Object]
Quran is not just a book,[object Object],It’s the word of GOD almighty,[object Object],Islam is not just a religion ,[object Object],It is the way of life,[object Object]

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Interest free economy promulgated by the qur’an

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