In Islamabad, Pakistan, June 16, 2004: Members of the party's Islamist politics in Pakistan, the Muttahida Majlis-e-Amal (MMA) party, staged a protest strike to the National Assembly of Pakistan against what they called disparaging remarks by a minority on the bank of interest:
Microfinance
Microfinance is a major concern for Muslim States and, recently, Islamic banks too. Islamic microfinance tools can enhance the security of tenure and to help transform the lives of the poor. [32] Already, several microfinance institutions (MFIs), such as FINCA Afghanistan have introduced Islamic-compliant financial instruments that take into account the criteria of the Shariah.
Islamic laws on trading
The Qur'an prohibits gambling (games of chance involving money) and some health insurance or property (also considered a game of chance). The hadith, in addition to prohibiting gambling (games of chance), also prohibits al-Bayu gharar (negotiation of risk, where gharar Arabic word is taken to mean "risk" or excessive uncertainty).
The Hanafi Madhhab (school of law) in Islam gharar defines as "that whose consequences are hidden." Shafi legal school gharar defined as "that whose nature and consequences are hidden" or "that which admits two possibilities, with the least desirable, most likely. " The Hanbali school, he defined as "that whose
The Hanafi Madhhab (school of law) in Islam gharar defines as "that whose consequences are hidden." Shafi legal school gharar defined as "that whose nature and consequences are hidden" or "that which admits two possibilities, with the least desirable, most likely. " The Hanbali school, he defined as "that whose
Islamic equity funds
Islamic investment funds stock market is one of the areas fastest growing in the financial Islamic system. Currently, there are about 100 capital funds in the Islamic world. The total assets managed by these funds currently exceed $ 5 billion and is growing by 12-15% per year. With the continued interest in the Islamic financial system, there are positive signs that more funds will be launched. Some Western majors have joined the fray or are planning to launch similar products in the Islamic equity.
Islamic financial transaction terminology
Bai al '-INAH (sale and repurchase agreement)
The financier sells an asset to the customer on a deferred payment, then the asset is immediately repurchased by the financier money with a discount. The agreement authorizes the purchase of the bank to assume ownership of assets to protect against default without explicitly demand for interest for late payment or insolvency. Some researchers believe that this is not consistent with the principles of Sharia. [26] [27]
[edit] ajil bithaman Bai (deferred payment sale)
The financier sells an asset to the customer on a deferred payment, then the asset is immediately repurchased by the financier money with a discount. The agreement authorizes the purchase of the bank to assume ownership of assets to protect against default without explicitly demand for interest for late payment or insolvency. Some researchers believe that this is not consistent with the principles of Sharia. [26] [27]
[edit] ajil bithaman Bai (deferred payment sale)
Shariah Advisory Council/Consultant
Islamic banks and banking institutions that offer Islamic banking products and services (IBS banks) are required to establish a supervisory board of Sharia (SSB) to advise and ensure that operations and activities the bank comply with Shariah principles. On the other hand, there are also those who feel no form of the bank will never comply with Shariah [25].
In Malaysia, the National Advisory Council of Sharia, which also set up at Bank Negara Malaysia (BNM) advises BNM on the Shariah aspects of the operations of these institutions and their products and services. (See: Islamic bank in Malaysia). In Indonesia, the Ulama Council serves a similar purpose.
In Malaysia, the National Advisory Council of Sharia, which also set up at Bank Negara Malaysia (BNM) advises BNM on the Shariah aspects of the operations of these institutions and their products and services. (See: Islamic bank in Malaysia). In Indonesia, the Ulama Council serves a similar purpose.
Principles
Islamic banking has the same purpose as conventional banking except that it operates according to the rules of Shariah, known as fiqh al-Muamalat (Islamic rules on transactions). The basic principle of Islamic banking is the sharing of profits and losses and the prohibition of riba (usury). The common terms used in Islamic banking, including profit sharing (Mudharabah), storage (Wadiah), a joint venture (Musharakah), cost plus (Murabahah) and leasing (Ijarah).
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