This article is written by brother Adnan Khan Open up the pages of any newspaper or Financial Magazine and you are guaranteed to find advertisements from banks announcing their latest Islamic finance products. Once perceived as a niche market, Islamic finance today is big business with both local and international banks keen to get in on the act. An increasing number of non-Muslims are adopting Islamic compliant products as awareness of the principles behind Shari'ah finance has grown. In 2008, … [Read more...]
The Islamic Rules of Trade – The Bankrupt (Muflis)
April 24, 2009 By
Interesting to see the justice of the islamic system, especially when comparing islamic rules of trade & economy to the western ones we see at present. This comes from Islamic Revival The bankrupt in language is the one without money and without that by which he would pay for his needs. It is meant by this that he reached a situation in which it is said about him, ‘That he has no (fils) penny’ so he is muflis. Muslim narrated via the way of Abu Hurayra “that the Messenger of … [Read more...]
There Does Not Exist a Labour Problem in Islam
February 23, 2009 By
This short piece comes from Islamic Revival The capitalist system in economics was implemented upon the western world, and upon Russia before the communist party ruled it. Among the principles of the capitalist ideology is freedom of ownership from which resulted the owners manipulation (misuse) of the employees i.e. the workers as long as there existed mutual consent and as long as the theory of liability is the one dominating over them. Labourers received from the employers evil, injustice and … [Read more...]
Islamic Finance Part 3: Importance of Property Ownership
February 19, 2009 By
Introduction The concept of empowerment is a particularly important one as the world moves toward globalization and a knowledge economy. The ability of every man to earn a living and accumulate wealth is no more in direct proportion to how much effort he exerts in a chosen field of endeavour. The fact that labour is now internationally mobile, means that every person is competing against a global pool of human capital, all vying for deployment in a limited pool of organizations. Thus, although a … [Read more...]
Islamic Finance Course (Johannesburg)
February 11, 2009 By
ISLAMIC FINANCE COURSE “Islamic Finance and Economics is a Complete System†The above statement has far reaching consequences for the way that we, as an Ummah, conducts our financial affairs. Do you know what this system is? Al Mazaahir (Institute of Islamic Sciences), An Nakheel Capital, Muslims at Work and At Tijaarah (South Africa’s First Islamic Finance Magazine) are presenting a comprehensive, 1 day seminar on Islamic Finance and Economics, on 21 Feb, 2009. BOOK … [Read more...]
Islamic Finance Part 2: Rights & Obligations
February 6, 2009 By
The concept of rights and obligations in Islamic Finance The concept of rights and obligations play a central role in Islamic Finance. The prohibition of interest is a major facet of Islamic Finance, and the primary outcome of this prohibition is the preservation of the rights of both parties – the party that requires financial assistance and the party rendering it. By replacing the concept of lending money for interest, with the concept of equal risk sharing and trade, the rights of each … [Read more...]
Fundamentals of Islamic Finance (Part1)
January 30, 2009 By
Fundamentals of Islamic Finance Islamic Finance provides for the making of profits in an inclusionary and socially equitable manner The prohibition of debt and fractional reserve banking serves as a buffer against rampant inflation The goals of Islamic Finance are in many respects similar to the goals of conventional finance The manner in which these goals are achieved is vastly different The purpose of this article is to explain the fundamental principles and underlying philosophy of Islamic Finance, … [Read more...]
The End of Prosperity: Can Islamic Finance Help?
January 23, 2009 By
By Mahomed Shoaib Omar (Specialist Corporate & Islamic Finance Attorney) from Albalagh.netThe meltdown of the global financial system has raised profound questions of its fundamental structural reform. The downward spiral in the US and Western Europe is described by financial experts as deleveraging : the forced reduction of accumulated debt by households and financial institutions. As more assets get dumped into the market, prices are driven down further, which in turn necessitates more deleveraging. … [Read more...]
Recent Comments