Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Final ib pptx

1,157 views

Published on

Published in: Economy & Finance, Business
  • Be the first to comment

  • Be the first to like this

Final ib pptx

  1. 1. ISLAMIC LAW SYSTEMS BY GROUP NO 8.• ABHEY BANSAL (001)• HARSH GADA(022)• SHIRISH SHITOLE(052) ISLAMIC LAW SYSTEMS 1
  2. 2. PowerpointFree.Com ISLAMIC LAW SYSTEMS 2
  3. 3. Countries adopting Islamic LawCountry Legal SystemAfghanistan mixed legal system of civil, customary, and Islamic lawBahrain mixed legal system of Islamic law and English common lawAlgeria mixed legal system of French civil law and Islamic lawBangladesh mixed legal system of mostly English common law and Islamic lawBrunei mixed legal system based on English common law and Islamic lawEgypt mixed legal system based on Napoleonic civil law and Islamic religious law ISLAMIC LAW SYSTEMS 3
  4. 4. Countries adopting Islamic LawCountry Legal SystemIraq mixed legal system of civil and Islamic lawJordan mixed legal system of civil law and Islamic religious lawKenya mixed legal system of English common law, Islamic law, and customary lawKuwait mixed legal system consisting of English common law, French civil law, and Islamic religious lawMalaysia mixed legal system of English common law, Islamic law, and customary lawOman mixed legal system of Anglo-Saxon law and Islamic law ISLAMIC LAW SYSTEMS 4
  5. 5. Countries adopting Islamic Law Country Legal System Pakistan common law system with Islamic law influence Qatar mixed legal system of civil law and Islamic law (in family and personal matters) Saudi Arabia Islamic (sharia) legal system with some elements of Egyptian, French, and customary law United Arab Emirates mixed legal system of Islamic law and civil lawSource : https://www.cia.gov/library/publications/the-world-factbook/fields/2100.html ISLAMIC LAW SYSTEMS 5
  6. 6. Shari’a• Shari’a : “Path to a watering hole”• Theocratic Law System.• Moral code and religious law of Islam.• Derived from 2 primary sources of Islamic Law – The precepts set forth in the Quran – Example set by the Islamic prophet Muhammad Deals ISLAMIC LAW SYSTEMS 6
  7. 7. Shari’a• Sharia law can be organized in different ways – ibadah (ritual worship) – muamalat (transactions and contracts) – adab (morals and manners), – itiqadat (beliefs) – ‘uqubat (punishments). ISLAMIC LAW SYSTEMS 7
  8. 8. Islamic Banking• Form of modern banking based on Rules of Sharia, known as Fiqh al-Muamalat (Islamic rules on transactions)
  9. 9. History of Islamic Banking• The first Islamic bank in Mit Ghamr, Egypt in 1963 by Ahmad El Naggar• Islamic Development Bank (IDB) in 1974• First Islamic commercial bank “Islamic Bank of Dubai” in 1975
  10. 10. Importance of Islamic Banking• Muslim population at about 2.1 billion, representing a sizeable 30 percent of the world population of 7 billion.• Market shares of Islamic deposits and financing stand at 15.6 percent and 11.6 percent of the industry’s total.• Total assets managed through Islamic equity funds exceed US$5oo billion and is growing by 12–15% per annum.
  11. 11. Principals of Islamic Banking• Riba: Arabic word which stands for excess, increase, addition, expansion or growth• Ghrar : speculative Investments like in derivatives are not allowed• Haram :Prohibits investment in gambling and alcohol and other industries.
  12. 12. Difference between Islamic and Conventional Banking• Islamic banking : On Shariah foundation while the conventional banking does not.• Relationship between customer and the bank Islamic bank: Customers as a partner rather than a borrower as in conventional banking• Prohibition of Riba• Syariah Supervisory Board In Islamic banking while Convention Bank can conduct its business operation at its own
  13. 13. Common Concepts• Profit sharing (Mudharabah)• Joint venture (Musharakah)• Leasing (Ijarah)• Sukuk (Islamic bonds)• Takaful (Islamic insurance)• Qard hassan/ Qardul hassan (good loan/benevolent loan)
  14. 14. Islamic Banking in Nigeria• Nigeria : Conglomeration of religions and ethnicities. 50% Muslim, 40% Christian• The Central Bank of Nigeria (CBN) issued new guidelines in accordance with the provisions of Banks and Other Financial Institutions Act (BOFIA) for the operation of Non-interest banking in Nigeria.
  15. 15. Major Islamic banks in WorldSource: www.panafricancapitalplc.com
  16. 16. Islamic Banking In India• Islamic banks in India do not function under banking regulations. They are licensed under Non Banking Finance Companies Reserve Bank Directives RBI (Amendment) Act 1997, and operate on profit and loss based on Islamic principles.• All the Islamic banks have to be compulsorily registered with RBI.• First bank in Kerala
  17. 17. Implications and Opportunities of Non-interest (Islamic) Banking• Large number of unbanked Muslim community may be attracted to this type of specialized banking system and get bankable.• People to have different credit choice among different types of banking structures• Encourages Muslim communities to invest locally rather than sending their investment to the Middle-East
  18. 18. Selection Criteria Of Islamic Banking For MNEs• Convenience: Working hours of ATMs, convenient branch locations and wide branch network convenience• Cost and benefit• Influence by friends and relatives• No influence of religion
  19. 19. Legal system in UAE• UAE : Federation of 7 Emirates • Dubai, Abu Dhabi, Ajman, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain.• UAE : Dubai’s legal system is founded upon • Civil Law Principles • Islamic Shari’a law• Civil Law Principles : Legislation tends to be formulated into a number of major codes providing for general principles of law with a significant amount of subsidiary legislation.• Islamic Shari’a Law : More administrative in nature, such as the establishment and operation of government affiliated entities. ISLAMIC LAW SYSTEMS 21
  20. 20. Court System in UAE• Court of First Instance• Court of Appeal• Court of Cassation• Labour Court ISLAMIC LAW SYSTEMS 22
  21. 21. Court of First Instance• Largest court within the Abu Dhabi Judicial Department in terms of size, divisions and diversity of jurisdiction.• Consists of 3 main sections and their sub sections – Civil Section : Deals with civil, commercial, administrative, labour and summary cases. – Civil status Cases Section : Deals with family, inheritance, documentation and proclamations and family guidance. – Criminal Cases Section :SYSTEMS with criminal ISLAMIC LAW Deals 23
  22. 22. Court of Appeal• Higher Courts• Look into appeals from appellants challenging the decisions of a first instance court.• Consists of – Civil – Commercial – Labour – Personal Status – Criminal – Administrative ISLAMIC LAW SYSTEMS 24
  23. 23. Court of Cassation• Highest Judicial Institution in Emirate.• Looks into appeals challenging the rulings of the appellate courts• Consists of 5 divisions – Criminal – Commercial – Civil – Personal Status – Administrative• Judgments of Cassation court are binding. ISLAMIC LAW SYSTEMS 25
  24. 24. Implication for MNE’s• This slide can go in the conclusion part for Harsh• I will tell you what to say or add… ISLAMIC LAW SYSTEMS 26
  25. 25. Indonesia• Area: 2 million sq. km.• Population (July 2009 est.): 240.3 million• Ethnic groups (2000 census):- Javanese 40.6%- Sundanese 15%- Madurese 3.3%- Minangkabau 2.7%- others 38.4%
  26. 26. Indonesia• Religions (2000 census):- Muslim 86.1%- Protestant 5.7%- Catholic 3%- Hindu 1.8%- others 3.4%.
  27. 27. Indonesia• Pancasila (Constitution: 1945)- Monotheism- Humanitarianism- National Unity- Representative democracy by consensus- Social Justice
  28. 28. Netherlands Indies• Roman-Dutch law, custom and Islamic law. Under Dutch (Netherlands Indies) population was divided into Europeans, Natives, and Foreign Orientals• Indonesians subject to adat law• Netherlands East Indies divided into several jurisdictions based on cultural and linguistic criteria.• First legislation relating to application of Islamic law was 1882 Royal Decree
  29. 29. Netherlands Indies• Independence declared• Enactment of Muslim Marriage and Divorce Registration Law 1946• New Marriage Law applicable to all Indonesians eventually passed in 1974• Marriage Law is applied by- regular court system for religious minorities- sharia courts for Muslim Indonesians.
  30. 30. Indonesia• School(s) of Fiqh• Constitutional Status of Islam(ic Law)• Court System- General- Religious- Military- Administrative courts• Relevant Legislation• Notable Features
  31. 31. Unilever Indonesia• 1920 -30: Import by Jurgen and Brothers• 1933: Soap Factory at Jakarta• 1936: Margarine and oil production at Jakarta• 1941: Cosmetics factory at Surabaya• 1942 -46: Unilever control discontinued (World War II)• 1965 -66: Under government control• 1967: Control of business back to Unilever under foreign investment law
  32. 32. Unilever Indonesia• 1981: Went public and listed in Jakarta Stock Exchange• 1982: Construction of Elida Gibbs Factory in Rungkut, Surabaya• 1988: Transfer of the Toilet Soap Factory from Colibri to Rungkut Factory, Surabaya• 1990: Enter into the tea business• 1992: Opening of ice cream factory• 1995: Construction of detergents and foods factory in Cikarang, Bekasi
  33. 33. Unilever Indonesia• 1996-98: Consolidation of manufacturing facilities – Cikarang, Rungkut• 1999: Liquid Detergents – Cikarang• 2000: Enter into soya sauce business• 2001: Opening of tea factory – Cikarang• 2002: Opening of CDC at Jakarta• 2003: Enter into mosquito coil business• 2004: Enter into snack business• 2005: Liquid / shampoo factory at Cikarang• 2008: Fruit-based vitality drinks business
  34. 34. COMPANY RANK COUNTRY MNEs REVENUE Iran Khodro Plc 26 Iran $9,089 2009 US$ (ml) Emirates Telecom (Etisalat) 27 UAE $8,394Saudi Arabian Oil Co. (Saudi 182390 (Zain) Mobile Telecommunications 1 Saudi Arabia $182,396 28 Kuwait $8,056Aramco) 1 Million Co.National Iranian Oil Company 1 2 Iran $79,277 Saudi Oger Co. 29 Saudi Arabia $8,000Petroliam Nasional Bhd. USD 3 Malaysia $70,869 Egyptian General Petroleum Co.(Petronas) 30 Egypt $7,738 (EGPC) 1Kuwait Petroleum Corp. 1 4 Kuwait $50,404 Akbank 31 Turkey $7,441Sonatrach 5 Algeria $47,980 Petroleum Development Oman 32 Oman $7,385PT Pertamina (Persero) 1 6 Indonesia $34,678 (PDO) 1Qatar Petroleum 7 Qatar $32,421 Telkom Indonesia 33 Indonesia $7,203Nigerian National Petroleum National Iranian Petrochemical 8 Nigeria $30,890 34 Iran $7,192Corp. 1 CompanyAbu Dhabi National Oil Co. 1 9 UAE $30,849 Dogan Holding 35 Turkey $6,607Koc Holding A.S. 10 Turkey $28,978 Saudi Electric Company 36 Saudi Arabia $6,360Saudi Basic Industries Maybank Group 37 Malaysia $5,999 11 Saudi Arabia $27,488Corporation (SABIC) Agility 38 Kuwait $5,723National Oil Company (NOC) 1 12 Libya $24,636 ETA - Ascon Group 39 UAE $5,690Saudi Telecom Company 13 Saudi Arabia $13,544 TurkCell 40 Turkey $5,492KazMunayGas 14 Kazakhstan $13,441 Saipa Corporation 2 41 Iran $5,462The Emirates Group 15 UAE $12,362 YTL Corporation Berhad 42 Malaysia $5,373Sabanci Holding 16 Turkey $12,181Astra International 17 Indonesia $10,935 SOCAR (State Oil Company of the 43 Azerbaijan $5,260 Azerbaijan Republic)Yildiz Holding/ Ulker 18 Turkey $10,900 Dallah Albaraka Group 2 44 Saudi Arabia $5,204Isbank 19 Turkey $10,897Pakistan State Oil Co. 20 Pakistan $10,208 Enka Holdings 45 Turkey $5,124Sime Darby Bhd 21 Malaysia $10,019 Orascom Telecom 46 Egypt $5,065Perusahaan Listrik Negara, PT 22 Indonesia $10,002 DOGUS Holding Co. 47 Turkey $5,011Iranian Mining Industries Halkbank 48 Turkey $5,010 23 Iran $9,811(IMIDRO) 2 Saudi Binladin Group 2 49 Saudi Arabia $5,000TenagaBankZiraat Nasional Bhd 24 25 Turkey Malaysia $9,805 $9,798 The Lion Group 50 Malaysia $4,907
  35. 35. Vakif Bank 51 Turkey $4,802 MNEs UMW Holdings Bhd 76 Malaysia $3,464Savola Group 52 Saudi Arabia $4,778 BIM Birlesik Magazalar A.S. 77 Turkey $3,442Emirates National Bank of Brunei Petroleum 1 78 Brunei $3,441 53 UAE $4,734Dubai (NBD) Eregli Iron And Steel Works Co. 79 Turkey $3,355Consolidated Contractors (Erdemir) 54 Saudi Arabia $4,608International Co. Samir Sa 80 Morocco $3,323Abu Dhabi National Energy Independent Petroleum Group 81 Kuwait $3,291 55 UAE $4,589Company (TAQA) Mobile Communications 82 Iran $3,272Turkish Airlines 56 Turkey $4,508 Company of IranBank Melli Iran 2 57 Iran $4,473 Selçuk Ecza Deposu 83 Turkey $3,250Group ONA 58 Morocco $4,445 PT Bumi Resources Tbk 84 Indonesia $3,219Saad Group of Companies 2 59 Saudi Arabia $4,352 Al Rajhi Banking and 85 Saudi Arabia $3,187M.A. Kharafi & Sons 2 60 Kuwait $4,300 Investment Corp.Bank Rakyat Indonesia 61 Indonesia $4,299 Public Bank Bhd. 86 Malaysia $3,090Suez Canal Authority 62 Egypt $4,280 Bank Central Asia Tbk 87 Indonesia $3,085Axiata Group Berhad 63 Malaysia $4,278 Eczacibasi Holdings 3 88 Turkey $3,015Electricity Generation Company PT Adaro Energy Tbk 89 Indonesia $2,980 64 Turkey $4,199Inc. (EUAS) Vestel 4 90 Turkey $2,977Bank Mandiri 65 Indonesia $4,141 Gudang Garam Tbk PT 91 Indonesia $2,964Indofood 66 Indonesia $4,122 Etihad Airways 92 UAE $2,951Syrian Petroleum Company 1 67 Syria $4,101 DP World 93 UAE $2,929Sapco 2 68 Iran $4,071 Tasnee (National 94 Saudi Arabia $2,897IOI Group 69 Malaysia $4,054 Industrialization Company)Felda Holdings Bhd 70 Malaysia $3,865 Genting Berhad 95 Malaysia $2,873Orascom Construction Telekom Malaysia Bhd 96 Malaysia $2,780 71 Egypt $3,830Industries Arab Bank PLC 97 Jordan $2,727CIMB Group 72 Malaysia $3,720 Ciner Group 2 98 Turkey $2,680National Commercial Bank 73 Saudi Arabia $3,681 Perusahaan Otomobil Nasional 99 Malaysia $2,676Malaysian Airline System Bhd 74 Malaysia $3,655 Bhd (Proton)Saud Bahwan Group 2 75 Oman $3,500 Kuwait Finance House 100 Kuwait $2,672
  36. 36. References• http://www.state.gov• http://www.unilever.co.id• http://policy-practice.oxfam.org.uk• http://www.thejakartapost.com THANK YOU ISLAMIC LAW SYSTEMS 38

×