This presentation was presented by a group of students of MBA (Finance) at University Institute of Management Sciences (University of Arid Agriculture Rawalpindi, Pakistan
This presentation was presented by a group of students of MBA (Finance) at University Institute of Management Sciences (University of Arid Agriculture Rawalpindi, Pakistan
Based on Islamic Finance principles, Conventional Credit Cards are considered as Unpermissible as it doesn’t comply with the Shariah requirement and Interest element is involved. Hence, Islamic Credit Cards were introduced and can be considered as one of the innovative financing products offered by Islamic Financial Institution to meet the demand for interest free credit cards. The slides will provide functions, features and contracts used in Islamic Credit Card.
ISSUES AND RECOMMENDATIONS IN MUSHARAKAH MUTANAQISAH HOUSE FINANCINGWan Zaleha Zainudin
BY ZALEHA ZAIN.
In our world nowadays, the contract of Al-Bay’ Bithaman Ajil (BBA) had always been used for long time duration of financing. For example, home financing. In Malaysia also, this concept is popular and it showed that at the Kuala Lumpur High Court alone, 90% of the 3,200 Muamalat cases registered between 2003 to 2009 concerns BBA . While the BBA is popular, it has proven to be quite unsatisfactory to the customers and bankers. That’s why Musharakah Mutanaqisah concept is being argued as a better contract than BBA for long time duration.
THIS PAPER DISCUSSED ON THE ISSUES AND RECOMS OF MM.
UNIT 4 MEANING AND EVOLUTION OF BANKING
CONTENTS
1.0 Introduction
2.0 Objectives
3.0 Main Content
3.1 Meaning of a Bank, Banking and Banker
3.2 Evolution of Banking
4.0 Conclusion
5.0 Summary
6.0 Tutor-Marked Assignment
7.0 References/Further Readings
1.0 INTRODUCTION
Various attempts have been made to define the term bank or banker.
In this unit, we shall define the term bank or banker. We shall also trace
the origin of banking.
2.0 OBJECTIVES
At the end of the unit, you should be able to:
• Explain the meaning of a Bank, Banking or Banker
• Trace the evolution of Banking in Nigeria.
3.0 MAIN CONTENT
3.1 Meaning of Bank
As a result of different kinds of banks in existence nowadays, it would
be difficult, or at least cumbersome, to formulate a definition of banking
which connotes the diverse activities of all kinds of banks. We shall
therefore consider the definition under three view points:
a) Definitions of bank or banker by Text-Book Writers
b) Definitions of bank or banker by Status
c) Definitions of bank or banker as expressed by the Courts
a) Definitions of bank or banker by Text-Book Writers: A bank
has been defined by Dr. Hart as " a person or company carrying
on the business of receiving moneys, and collecting drafts, for
customers subject to the obligation of honouring cheques drawn
upon them from time to time by the customers Lo the extent of the
amounts available on the current accounts".
MBF833 MONEY AND
BANKING
In his 8th edition, published in 1972 Paget defined "a bank or
banker as a corporation or person (or group of persons)
who accept moneys on current accounts, pay cheques drawn upon
such account on demand and collect cheques for customers, that
if such minimum services are afforded to al and sundry without
restriction of any kind, the business is a banking business,
whether or not other business is undertaken at the same time; that
providing the banking business as so understood is not a mere for
other business, the person or corporation is a banker or bank for
the purposes of statutes relating to banking, other than those
where the sole criterion is the satisfaction of some government
department".
Chamber's Twentieth Century Dictionary defines a bank as an
"institution for the keeping, lending and exchanging, etc of
money. Economists have also defined a bank highlighting
its various functions. According to Crowther, "The banker's business
is to take the debts of other people to offer his own in exchange,
and thereby create money." A similar definition has been given
by Kent who defines a bank as "an organisation whose principal
operations are concerned with the accumulation of the
temporarily idle money of the general public for the purpose of
advan
Based on Islamic Finance principles, Conventional Credit Cards are considered as Unpermissible as it doesn’t comply with the Shariah requirement and Interest element is involved. Hence, Islamic Credit Cards were introduced and can be considered as one of the innovative financing products offered by Islamic Financial Institution to meet the demand for interest free credit cards. The slides will provide functions, features and contracts used in Islamic Credit Card.
ISSUES AND RECOMMENDATIONS IN MUSHARAKAH MUTANAQISAH HOUSE FINANCINGWan Zaleha Zainudin
BY ZALEHA ZAIN.
In our world nowadays, the contract of Al-Bay’ Bithaman Ajil (BBA) had always been used for long time duration of financing. For example, home financing. In Malaysia also, this concept is popular and it showed that at the Kuala Lumpur High Court alone, 90% of the 3,200 Muamalat cases registered between 2003 to 2009 concerns BBA . While the BBA is popular, it has proven to be quite unsatisfactory to the customers and bankers. That’s why Musharakah Mutanaqisah concept is being argued as a better contract than BBA for long time duration.
THIS PAPER DISCUSSED ON THE ISSUES AND RECOMS OF MM.
UNIT 4 MEANING AND EVOLUTION OF BANKING
CONTENTS
1.0 Introduction
2.0 Objectives
3.0 Main Content
3.1 Meaning of a Bank, Banking and Banker
3.2 Evolution of Banking
4.0 Conclusion
5.0 Summary
6.0 Tutor-Marked Assignment
7.0 References/Further Readings
1.0 INTRODUCTION
Various attempts have been made to define the term bank or banker.
In this unit, we shall define the term bank or banker. We shall also trace
the origin of banking.
2.0 OBJECTIVES
At the end of the unit, you should be able to:
• Explain the meaning of a Bank, Banking or Banker
• Trace the evolution of Banking in Nigeria.
3.0 MAIN CONTENT
3.1 Meaning of Bank
As a result of different kinds of banks in existence nowadays, it would
be difficult, or at least cumbersome, to formulate a definition of banking
which connotes the diverse activities of all kinds of banks. We shall
therefore consider the definition under three view points:
a) Definitions of bank or banker by Text-Book Writers
b) Definitions of bank or banker by Status
c) Definitions of bank or banker as expressed by the Courts
a) Definitions of bank or banker by Text-Book Writers: A bank
has been defined by Dr. Hart as " a person or company carrying
on the business of receiving moneys, and collecting drafts, for
customers subject to the obligation of honouring cheques drawn
upon them from time to time by the customers Lo the extent of the
amounts available on the current accounts".
MBF833 MONEY AND
BANKING
In his 8th edition, published in 1972 Paget defined "a bank or
banker as a corporation or person (or group of persons)
who accept moneys on current accounts, pay cheques drawn upon
such account on demand and collect cheques for customers, that
if such minimum services are afforded to al and sundry without
restriction of any kind, the business is a banking business,
whether or not other business is undertaken at the same time; that
providing the banking business as so understood is not a mere for
other business, the person or corporation is a banker or bank for
the purposes of statutes relating to banking, other than those
where the sole criterion is the satisfaction of some government
department".
Chamber's Twentieth Century Dictionary defines a bank as an
"institution for the keeping, lending and exchanging, etc of
money. Economists have also defined a bank highlighting
its various functions. According to Crowther, "The banker's business
is to take the debts of other people to offer his own in exchange,
and thereby create money." A similar definition has been given
by Kent who defines a bank as "an organisation whose principal
operations are concerned with the accumulation of the
temporarily idle money of the general public for the purpose of
advan
There is a general consensus among Islamic jurists on the view that currencies of different countries can
be exchanged on a spot basis at a rate different from unity, since currencies of different countries are
distinct entities with different values or intrinsic worth, and purchasing power. There also seems to be a
general agreement among a majority of scholars on the view that currency exchange on a forward basis
is not permissible, that is, when the rights and obligations of both parties relate to a future date.
However, there is considerable difference of opinion among jurists when the rights of either one of the
parties, which is same as obligation of the counterparty, is deferred to a future date.
Gerbang Pembayaran e-Dagang dalam Segmen Pembayaran P2B Menurut Perspektif Is...Azim Ismail14
Kertas kerja untuk graduasi Sarjana Ekonomi Islam UKM 2018
Tulisan penuh diterbitakan oleh Jurnal Muamalat JAKIMJilid 12
al-Fatihah untuk arwah Dr Adib (meninggal asbab covid 19 pada 2021)
Gerbang Pembayaran e-Dagang dalam Segmen Pembayaran P2B Menurut Perspektif Islam
Touch N Go
e-ghl
Paypal
Grabpay
Shopeepay
e-wallet
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
For more information, visit-www.vavaclasses.com
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
3. INTRODUCTION
Currency exchange is one of the most important
transactions for all, especially for travelers and
international economic practitioners.
A currency is only worth in each country so a system
for exchanging has been created.
However, currency exchange within Islam is only
permissible if done on the spot.
Currency exchange is also known as bai’ al-sarf in fiqh
terms.
4. FIAT MONEY
Fiat money is a currency recognized by the government but not
represented by physical commodities such as gold.
The value of this fiat money is based on demand and supply rather than
the material value of the money.
The foreign exchange market is a very important part of the capital
market of all countries as well as serves as an intermediary between the
domestic capital market and the world capital market and the source of
liquidity to the local capital market.
Currency exchange rate ie foreign exchange rates disclosed in local
currency. For example, the exchange rate of MYR / USD is RM4.14 which
means the unit price of USD in Ringgit is RM4.14 also means the cost to
buy 1 USD is RM4.14.
5. The foreign currency market business only consists of four
major currency pairs namely EUR / USD, USD / JPY, GBP / USD
and USD / CHF.
Although the United Kingdom is a pioneer country that has
developed a sophisticated capital market in the world in the
British Pound but in current reality, USD is the world's major
currency (Schlossberg 2006).
This exchange rate changes on demand and supply other than
other factors.
Compressive currencies will benefit the country's economy in
general and become stronger in international competition.
In fact, currency fluctuations are higher and faster than the
price fluctuations of goods and services in a country.
6. BAI’ AL-SARF
Bai 'al-sarf in the past only involves gold and silver but today fiat money
has replaced both because it has an equality in function. Imam Malik in
his book, Al-Mudawwanah states, "If many people use camel skin as a
medium of exchange, I will not agree if this skin is used to buy gold in
delay.”
It is also agreed upon by contemporary scholars. The current scholarship
agreement has issued a fatwa that fiat money has the same function as
gold and silver in the case of usury, zakat and its related. International
Islamic Fiqh Academy (Majma 'Al-Fiqh Al-Islami Al-Dawli) The 3rd Islamic
Conference of Organization in Amman, Jordan from 11 to 16 October
1986 has resolved in its conference as follows:
"Based on the fiat money (nuqd) is the i'tibari item given the value (al-
thamaniyyah) and equated its function with gold and silver in the case of
usury, zakat and everything connected with it."
7. Three basic rules and conditions of bai 'al-sarf ie
The value of the same if the same type is like the exchange of
gold with gold and silver with silver. Similarly, the ringgit with
Ringit and Dollars with Dollars.
The freedom of khiyar al-shart is to refer to the option to
place conditions outlined at the beginning of the contract.
This will prevent the perfect transfer.
It must be done in a spot basis as ribawi goods are prohibited
from postponment in delivery which causes usury.
8. The Messenger of Allah prohibited buying gold with gold,
silver with silver, wheat with wheat, barley with barley,
tamar with salt and salt with salt except in the same
quantities. If besides these six items (not the same kind but
among the ribavids) sell as desired in terms of cash that is
hand in hand (al-Bukhari, Sahih al-Bukhari, Kitab al-Bai ‘).
From Abu Al-Minhal, His Majesty the Prophet S.A. said:
"Prevent you from selling silver with gold in procrastination"
(al-Bukhari, Sahih al-Bukhari, Kitab al-Bai ‘)
10. MAZHAB OPINIONS
1. Jumhur Mazahib: Must in cash basis.
2. Imam Malik: allowed for up to three days.
If more than three days unconditionally, some of
the followers of Imam Malik (Malikiah) say that
it is damaged (facade) and some others say the
contract is still valid. If it is more than three
days (promised), the transaction is canceled
with ijmak (al-Maqdasi t.th.).
11. Majelis Ulama’ Indonesia
The National Council of Shari'ah, the
Indonesian Ulama Council (2002) stated
the transaction must complete within
two days as this period is inevitable for
international transactions.
12. Fatwa Center of America
Fatwa Center of America (2012) via the
Mufti Ikram Ul Haq states that forex is
permitted but not in online transaction
because it leaves an important legal
requirement of cash. Physical delivery
does not occur on the internet.
13. Practically, Islamic financial institutions today will
sell foreign currency to customers. After this sale
is completed, the institution will purchase the
foreign currency from the interbank side. The
amount purchased will be credited into the
customer's account after two working days (T + 2)
(Burhanuddin & Noor Suhaida 2015).
14. CONCLUSION
Only Imam Malik allowed the exchange of currencies or bai 'al-sarf within three
days. Jumhur ulama 'from Imam Hanafi, Imam Syafie and Imam Ahmad prevented
the conversion of currency except for cash. Then the contemporary fatwa of the
Indonesian Ulama Council only allowed the exchange of currency within two days
because it was considered pretext. While the Fatwa Center of America restricts
currency exchanges online as there is no cash transfer.
In the writer's opinion, the three-day period which is still regarded as cash in
Imam Malik's view and two days in the view of the Indonesian Ulema Council is
realistic in its time without denying other opinions which have their respective
arguments.
This coincides with the fiqh method, Al-Musyaqqah Tajlibu al-Taisir, that the
hardship will be the cause of lightness. When a law is difficult to practice and
lead to the deranged, the Shari'a opens a light path equivalent to its ability
(Syubair 2000). Therefore, foreign currency exchange transactions online are
allowed on the basis of opinion previously described.
15. References
Al-Quran
Khan, Muhammad Muhsin. 1996. Summarized Sahih al-Bukhari. Terj. Jil. 3. Riyadh: Darus Salam.
Afzal, O. 1996. Riba: Usury or Intererst or Both. Conference Islamic Chamber of Commerce and Industry (ICCI). California: San Jose, hlm. 3.
Al-Maqdasi, Ibn Qudamah. t.th. Al-Mughni. Jil. 4.Riyadh: Dar Alam Al-Kutub.
Al-Wadi, Mahmud Husain & Samhan, Husain Muhammad. 2007. Al-Masarif Al-Ismamiyyah Al-Asas Al-Nazriyah wa Al-Tatbiqat Al-Amaliyah. Jordan: Dar Masirah.
Ali Saleh Al-Alrussi & Hajah Mustafa Mohd Hanefah. 2007. Internet Financial and Environmental Disclosueres: An Islamic and Conventional Theoretical Perspective. The
Journal Of Muamalat And Islamic Finance Research: 83-104.
Anas Malik. Al-Mudawwanah. 1994. Beirut: Dar al-Kutub al-Ilmiyyah.
Anon. Forex Market Statistics. http://fxpros.net/index.php/forex-research/forex-statistics [23 Januari 2018].
Anon. 2013. Islamic Financial System Principles & Operation. Kuala Lumpur: ISRA.
Bacha, O.I. & Mirakhor, A. 2013. Islamic Capital Market A Comparative Approah. Singapore: John Wiley & Sons Singapore Pte. Ltd.
Bank for International Settlement. Trienniel Central Bank Survey of Foreign Exchange and OTC Deivatives Market In 2016. http://www.bis.org/publ/rpfx16.htm [23 Januari
2018].
Burhanuddin Lukman & Noor Suhaida Kasri. 2015. Possession of Currency Prior to Sale: A Fiqhi and Parctical Analysis of Spot FX-1 in Malaysia.
http://ifikr.isra.my/publication/-/publication/getPublicationDetail/6501 [20 Januari 2018].
M. Riyadh Ghazali Lubis & M. Roza Aula Lubis. 2014. Prinsip Wang dan Kadar Pertukaran Asing. Kuala Lumpur: Dewan Bahasa dan Pustaka.
Indonesia. 2002. Sharia Consulting Center. Fatwa MUI Tentang Trading Forex. http://www.syariahonline.com/v2/fatwa/mui/2674-fatwa-mui-tentang-trading-forex.html [21
Januari 2018].
Majma’ al-Fiqh al-Islami Organisation of Islamic Conference. 1986. Majallah Majma’ Al-Fiqh Al-Islami. Amman: OIC.
Raqub Zaman. Modhamed Arif & Munawar Iqbal. T. th. The Foundations of Islamic Banking Theory, Practice and Education. Riba and Interest in Islamic Banking: An Historical
Review. USA: Edward Elgar Publishing, Inc.
Schlossberg, B. 2006. Technical Analysis Of The Currency Market. New Jersey USA: John Wiley & Sons, Inc.
Syubair, Muhammad Uthman. 2000. Al-Qawaid Al-Kulliah wa Al-Dhawabith Al-Fiqhiyyah fi Al-Shari’ah Al-Islamiah. Jordan: Dar Furqan.
United States of America. t. th. Fatwa Center of America. Answer: Is Forex Trading and Binary Option Trading Halal or Haram in Islam. http://askamufti.com/question-
details.aspx?qstID=4080 [21 Januari 2018].