This document discusses whether Islamic finance is an economic or religious system. It begins by defining economic and religious systems separately. It then provides background on Islam and outlines some key principles of Islamic finance, including a prohibition on riba (usury) and gharar (deception). The document notes that Islamic finance uses various contract structures to facilitate trade in accordance with Islamic law. It concludes that Islamic finance is an economic system based on risk-sharing principles, rather than a religious system, and is open to people of all faiths.
Islamic finance is a global financial system based on risk sharing rather than interest, in accordance with Sharia law. It prohibits interest (riba) and gambling (gharar), instead using contracts like mudarabah, musharakah, and ijara that are based on asset ownership and profit/loss sharing. Islamic finance has grown rapidly in recent decades and now represents over $1.6 trillion in banking assets globally. While separate from religious practices, Islamic finance provides an ethical alternative to conventional systems for both Muslim and non-Muslim participants.
This document provides an overview of the framework of the Islamic financial system. It discusses key concepts like Islam, Islamic economics, banking and finance. The core principles of Islamic banking are outlined, including a prohibition of riba (usury) and risk sharing. The objectives of Islamic banking are described as promoting products and services based on shariah principles, upholding brotherhood and providing facilities to communities. Ethics like avoiding abuse of power and maintaining secrecy are also emphasized. Sources of Islamic law that guide the system are mentioned.
The document discusses Islamic banking and its principles and concepts. It provides background on the origins of Islamic banking in Egypt in 1963 and outlines some of the key differences from conventional banking, such as prohibitions on riba (interest) and investing in industries like alcohol or gambling. It defines common Islamic banking contracts and instruments like murabahah, mudarabah, and ijara. It also notes that while Islamic banking has grown significantly in many Muslim-majority countries, establishing it in India could help address the needs of its large Muslim population and attract their savings within the banking system.
Knowledge and perception of students regarding islamic banking in Sindh Pakistansanaullah noonari
Abstract
This research investigated the relationship between the university student’s perception and knowledge about
different concepts and terms used in the Islamic banking and products and services offered. Impact of age,
gender, area of study, area of residence, CGPA and family’s monthly income on the perception and knowledge
of students about Islamic banking was also analyzed. Data was collected from the postgraduate students
(Respondents # 60) selected randomly from two public sectors universities (Sindh Agriculture University Tando
jam and University of Sindh) along with one private sectors (ISRA) university of Hyderabad. Simple linear
regressions were used in order to check the impact of socioeconomic characteristics on the knowledge and
perception of students. University students were mainly surveyed to assess the knowledge and perception of
country’s intellectual cream of Islamic banking crop. Results showed that religious sincerity, not the better
knowledge of Islamic banking was the strongest predictor of personal banking performances. Result reflected
that overall perception and knowledge of students was significantly different from zero. Result suggested that
students had better perception about the Islamic banking but poor knowledge. It was found that the Arabic
language in specifying the products and services hindered the understandings of the students. Coefficient of age
and income showed a positive relation with the perception and knowledge of students regarding Islamic banking
in both public sector universities and Private Sector University. Result for area of study also displayed positive
relation with the perception and knowledge of students regarding Islamic banking. Gender, area of residence and
CGPA were not statistically significant which means these did not affected significantly on the perception and
knowledge of students about Islamic banking however in case of private Sector University CGPA count to be
factor, significantly effecting the perception of students.
Keywords: Islamic banking, perception, knowledge, products and services.
The document provides an overview of a presentation on recent issues in Islamic finance and the modern economy. The presentation covers the main principles of Islamic finance including a ban on interest (riba), promotion of fairness and equity, profit and loss sharing, and the zakat mechanism. It also discusses the differences between Islamic finance and conventional finance which allows interest, as well as governance, growth, human capital development issues, and La Trobe University's role in and plans for its new Master of Islamic Banking and Finance program.
How islamic finance works webinar by aus cif comYounis I Munshi
AusCIF aims to raise awareness of Islamic finance through educational programs and research, encourage links between academics and practitioners, attract leading Islamic finance scholars, enhance Islamic finance research and public awareness through events and conferences, and facilitate local research programs in emerging fields of Islamic banking and finance. It seeks to do this by developing comprehensive educational programs, improving international linkages, and contributing to the development of the Islamic banking and finance industry.
Islamic finance is a global financial system based on risk sharing rather than interest, in accordance with Sharia law. It prohibits interest (riba) and gambling (gharar), instead using contracts like mudarabah, musharakah, and ijara that are based on asset ownership and profit/loss sharing. Islamic finance has grown rapidly in recent decades and now represents over $1.6 trillion in banking assets globally. While separate from religious practices, Islamic finance provides an ethical alternative to conventional systems for both Muslim and non-Muslim participants.
This document provides an overview of the framework of the Islamic financial system. It discusses key concepts like Islam, Islamic economics, banking and finance. The core principles of Islamic banking are outlined, including a prohibition of riba (usury) and risk sharing. The objectives of Islamic banking are described as promoting products and services based on shariah principles, upholding brotherhood and providing facilities to communities. Ethics like avoiding abuse of power and maintaining secrecy are also emphasized. Sources of Islamic law that guide the system are mentioned.
The document discusses Islamic banking and its principles and concepts. It provides background on the origins of Islamic banking in Egypt in 1963 and outlines some of the key differences from conventional banking, such as prohibitions on riba (interest) and investing in industries like alcohol or gambling. It defines common Islamic banking contracts and instruments like murabahah, mudarabah, and ijara. It also notes that while Islamic banking has grown significantly in many Muslim-majority countries, establishing it in India could help address the needs of its large Muslim population and attract their savings within the banking system.
Knowledge and perception of students regarding islamic banking in Sindh Pakistansanaullah noonari
Abstract
This research investigated the relationship between the university student’s perception and knowledge about
different concepts and terms used in the Islamic banking and products and services offered. Impact of age,
gender, area of study, area of residence, CGPA and family’s monthly income on the perception and knowledge
of students about Islamic banking was also analyzed. Data was collected from the postgraduate students
(Respondents # 60) selected randomly from two public sectors universities (Sindh Agriculture University Tando
jam and University of Sindh) along with one private sectors (ISRA) university of Hyderabad. Simple linear
regressions were used in order to check the impact of socioeconomic characteristics on the knowledge and
perception of students. University students were mainly surveyed to assess the knowledge and perception of
country’s intellectual cream of Islamic banking crop. Results showed that religious sincerity, not the better
knowledge of Islamic banking was the strongest predictor of personal banking performances. Result reflected
that overall perception and knowledge of students was significantly different from zero. Result suggested that
students had better perception about the Islamic banking but poor knowledge. It was found that the Arabic
language in specifying the products and services hindered the understandings of the students. Coefficient of age
and income showed a positive relation with the perception and knowledge of students regarding Islamic banking
in both public sector universities and Private Sector University. Result for area of study also displayed positive
relation with the perception and knowledge of students regarding Islamic banking. Gender, area of residence and
CGPA were not statistically significant which means these did not affected significantly on the perception and
knowledge of students about Islamic banking however in case of private Sector University CGPA count to be
factor, significantly effecting the perception of students.
Keywords: Islamic banking, perception, knowledge, products and services.
The document provides an overview of a presentation on recent issues in Islamic finance and the modern economy. The presentation covers the main principles of Islamic finance including a ban on interest (riba), promotion of fairness and equity, profit and loss sharing, and the zakat mechanism. It also discusses the differences between Islamic finance and conventional finance which allows interest, as well as governance, growth, human capital development issues, and La Trobe University's role in and plans for its new Master of Islamic Banking and Finance program.
How islamic finance works webinar by aus cif comYounis I Munshi
AusCIF aims to raise awareness of Islamic finance through educational programs and research, encourage links between academics and practitioners, attract leading Islamic finance scholars, enhance Islamic finance research and public awareness through events and conferences, and facilitate local research programs in emerging fields of Islamic banking and finance. It seeks to do this by developing comprehensive educational programs, improving international linkages, and contributing to the development of the Islamic banking and finance industry.
This document outlines the details of an Islamic finance course covering various topics:
- The course covers Islamic finance principles, Shariah-compliant products like Sukuk and various contract types. It also covers structuring Islamic funds, product innovation, asset management and corporate governance in Islamic finance.
- Key Shariah-compliant financing contract types discussed include Musharakah, Mudarabah, Murabaha, Ijara, Istisna, Salam and others. Sukuk structures, types and trading are also covered.
- The differences between conventional and Islamic banks are explained. Islamic banks prohibit interest and require financing to be asset-backed and involve profit/loss sharing
This document provides an overview of Islamic banking, including its current scenario and future prospects. It begins by establishing that Islamic banking combines principles of Islam and banking/economics. It then compares the capitalist, socialist, and Islamic economic systems, noting that Islam seeks a balanced approach. The document outlines some key Islamic banking concepts like murabaha, mudaraba, musharaka, and ijara. It also provides examples of Islamic financial products and services. Finally, it summarizes the size and global reach of the Islamic banking industry currently.
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
The Urgency of Allignment Islamic Bank to Increasing the Outreach (Indonesia ...Mercu Buana University
The outreach of Islamic Bank is critical to circulate out of maslahah (beneficiaries) to the community (Ummah) and the implementation of Sharia in
totality (Kaffah). Nevertheless, Indonesia as the biggest Muslim in the world should facilitate the Muslim society to access their financial transaction
needs based their Islamic law. The study aims to examine the outreach of Islamic Bank in Indonesia. The methodology in this literature review is
qualitative that support with quantitative data. Three questions research is going to determine in this study are: (i) How the growth of Islamic Banks
from 2008 to 2015? (ii) How many the clients that have sworn out by Islamic Banks? (iii) What is the link between maslahah and the Islamic Bank
growth? We founded the outlet and business performance during 2008-2015 of Islamic Bank in Indonesia still behind from Conventional Bank thus
to improve the backward we need interaction, integration and evolution process from all stakeholders. Due to achieve the increasing of outreach we
also need the role of government in the political will that function to legitimate and enforce the alignment of Islamic Banks (Bank Syariah Mandiri,
BNI Syariah, BTN Syariah and BRI Syariah) became one state own Islamic Bank which objective to create social well-being of the community.
The document discusses the Islamic economic system. It defines an economic system and compares Islam's system to capitalism and socialism. The Islamic system is a mix economy designed according to Quranic rules. It emphasizes social responsibility and forbids interest on loans. Property belongs to God and wealth carries ethical duties. The system aims to meet basic needs for all and fund public services through obligatory charity and taxes on wealth, not income. Historical examples showed justice and equity. While no current system fully follows Islamic principles, the document outlines Islam's vision for distributing resources fairly.
This document discusses the key differences between conventional and Islamic accounting. Conventional accounting is based on Western rationalism and focuses on individual interests and profit maximization. Islamic accounting is based on Islamic principles of unity with God and social justice. It promotes social accountability and compliance with Sharia law. Some key aspects of Islamic accounting include prohibiting interest, requiring full disclosure, focusing on community interests over individuals, and using zakat to help the needy. The document argues conventional accounting can promote social imbalances while Islamic accounting fosters altruism and accountability to God.
Principles of Islamic Sharia Economic Law in Facing the Challenges of Global ...AJHSSR Journal
ABSTRACT: This research is to examine the principles of Islamic Sharia Economic Law in Facing the
Challenges of Global Competition. Challenges about the readiness of the Indonesian nation in facing global
competition, especially the ASEAN economic community, have been carried out by many components of the
nation. The increase in global competition and the dynamics of society, causing the ability to survive for this
nation is something important so that they can compete in the life of the nation and do business and avoid
predatory predators. The problem that will be discussed in this study is How the Principles of Islamic Sharia
Economic Law in Facing the Challenges of Global Competition. The research method used is a normative
research method with a conceptual approach and analyzed using content analysis.
KEYWORDS : Shari'a Economic Law, Global Competition
CORPORATE SOCIAL RESPONSIBILITY BASED ON ISLAMIC PERSPECTIVEAizad Norizan
This document discusses Islamic corporate social responsibility from a religious perspective. It provides definitions and discusses CSR in Islam beyond legal obligations, focusing on ethical, philanthropic, and economic dimensions. Key points include that CSR is a religious requirement for Islamic institutions due to moral obligations to stakeholders. Islam prohibits harmful products and requires honesty, justice and equitable distribution of wealth in business. Charitable donations like Zakat are encouraged to help the poor and balance the economy. Overall business is meant to fulfill religious duties in addition to material needs according to Islamic teachings.
This document provides an introduction to Islamic banking and finance. It discusses the key prohibitions in Islamic financial transactions, including riba (interest), gharar (excessive uncertainty), and haram activities. It defines riba as money exchanged for money with profit, and gharar as lack of transparency and ambiguity in contracts. The document emphasizes that Islamic finance requires contracts to be fair and agreed upon by all parties. It also discusses the historical origins and development of Islamic banking practices.
This document provides an introduction to Islamic banking and finance. It discusses the key prohibitions of riba (interest), gharar (excessive uncertainty), and impermissible activities according to Islamic law. It defines Islamic banking as banking that complies with Shariah. The document outlines the historical origins and modern development of Islamic banking. It explains the basic functions and operations of Islamic banks, including the flow of funds and profits based on profit and loss sharing. Six key principles of Islamic banking are identified, including the prohibition of interest and emphasis on real economic activity.
This document provides an overview of Islamic banking principles and practices. It discusses the history of Islamic banking dating back to early Islamic eras, and the modern experiment beginning in Egypt in 1963. The key principles of Islamic banking are outlined, including a prohibition on riba (usury) and a focus on profit/loss sharing and participatory arrangements. Various Islamic finance contract types are described such as murabahah, ijara, musharakah, and mudarabah. The role of Sharia advisory councils in ensuring compliance with Islamic principles is also mentioned.
Islamic Banking ,its products and applications.pptahsenaykazim1
This document provides an introduction to Islamic banking and finance. It begins by defining Islamic banking as banking that complies with Shariah or Islamic law. It then discusses key topics such as the prohibition of riba (interest), gharar (excessive uncertainty), and impermissible activities according to Islamic principles. The document also covers the historical origins and development of Islamic banking, highlighting experiments in the 1960s-1970s that helped establish modern Islamic banking practices. It explains the key principles of Islamic banking including profit and loss sharing and the emphasis on real economic activity and asset-backed transactions.
Book Chapter _ Shariah Governance in Bangladesh - Final.pdfMd. Hafij Ullah
This document provides an overview of Shari'ah governance practices in Bangladesh. It discusses the evolution of Islamic banking and Shari'ah governance in the country. Bangladesh has seen significant growth in its Islamic banking sector since the establishment of the first Islamic bank in 1983. The country now has eight full-fledged Islamic banks as well as Islamic banking services provided by several conventional banks. Shari'ah governance ensures compliance with Islamic principles and is overseen by independent Shari'ah boards. The document examines factors like history, politics, and regulations that have influenced Shari'ah governance approaches in Bangladesh.
This presentation discusses the effects of various world religions on international business. It provides overviews of several major religions including Christianity, Islam, Hinduism, Buddhism, Confucianism and discusses how religious beliefs and practices in different countries impact business activities. Specific examples are given of companies adjusting their products, services or policies to comply with religious rules in local markets. The presentation also discusses how religion has historically influenced and will continue shaping international business opportunities and strategies in the future.
What is the trust of consumer toward the Islamic bankingAwais Sargana
This report summarizes research on consumer trust toward Islamic banking. A questionnaire was administered to 100 respondents to understand their awareness and perceptions. The results found that most people are aware of how Islamic banking operates without interest. Respondents also understood the religious and financial benefits of Islamic banking. The report recommends that Islamic banks increase education on their principles to further build trust. Overall, the research found that greater awareness leads to more positive perceptions of Islamic banking.
Performance of Islamic and Conventional Banks in Pakistan (2006-2011), a Comp...IOSR Journals
The aim of this paper was conducted to investigate the financial performance of Islamic and Conventional banks to support depositors, bank managers, shareholders, investors and regulators by providing true picture of financial position of Islamic as well conventional banks in Pakistan. The ratios often compare financial statement data with stock market trading information for publicly traded companies. Financial ratios are an important tool of economic decision-making for all businesses. . It is important to choose financial ratios that are applicable to the business at hand. There are hundreds of financial ratios available, some of which apply to all businesses and some of which are industry-specific. Financial ratios were estimated from annual reports and financial statements i.e. Income statement and Balance sheet for the period of 2008 to 2011. Twelve financial ratios were estimated to measure these performances in term of profitability, liquidity, risk and solvency, capital adequacy. To determine the significance of mean differences of these ratios, Independent sample t-test and ANOVA was used between and among banks. The study concluded that Islamic banks proved to be more liquid, less risky and operationally efficient than conventional banks
This document discusses Islamic microfinance cooperatives as a means to meet the financial needs of communities. It provides an overview of microfinance and its evolution, then discusses Islamic microfinance models including village banks, qard al-hasan, and the Grameen Bank model. The cooperative movement and credit unions are examined as viable structures for Islamic microfinance. The document presents the case study of Al Barakah Multi-purpose Cooperative Society in Mauritius, which operates as an Islamic microfinance cooperative providing various financial products and services in accordance with Islamic principles. Challenges and opportunities for projects with Al Barakah are also mentioned.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
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This document outlines the details of an Islamic finance course covering various topics:
- The course covers Islamic finance principles, Shariah-compliant products like Sukuk and various contract types. It also covers structuring Islamic funds, product innovation, asset management and corporate governance in Islamic finance.
- Key Shariah-compliant financing contract types discussed include Musharakah, Mudarabah, Murabaha, Ijara, Istisna, Salam and others. Sukuk structures, types and trading are also covered.
- The differences between conventional and Islamic banks are explained. Islamic banks prohibit interest and require financing to be asset-backed and involve profit/loss sharing
This document provides an overview of Islamic banking, including its current scenario and future prospects. It begins by establishing that Islamic banking combines principles of Islam and banking/economics. It then compares the capitalist, socialist, and Islamic economic systems, noting that Islam seeks a balanced approach. The document outlines some key Islamic banking concepts like murabaha, mudaraba, musharaka, and ijara. It also provides examples of Islamic financial products and services. Finally, it summarizes the size and global reach of the Islamic banking industry currently.
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
Overview on IBBPLC the First Shariah Based Bak of South Aisa.pdfArfanAhmed22
This document provides an overview of Islamic banking in Bangladesh. It discusses the history and evolution of Islamic banking from its founding principles in the 1950s to its current state. Some key points:
- Bangladesh has over 2,300 Islamic banking branches and windows serving over 4 million customers, with total deposits and investments of over $43 billion and $29 billion respectively.
- Islamic banks in Bangladesh focus on socially responsible financing including agriculture, SMEs, housing, and poverty alleviation. They also provide various deposit products to promote causes like Hajj and waqf.
- The future of Islamic banking in Bangladesh looks promising due to the large Muslim population, growing demand, and central bank support through regulatory reforms and
The Urgency of Allignment Islamic Bank to Increasing the Outreach (Indonesia ...Mercu Buana University
The outreach of Islamic Bank is critical to circulate out of maslahah (beneficiaries) to the community (Ummah) and the implementation of Sharia in
totality (Kaffah). Nevertheless, Indonesia as the biggest Muslim in the world should facilitate the Muslim society to access their financial transaction
needs based their Islamic law. The study aims to examine the outreach of Islamic Bank in Indonesia. The methodology in this literature review is
qualitative that support with quantitative data. Three questions research is going to determine in this study are: (i) How the growth of Islamic Banks
from 2008 to 2015? (ii) How many the clients that have sworn out by Islamic Banks? (iii) What is the link between maslahah and the Islamic Bank
growth? We founded the outlet and business performance during 2008-2015 of Islamic Bank in Indonesia still behind from Conventional Bank thus
to improve the backward we need interaction, integration and evolution process from all stakeholders. Due to achieve the increasing of outreach we
also need the role of government in the political will that function to legitimate and enforce the alignment of Islamic Banks (Bank Syariah Mandiri,
BNI Syariah, BTN Syariah and BRI Syariah) became one state own Islamic Bank which objective to create social well-being of the community.
The document discusses the Islamic economic system. It defines an economic system and compares Islam's system to capitalism and socialism. The Islamic system is a mix economy designed according to Quranic rules. It emphasizes social responsibility and forbids interest on loans. Property belongs to God and wealth carries ethical duties. The system aims to meet basic needs for all and fund public services through obligatory charity and taxes on wealth, not income. Historical examples showed justice and equity. While no current system fully follows Islamic principles, the document outlines Islam's vision for distributing resources fairly.
This document discusses the key differences between conventional and Islamic accounting. Conventional accounting is based on Western rationalism and focuses on individual interests and profit maximization. Islamic accounting is based on Islamic principles of unity with God and social justice. It promotes social accountability and compliance with Sharia law. Some key aspects of Islamic accounting include prohibiting interest, requiring full disclosure, focusing on community interests over individuals, and using zakat to help the needy. The document argues conventional accounting can promote social imbalances while Islamic accounting fosters altruism and accountability to God.
Principles of Islamic Sharia Economic Law in Facing the Challenges of Global ...AJHSSR Journal
ABSTRACT: This research is to examine the principles of Islamic Sharia Economic Law in Facing the
Challenges of Global Competition. Challenges about the readiness of the Indonesian nation in facing global
competition, especially the ASEAN economic community, have been carried out by many components of the
nation. The increase in global competition and the dynamics of society, causing the ability to survive for this
nation is something important so that they can compete in the life of the nation and do business and avoid
predatory predators. The problem that will be discussed in this study is How the Principles of Islamic Sharia
Economic Law in Facing the Challenges of Global Competition. The research method used is a normative
research method with a conceptual approach and analyzed using content analysis.
KEYWORDS : Shari'a Economic Law, Global Competition
CORPORATE SOCIAL RESPONSIBILITY BASED ON ISLAMIC PERSPECTIVEAizad Norizan
This document discusses Islamic corporate social responsibility from a religious perspective. It provides definitions and discusses CSR in Islam beyond legal obligations, focusing on ethical, philanthropic, and economic dimensions. Key points include that CSR is a religious requirement for Islamic institutions due to moral obligations to stakeholders. Islam prohibits harmful products and requires honesty, justice and equitable distribution of wealth in business. Charitable donations like Zakat are encouraged to help the poor and balance the economy. Overall business is meant to fulfill religious duties in addition to material needs according to Islamic teachings.
This document provides an introduction to Islamic banking and finance. It discusses the key prohibitions in Islamic financial transactions, including riba (interest), gharar (excessive uncertainty), and haram activities. It defines riba as money exchanged for money with profit, and gharar as lack of transparency and ambiguity in contracts. The document emphasizes that Islamic finance requires contracts to be fair and agreed upon by all parties. It also discusses the historical origins and development of Islamic banking practices.
This document provides an introduction to Islamic banking and finance. It discusses the key prohibitions of riba (interest), gharar (excessive uncertainty), and impermissible activities according to Islamic law. It defines Islamic banking as banking that complies with Shariah. The document outlines the historical origins and modern development of Islamic banking. It explains the basic functions and operations of Islamic banks, including the flow of funds and profits based on profit and loss sharing. Six key principles of Islamic banking are identified, including the prohibition of interest and emphasis on real economic activity.
This document provides an overview of Islamic banking principles and practices. It discusses the history of Islamic banking dating back to early Islamic eras, and the modern experiment beginning in Egypt in 1963. The key principles of Islamic banking are outlined, including a prohibition on riba (usury) and a focus on profit/loss sharing and participatory arrangements. Various Islamic finance contract types are described such as murabahah, ijara, musharakah, and mudarabah. The role of Sharia advisory councils in ensuring compliance with Islamic principles is also mentioned.
Islamic Banking ,its products and applications.pptahsenaykazim1
This document provides an introduction to Islamic banking and finance. It begins by defining Islamic banking as banking that complies with Shariah or Islamic law. It then discusses key topics such as the prohibition of riba (interest), gharar (excessive uncertainty), and impermissible activities according to Islamic principles. The document also covers the historical origins and development of Islamic banking, highlighting experiments in the 1960s-1970s that helped establish modern Islamic banking practices. It explains the key principles of Islamic banking including profit and loss sharing and the emphasis on real economic activity and asset-backed transactions.
Book Chapter _ Shariah Governance in Bangladesh - Final.pdfMd. Hafij Ullah
This document provides an overview of Shari'ah governance practices in Bangladesh. It discusses the evolution of Islamic banking and Shari'ah governance in the country. Bangladesh has seen significant growth in its Islamic banking sector since the establishment of the first Islamic bank in 1983. The country now has eight full-fledged Islamic banks as well as Islamic banking services provided by several conventional banks. Shari'ah governance ensures compliance with Islamic principles and is overseen by independent Shari'ah boards. The document examines factors like history, politics, and regulations that have influenced Shari'ah governance approaches in Bangladesh.
This presentation discusses the effects of various world religions on international business. It provides overviews of several major religions including Christianity, Islam, Hinduism, Buddhism, Confucianism and discusses how religious beliefs and practices in different countries impact business activities. Specific examples are given of companies adjusting their products, services or policies to comply with religious rules in local markets. The presentation also discusses how religion has historically influenced and will continue shaping international business opportunities and strategies in the future.
What is the trust of consumer toward the Islamic bankingAwais Sargana
This report summarizes research on consumer trust toward Islamic banking. A questionnaire was administered to 100 respondents to understand their awareness and perceptions. The results found that most people are aware of how Islamic banking operates without interest. Respondents also understood the religious and financial benefits of Islamic banking. The report recommends that Islamic banks increase education on their principles to further build trust. Overall, the research found that greater awareness leads to more positive perceptions of Islamic banking.
Performance of Islamic and Conventional Banks in Pakistan (2006-2011), a Comp...IOSR Journals
The aim of this paper was conducted to investigate the financial performance of Islamic and Conventional banks to support depositors, bank managers, shareholders, investors and regulators by providing true picture of financial position of Islamic as well conventional banks in Pakistan. The ratios often compare financial statement data with stock market trading information for publicly traded companies. Financial ratios are an important tool of economic decision-making for all businesses. . It is important to choose financial ratios that are applicable to the business at hand. There are hundreds of financial ratios available, some of which apply to all businesses and some of which are industry-specific. Financial ratios were estimated from annual reports and financial statements i.e. Income statement and Balance sheet for the period of 2008 to 2011. Twelve financial ratios were estimated to measure these performances in term of profitability, liquidity, risk and solvency, capital adequacy. To determine the significance of mean differences of these ratios, Independent sample t-test and ANOVA was used between and among banks. The study concluded that Islamic banks proved to be more liquid, less risky and operationally efficient than conventional banks
This document discusses Islamic microfinance cooperatives as a means to meet the financial needs of communities. It provides an overview of microfinance and its evolution, then discusses Islamic microfinance models including village banks, qard al-hasan, and the Grameen Bank model. The cooperative movement and credit unions are examined as viable structures for Islamic microfinance. The document presents the case study of Al Barakah Multi-purpose Cooperative Society in Mauritius, which operates as an Islamic microfinance cooperative providing various financial products and services in accordance with Islamic principles. Challenges and opportunities for projects with Al Barakah are also mentioned.
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https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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2. Economic System
• Is a system of the production trade and consumption of goods & services.
• The economic agent can be individual, businesses, or Government
• Transaction occur when two or more parties agree to the value or price of
the transacted goods or service in an agreed currency
• The currency or money is a medium of exchange (Money was created by
the ancient Egyptian approximately 2000 years BC )
• Market base economy where goods and services are exchanged freely
without interference according to the demand and supply by barter or
exchange of money
“Adam Smith defined economy as the products offered at a national price
generated by the use of competition , while Governments should only
regulate for abuse and control monopoly , Transparency and information is
essential element for free market economy”
• Economics activities are measured by GDP, consumers spending, Exchange
rate, stock market, national debit, inflation rate, balance of trade,
unemployment and interest rate
2
05/11/2013
3. Different Economics system
• Capitalism
• Competition is on free market the price, production and consumption of
goods based on demand and supply, the trade privately owned and managed
for profit.
• No regards to unemployment, social growth
• Communism
• All property and capitals are owned and managed by the state including
economic activities, enterprise, labour, production and consumption.
• Employment is the state to provide, wages are set by the state according to
the national output
• Islamic System
• Market base economy, where goods and services are exchanged freely
according to the demand and supply by barter or money with debit or credit
value
• Entrepreneurs are encouraged to create wealth throw employment and
social activities
• It is a balance between the two systems, it is emphasis both individual
economic freedom and the need to serve the common good 3
05/11/2013
4. Religion
• Religion is an organized collection of beliefs, faith, cultural
system, ethics, morality and way of life
• Almost all religion believe in God
• The global sensor 2012 reports that the world population has
reached 6.9 Billion of which 2.0 Billion 31% Christians, 1.7
Billion 23% Muslims, 13.8 Million 0.2% Jews and 59% are
religious and 41 % non-religious.
• Religion and business have been throughout the history
interacted and affected one anther as well as influencing
social-culture and politics, for example labour laws in the UK
labour law as well as USA prohibited to discriminate against
religion
• To me Religion is a close relationship between me and God, I
can ask him for guide, forgiveness
4
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5. Can Economy and Religion mix
• The practice of religion is between the person and his God in
forms of pray or meditations, and in daily life such as
marriage, funerary service, public service and charities
• Economic systems are manmade system to regulate and
reform trade:
Throw history economic systems have taken a form of trying and
testing of what to produce? How to produce? Who gets what is
produced?
Efficacy, growth, liberty and equality are objectives to achieve in
good economic systems
In capitalist economic system production carried out to maximize
profit, while in socialist systems labour and jobs is the goal
5
05/11/2013
6. Islam
• The word Islam means
“submission” or “total surrender” to God,
• Islam is a Holy religion that came to the world some 1443 years
ago in the year 578.
• There are 1.7 billion Muslims in the world (23% of total world
population) with annual growth of 15% (in 2020 Muslim
population expected 25% of the world population) ,
making it 2nd largest religion after Christianity. Only 20% of those
live in Arab Countries.
• God Revealed the Qur'an to people through his last messenger,
Prophet Mohammed ”BPUH”.
• The Qur'an is the holly book.
• Mohammed's words and deeds are called Sunnah; both are the
fundamental sources of Islamic law, known as Shariah.
05/11/2013
6
7. Islam
• The five pillars of Islam:
1. Shahabad (profession of faith)
2. Salat (prayer)
3. Zakat (giving of alms)
4. Sawm Ramadan (fasting during the month of Ramadan)
5. Hajj (pilgrimage to Mecca for those who are able
physically and financially)
05/11/2013
7
8. • There are 1.7 billion Muslims in the world (23% of total world population) with annual
growth of 15%
• in 2020 Muslim population expected 25% of the world population
• Only 20% of those live in Arab Countries.
8
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9. Shari'ah law
Justice, fairness and morality
• Are values which underpin both the entire Islamic way of life.
• Shariah gives guidance as to what is, and what is not,
acceptable behaviour in all areas of a Muslim’s life
• Shari'ah is developed by Shari'ah scholars (Known as Schools
of thoughts, Safaai, Hanafi, Hanbali, Malki, Sheaat ,etc. ) over
1000 years ago (over 400 years after Islam)
• The recent Scholars known as Shari'ah advisors or Shari’ah
board has studied Fiqh Al-Muaamlat able to explain Shari'ah
law for recent business dealings.
• The principal base of the Shari’ah Law is:
the permissibility, the prohibition is exceptional
9
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9
10. What is Islamic Finance?
• Islamic Banks Started in 1974 in Egypt with the first Islamic
Bank “Nasser social bank” followed by Islamic development
bank in 1975, now there are over 600 Islamic Banks globally
• Islamic Banks started as interest free bank to help the small
entrepreneurs to start business, the costs of managing the
bank charged the stack holder as expanses
• The framework of an Islamic financial system is based on
elements of Shari'ah(Islamic Law) which prohibit Riba (Usury)
and Gharar (Deception) and permit Risk sharing
• The fundamental concept is that the money has no inherent
value and should be used as a measure of worth
• Shari’ah compliant investment are structured on the exchange
of ownership in tangible assets or services with money acting
as the payment mechanism to effect the transfer of ownership
10
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11. Shari’ah Law
• Recent Islamic scholars who from time to time re-examine
the Shari'ah principals have structured new financial
instruments
• Those instruments must comply with principals of The of
Shari'ah law
• Ethics of the Shari’ah Law originate from:
The Qur'an
The Sunnah,
Ijmaa - consensus among the jurists,
Qiyyas – analogy
Ijtihad - reasoning
05/11/2013
11
13. Prohibitions
InIslamicfinancialsystem
• Prohibition of Unfairness & Unjust
• Prohibition of Riba (usury)
• Prohibition of Gharar (Deception & Speculation)
• Prohibition of Gambling
• Prohibition of Monopolies
• Prohibition of Short Sales
• Prohibition in money trading (Money is a medium not a
commodity)
• Prohibition of Dealing in Unlawful or Unethical Goods or
Services
05/11/2013
13
15. Shari'ah Compliant Products
• Products that exchangeable for money
• Products are not prohibited in Islam
• Products are not traded under duress
• Products that are free from Riba
• Products are traded in the open market
• Products that are not monopolized by one party
05/11/2013
15
16. Islamic Finance Contracts
• Because of the importance of money to all human being,
regardless of his or her beliefs
• Islam has addressed this issue in general terms, and gave
societies the choice to develop their own financial systems, as
long as the system is
Fair & Just
To everyone
05/11/2013
16
17. Global development of Islamic Finance
• Islamic Finance is fastest growing segments of the Global
Financial services Industry
• Global Islamic banking assets with commercial banks reached
$1.6 trillion in 2013 (2011: $1.3 trillion), representing average
annual growth of 17%
• Islamic banking growth by 50% faster than overall banking
sector in several core markets
• Shari’ah compliant financial assets have been growing at rate
20-25% over the last 10 Years estimated at US$ 1.8 Trillion in
2012, That represent only 1.2 % of the global financial system
• Still to small sum considering China Construction Bank hold
US$ 2.6 Trillion in assets 17
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22. What make Islamic Finance
a Global system ?
• Islamic Finance is an economical system based on
Risk sharing (sharing profit & loss)
• The Shari’ah explains the ethical concept of the money and
capital use ( Money is a medium of transaction not a commodity)
• The system prohibit RIBA, but also offers an alternative tools
of avoiding Riba
• The prohibition of GHARAR (Uncertainty) allowing all
transaction to be transparent and free from deception
• The system sets the social responsibility for the financial
institution to take active part in the economic development to
create jobs and generate wealth (such as Sukuk issuance to
raise capital from small investors for new project
development) not just profitmaking
• The system sets the relationship between RISK and Profit
22
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23. What make Islamic Finance
a Global system
• Prohibiting trade in Unethical products(such as Pork,
pornography and alcohol) help the economy to grow ethically
• There are numerous experienced Shari’ah Scholars who are to
advise on the Shari’ah compliant activities
• Over 60% of investors in Sukuk are non-Islamic corporate
investors because its safer investment than Bonds
• Although their their are different Schools of thoughts applied
in different parts of the Glob, but all Schools agree on the
same principals “different opinions benefit the people”
“ for Example Shari’ah interpolation in Malaysia based on
Shafie School and other parts of the world prefer anther
School , but overall all Schools follow the same path” 23
05/11/2013
24. Growth During the Crisis
• One impact of the Global Financial Crises has been the rise of
Islamic Finance because its resilience to such crises
• Not one single Islamic Bank anywhere in world has needed to
be bailed out by taxpayers or Government (Despite some
difficulties in Dubai real estate)
• Islamic Banks were not caught up with exposure to the “Toxic
Assets” (Assets has no value) which hit the conventional banks
• Products offerings and investment of Islamic Banks are
relatively secure
• The question heir to ask is:
Would the Global crises have occurred if Islamic finance
principals had been followed? 24
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25. Conclusions
• Economy and Religion do not mix
• Islamic Finance is a global financial system
• Islamic Finance is an economic system based on Risk sharing
• Islamic Finance is not a religious system, its open for all people
Muslim and non-Muslim to take part
• Islamic finance is a system of making Money ethically
• Islamic finance tools may have different terminology, the
global economy apply similar tools, but the risk have not been
shared fairly between the parties
25
05/11/2013
29. Aly Khurshid, PhD
Leading Consultants Development
Advisory Services on Academic and Institutional
Specialised on Islamic Banking and Finance
Experienced in Management and leadership in
commercial and academic environment
Authors of more than 5 books and over 70 journal
and conference papers
Shari’ah Scholar, board member in several financial
and academic institutions
29