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Islamic Finance Briefing - Category | Islamic Law / Economics more

Muslim markets are compelling, but converting a business to Islam is complex

Posted on 22 February 2012 by Laxman  |  Email|Print

Bank Sarasin reviews the complexities of converting a business to Islam, a topic which is rarely discussed or written about. Conversion is complicated by the need to address every aspect of a business, the lack of broadly accepted standards and regulations, and differences in the Muslim world itself.
Converting a business to Islam can increase the value of a company by 18-25% due to the scarcity of genuine Islamic investments. But the conversion process is arduous, extending from the design to distribution and beyond, to how the company spends its profits. (Press Release)

Shariah compliance can boost value up to 25pct

Posted on 22 February 2012 by Laxman  |  Email|Print

Converting a conventional business into a Shariah-principled entity can enhance the value of the company by 18%-25%, according to the Islamic Wealth Management (IWM) Report 2012. Moreover, the non-bankable assets of family-run companies needed further diversification, the report said.
“Converting a business to Islamic finance can increase the value of a company by 18%-25% due to the scarcity of genuine Islamic investments,” it said………………………………………..Full Article: Source

The Arab spring: A long march

Posted on 17 February 2012 by Laxman  |  Email|Print

The moderate Islamists of the Muslim Brotherhood have won much ground but look far from comfortable in power. A flush of green is spreading across the Arab world, but not because its vast deserts are shrinking. Green is the colour of Islam and Islamist movements have reaped the biggest harvest of the Arab spring. Not all stripes of Koran-led politics have flourished equally.
In the Sunni Muslim heartlands stretching from the Atlantic to the Persian Gulf, neither violent extremists in the mould of al-Qaeda, nor proponents of Iranian-style theocracy, nor woolly Islamist liberals have fared especially well………………………………………..Full Article: Source

New report on Shariah scholars released

Posted on 10 February 2012 by Laxman  |  Email|Print

Failaka Advisors, in partnership with Paris-based Grapes Market Research & Advisory, has released the second edition of The Shariah Report.
The 2012 version of the report is the world’s first comprehensive report on Shariah scholars, with detailed profiles of more than 120 of the top scholars in the Middle East and from around the globe highlighting Islamic Finance’s global reach………………………………………..Full Article: Source

Religious leaders scrutinize Goldman’s Sukuk

Posted on 09 February 2012 by Laxman  |  Email|Print

As an emerging industry, Islamic finance has attracted much attention over the last few years. By and large, Islamic finance relies on the status and reputation of scholars to make up for the lack of governance.
Obviously, the industry relies on scholars’ reputation to market the product. Goldman Sachs registered a program to issue sukuk based on murabaha (a cost-plus-profit arrangement which is in line with Islamic law). Goldman Sachs’ $2 billion Islamic bond program has become under scrutiny as some scholars — who were named as potential approvers — had not even seen the prospectus………………………………………..Full Article: Source

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SECP issues Shariah compliance, audit mechanisms for Modarabas

Posted on 08 February 2012 by Laxman  |  Email|Print

The Securities and Exchange Commission of Pakistan (SECP) has issued Shariah compliance and audit mechanisms for Modarabas.
The NBFI and Modaraba Association of Pakistan on Tuesday said that around the world, Modaraba is used as an Islamic financial instrument but Pakistan has the unique privilege of having provided a statutory framework and elaborate regulatory regime for Modarabas to operate as corporate entities rather than remaining only a transactional concept………………………………………..Full Article: Source

Saudi finance minister sees GDP at 6.8pct in 2012

Posted on 27 January 2012 by Laxman  |  Email|Print

Saudi Arabia’s economy, the largest in the Arab world, is likely to maintain its gross domestic product growth rate of 6.8% this year due to the kingdom’s expansionary budget, which will play a vital role in supporting the economy, the nation’s finance minister said.
Separately, Al-Assaf said that the General Authority of Civil Aviation, which earlier this year announced its first ever sukuk, or Islamic bond, offering, was planning a second sukuk this year to help fund construction of the SAR27.1 billion new King Abdul Aziz International Airport in Jeddah. GACA offered sukuk valued at SAR15 billion to investors on Jan. 10 and the offering was three times oversubscribed……………………………………….Full Article: Source

Significance of Islamic economy highlighted

Posted on 26 January 2012 by Laxman  |  Email|Print

Shaikh Saleh Kamil , Head of the United Chambers of Commerce, Gulf Region, delivered a speech at the Oman Chamber of Commerce and Industry (OCCI) yesterday on Islamic Economy and its significance in the present crises-ridden world.
The audience appreciated his thought-provoking comments on the various aspects of Islamic economy that prevent many ills that plague many economies today. On the issue of Zakat he says it is one of “my concerns for many years. Zakat can be the key tool for the economic and social growth………………………………………..Full Article: Source

Oman: Islamic banks spur economy

Posted on 25 January 2012 by Laxman  |  Email|Print

Oman’s first Islamic Finance and Banking Conference which was organised by Al Iktissad Wal-Amal Group in collaboration with the Central Bank of Oman (CBO) concluded on Tuesday. The two-day conference explored the core of Islamic finance industry and its economic and financing role to support the economy.
The conference brought together a wide range of participants from various Arab and Islamic countries to exchange experiences and knowledge in Islamic banking industry………………………………………..Full Article: Source

Russia: Islamic banks never invest in pork, alcohol and tobacco

Posted on 19 January 2012 by Laxman  |  Email|Print

Russia’s Finance Ministry is working on legal acts to sign an unusual investment agreement with the United Arab Emirates. Mutual investments will avoid taxation, whereas the Arabs will not have their profit taxed. However, the documents encourage only state-run corporations and funds.
The agreement between the government of the Russian Federation and the UAE “About taxation of the income from the investments of the contracting states and their financial and investment institutions” was signed in Abu-Dhabi on December 7, 2011. However, the information about the document has become available only recently………………………………………..Full Article: Source

Gulf economies grew 7.4pct last year

Posted on 17 January 2012 by Laxman  |  Email|Print

The real gross domestic product (GDP) of the oil-rich six Gulf states registered a year-on-year growth of 7.4 per cent in 2011, up from 4.8 per cent in 2010, according to National Bank of Abu Dhabi report.
The GCC’s nominal GDP reached a record $1.34 trillion (Dh4.92 trillion) in 2011, a sharp increase from $1.08 trillion in 2010. The GCC economy is estimated to be the 14th largest in the world in 2011 after Australia………………………………………..Full Article: Source

Economic pressures faced by ‘Arab Spring’ states analyzed

Posted on 16 January 2012 by Laxman  |  Email|Print

Prospects for regional growth in light of current events took the centre stage at a recent conference held at Dubai International Financial Centre (DIFC).
The Dubai International Financial Centre (DIFC), the financial and business hub connecting the region’s emerging markets with the developed markets of Europe, Asia and the Americas, hosted “Global Turbulence and MENA Transformations — Political Risk and Investment Trends and Opportunities”………………………………………..Full Article: Source

Malaysia: No zakat fund misuse

Posted on 13 January 2012 by Laxman  |  Email|Print

The Federal Territory Islamic Religious Council (MAIWP) has stressed that it can use government grants or zakat (tithe) funds to defend the honour of its religious institution.
“Zakat funds may be used by our Islamic affairs minister or other MAIWP official to pay for legal fees in order to defend the sovereignty, honour, dignity and credibility of the Islamic institution,” MAIWP secretary Datuk Che Mat Che Ali said………………………………………..Full Article: Source

Gold courier fails to show in sharia mortgage case

Posted on 11 January 2012 by Laxman  |  Email|Print

A man identified in court records as having taken $1.8 million in gold bars to Egypt and giving them to Islamic-law scholars failed to show Tuesday for a court-sanctioned discovery examination.

Joseph Adam was to testify in the receivership case of two insolvent Toronto companies that issued home mortgages conforming to an interpretation of Islamic law, or sharia. The court has now required Adam’s lawyer Joel Levitt to turn over any information he has “as to the whereabouts of Adam, including all known contact information.”……………………………………Full Article: Source

The economics of the Arab spring

Posted on 11 January 2012 by Laxman  |  Email|Print

After emergency laws are lifted, constitutions are drafted, and elections are held, policymakers in the Middle East will be faced with a tough practical challenge: how to create economic opportunities for the region’s teeming millions?
Arab revolutions had a clear economic underpinning: they were fueled by poverty, unemployment, and lack of economic opportunity. At the heart of these uprisings is a search for social and economic justice. While political repression in the Middle East remains a subject of continuous discussion in media and academic circles, the scale and intensity of the region’s economic repression has gone relatively unnoticed…………………………………….Full Article: Source

Islamic principles in economic life

Posted on 09 January 2012 by Laxman  |  Email|Print

The Islamic value system in economic life is a moral code for economic and social progress. For instance, when a “Muslim” applies Islam’s rules in work, science, justice, investment, construction and diligence etc, and when a “Muslim” rejects what Islam prohibits, such as fraud, injustice, ribba (profit without labour), ignorance, overspending, manipulation, monopoly etc. Sharia rulings make it essential to answer this key question:
Is every “bank interest” considered forbidden ribba, in light of the evolution of the Western economic view of banking interest, on the one hand, and disagreement among Islamic scholars about bank interest, on the other?……………………………………..Full Article: Source

Derivatives and Shariah

Posted on 06 January 2012 by Laxman  |  Email|Print

Are derivatives acceptable in Islamic finance? Of course the answer is yes, but one must appreciate the difference between Islamic derivatives and their conventional counterparts. Furthermore, while the use of derivative contracts is acceptable in Islamic finance, there are limits to trading in them.
On a philosophical level, almost all Islamic financial products are in fact examples of derivative contracts. For example, a Sukuk (an Islamic equivalent of a bond) may link the returns of an asset (e.g., a property) to an interest rate mechanism such as LIBOR………………………………………..Full Article: Source

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Supply and demand in Islamic economics

Posted on 23 December 2011 by Laxman  |  Email|Print

Economic demand is an essential part of life. Every human being requires things, goods, and services for their daily lives. Some more essential than others. The Qur’an says that to acquire those things that humans need they must work for them.
That labor and effort are a prerequisite for receiving any goods that are in demand. However, the things that Muslims can work at or create are limited to those that have been declared Halal by the Qur’an………………………………………..Full Article: Source

Think out of the box, think ‘halal’

Posted on 21 December 2011 by Laxman  |  Email|Print

Malaysian entrepreneurs have to think out of the box to tap into the lucrative RM9 trillion-a-year halal products market. Halal Industry Development Corporation (HDC) vice-president Dr Malik Musharaf said Malaysia was only tapping into less than one per cent of the market, taking in about RM58 billion of the share.
“The global halal eco-system is worth more than US$2.3 trillion (RM9 trillion) annually and is fast gaining attention worldwide.”……………………………………….Full Article: Source

Malaysia promotes Halal for non-Muslims

Posted on 19 December 2011 by Laxman  |  Email|Print

Eyeing a bigger share of halal industry pie, the Malaysian government has invited all Malaysians to participate in promoting halal industry in the country, regardless of race and religion.
“I encourage Muslims and non-Muslim entrepreneurs to enter the industry even if they start small,” Chief Minister Tan Sri Abdul Taib Mahmud said before launching the Halal Transformation Program 2011 on Saturday………………………………………..Full Article: Source

Islamic economics

Posted on 16 December 2011 by Laxman  |  Email|Print

News media are providing full coverage of the euro malady, but they have failed to highlight the main reason for this crisis. Yes one of the reasons is overspending. To cover this some European nations resorted to the printing of money or borrowed money from financial institutions on high interest rates.
The root cause is not borrowing but the system of charging interest on unproductive spending. Since it does not generate any positive revenue, the affected countries will not be able to pay back the loan and the amount of loan will increase due to interest. It will become a vicious circle from which they will not be able to escape………………………………………..Full Article: Source

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Muslims tasked on charitable deeds, Islamic investments

Posted on 16 December 2011 by Laxman  |  Email|Print

Muslim civil servants have been admonished to devote part of their salaries to the less privileged in order to reduce poverty in the society, fulfill Allah’s injunctions and purify their wealth.
This charge was given by contributors at a special prayer organised by the Muslim Teachers’ Association of Nigeria (MUTAN), Alimisho branch, held at the State High School, Alimoso, Lagos State………………………………………..Full Article: Source

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All ASM investment funds to become Shariah based by 2013

Posted on 15 December 2011 by Laxman  |  Email|Print

Amanah Saham Mara Investment Services Bhd (ASM Investment) is aiming to transform all its conventional funds into syariah based funds by end 2013.Its Chief Executive Officer, Nik Mohamed Zaki Nik Yusof said the move is to position ASM Investment as a fully syariah based fund and asset management company.
“We have seven conventional funds now, and if we are to change them to syariah based, there are many processes to go through including getting the approval of the trust unit shareholders and the Securities Commission. ……………………………………….Full Article: Source

Saudi Arabia reaping fruits of economic reforms

Posted on 12 December 2011 by Laxman  |  Email|Print

The debilitating debt crisis in euro zone economies and the continued economic growth in other advanced economies are among the major reasons impacting the global economy.
However, Saudi Arabia, the biggest economy in the Middle East, is among a very few countries that has proved to be quite resilient and robust. “It is thanks largely to a number of effective reforms that were undertaken in the last few years,” said Khaled Al-Aboodi, the chief executive officer of Islamic Corporation for the Development of the Private Sector………………………………………..Full Article: Source

Harvard fires economics professor over article on Islamic terrorism

Posted on 09 December 2011 by Laxman  |  Email|Print

Harvard University has decided to remove courses taught by Janata Party president Subramanian Swamy at its annual summer school session, terming his views as ” reprehensible” in a controversial piece he wrote on Islamic terrorism in India.
At a meeting of Harvard’s Faculty of Arts and Sciences, faculty members voted with an “overwhelming majority” to remove two economics courses - ‘Quantitative Methods in Economics and Business’ and ‘Economic Development in India and East Asia’ - that Swamy teaches. In a July op-ed piece for an Indian publication, Swamy had recommended demolishing hundreds of mosques and suggested that only Muslims in India who “acknowledge that their ancestors were Hindus” should be allowed to vote. ……………………………………….Full Article: Source

Why Islam failed economically?

Posted on 29 November 2011 by Laxman  |  Email|Print

Compared to the enormous literature on the religion of Islam, very few books have been published about the economic performance of different Islamic nations. The book, The Long Divergence: How Islamic Law Held Back the Middle East, by Timur Kuran, an American Muslim and a leading expert on Islamic economic institutions, is a thought-provoking attempt to analyse the factors responsible for the persistent underdevelopment of Islamic countries in West Asia that include the Arabs, Iran, Turkey and the Balkans.
In the author’s words, the region, “at the start of the third millennium, is widely considered an economic laggard, and plethora of statistics support this consensus”………………………………………..Full Article: Source

Arab bankers call for economic ‘state of emergency’, aid fund

Posted on 28 November 2011 by Laxman  |  Email|Print

Arab banking officials warned that regional unrest and the world financial crisis had created an economic “state of emergency”, and called for a special aid fund backed by wealthy Arab states to help recovery.
Speaking at the opening of the annual Arab Banking Summit in Beirut yesterday, the chairman of the Arab Union of Banks Adnan Yousif said countries hit by pro-democratic protest movements, which have swept the region and forced out four long-standing rulers this year, would see severe economic losses………………………………………Full Article: Source

Ethica leads in Islamic finance certification with over 20,000 paying users

Posted on 14 November 2011 by Laxman  |  Email|Print

With users from 43 countries and over 100 banks and universities, in 2011 Ethica became the default choice for accredited training and certification in Islamic finance. In a tight job market, more bankers and students now choose Ethica to boost their credentials than any other Islamic finance program in the world. That’s the latest finding as 2011 enrollment figures roll in and catapult the Dubai-based institute ahead of older institutions like INCEIF, CIMA, BIBF, and IIBI.
Experts say that what probably sets Ethica apart is that their 4-month Certified Islamic Finance Executive(CIFE) certification is the only 100% AAOIFI-compliant, 100% online Islamic finance program in the market today. AAOIFI stands for the Accounting and Auditing Organization for Islamic Financial Institutions, the leading Islamic finance standard in the world and the de facto standard for over 90% of the world’s jurisdictions. Ethica’s certifications are approved by some of the industry’s top Islamic finance scholars, including Shaykh Yusuf Talal DeLorenzo, one of AAOIFI’s Shariah Board members, and Mufti Zubair Usmani, Shariah advisor on the boards of several institutions. (Press Release)

Morocco Islamists seek to follow Tunisia’s example

Posted on 14 November 2011 by Laxman  |  Email|Print

Morocco’s moderate Islamists believe they can win an election this month, buoyed by the resurgence of Islamists in the region since the “Arab Spring” uprisings, but predict opponents will use fraud to try to keep them out of power.
The November 25 parliamentary election is a test of the commitment by Morocco’s ruler, King Mohammed, to respond to the uprisings by moving the kingdom closer to democracy and ceding some of his powers to elected officials………………………………………..Full Article: Source

Sweeping economic impact of the Haj

Posted on 08 November 2011 by Laxman  |  Email|Print

The positive spillover effects of expenditures relating to the annual Haj and Umrah are exceptional. The Haj reaches its climax this week with several million pilgrims converging on Makkah.
The Umrah or lesser Haj can take place anytime but is popular in the fasting month of Ramadan. A recent report by Ernst & Young tracing hotel occupancy in the Middle East confirmed that revenue levels for hotels in Makkah and Madinah were up by 55 per cent and 52 per cent in August, respectively………………………………………..Full Article: Source

Egypt: The Islamist groups and the economic system

Posted on 04 November 2011 by Laxman  |  Email|Print

The Islamist groups’ understanding of economics and modern finance is fundamentally flawed from a religious point of view and may imperil Egypt’s future.
Now that the ruling Supreme Council of the Armed Forces (SCAF) has set the end of November for elections for the new People’s Assembly, it is natural for many jurists, sociologists, economists, bankers and businessmen to ponder how the system of government, social life, banking and business might look if the Islamist groups, individually or collectively, win a majority of the seats in the new parliament………………………………………..Full Article: Source

Islamic law implemented in Libya

Posted on 04 November 2011 by Laxman  |  Email|Print

On October 24, National Transitional Council leader Mustafa Abdel Jalil declared Libya to be “liberated.” Operating free of any democratic constraints, Jalil also declared that the law against polygamy will be repealed, Islamic banking will be adopted, and Shariah (Islamic) Law will form the basis for all Libyan law.
As has happened in Iraq and Afghanistan, any concession to religious freedom will be rendered void by the supremacy of Shariah. Shariah law prohibits fitna (anything that could shake the faith of a Muslim), especially evangelism (Christian witness), blasphemy (criticizing Islam), and apostasy (leaving Islam)………………………………………..Full Article: Source

Tunisia Islamists support tax cuts, investments to create jobs

Posted on 31 October 2011 by Laxman  |  Email|Print

Iman Mathlothy says she voted for Tunisia’s once-banned Islamist party, Ennahdha, because it promised to create jobs and fight corruption.
“I believe they have a clear agenda, especially on economic issues and employment,” said Mathlothy, a 31-year-old with a degree in multimedia who’s been unemployed for more than five months. Under the old regime, she said, “anyone without connections had a hard time while the elite thrived.”……………………………………….Full Article: Source

Shariah and house purchase in Malaysia

Posted on 26 October 2011 by Laxman  |  Email|Print

Despite the existence of Shariah advisory councils, Islamic banks and financial institutions in Malaysia may be failing to carry out their duties. An article in this month’s JSSH investigates transactions on purchasing houses specifically on transactions involving houses pending completion using the current practice of ’sale by deferred payment’ also known as Bay’ Bithaman al-Ajil (BBA).

Islamic banking gained foothold in Malaysia, with the establishment of Bank Islam Malaysia Berhad in 1983 and facilities have since expanded……………………………………..Full Article: Source

NTC chief says Islamic law to prevail in Libya

Posted on 24 October 2011 by Laxman  |  Email|Print

National Transitional Council leader Mustafa Abdel Jalil and key NTC officials on Sunday insisted Islamic sharia law will prevail in liberated Libya. He also announced the introduction of Islamic banking in Libya in keeping with sharia which prohibits the earning of interest, or riba in Arabic, because it is considered a type of usury.

“There are good intentions to regulate all banking laws. We especially seek to establish Islamic banks that don’t deal with interest and abolish all banking interests in the future according to Islamic tradition,” he said………………………………………Full Article: Source

Grand Shia cleric prescribes Islamic economics to help world economic crisis

Posted on 20 October 2011 by Laxman  |  Email|Print

“Scholars should stand against the economic despotism,” said grand Ayatollah Nouri Hamedani. Speaking at a meeting in Tehran, ayatollah Hussien Nouri Hamedani underscored the necessity of introducing Islamic Economy to the world.
“It is incumbent upon scholars to introduce the Islamic economy to the world while the economic and “political despotism” are being collapsed,” the grand Ayatollah mentioned……………………………………….Full Article: Source

Is Islamic law to blame for the Middle East’s economic failures?

Posted on 19 October 2011 by Laxman  |  Email|Print

One of the great mysteries of economic history concerns how the Islamic world lost its mojo. A thousand years ago, the Middle East was richer and more influential in the global economy than Europe.
According to data compiled by the late economist and statistical wizard Angus Maddison, the Middle East accounted for about 9.5% of global GDP in the year 1000 while Western Europe’s share was less than 9%. By 1700, however, the situation had totally reversed, with Western Europe commanding a hefty 22% of global GDP and the Middle East a pathetic 3%……………………………………….Full Article: Source

Malaysia needs Shariah intellectuals to support Islamic finance industry

Posted on 04 October 2011 by Laxman  |  Email|Print

Deputy Finance Minister Datuk Dr Awang Adek Hussin said today several strategies must be adopted to strengthen Malaysia’s position as an international Islamic financial centre.
He said the first vital strategy would be to create dynamic syariah intellectuals who can assume an important role in responding to the government’s call to make Malaysia the reference centre for global syariah Islamic finance practice……………………………………….Full Article: Source

Infrastructure investment to become ‘increasingly Shariah-compliant’

Posted on 29 September 2011 by Laxman  |  Email|Print

Funding for global infrastructure will increasingly become Shariah-compliant as highly liquid Gulf sovereign wealth funds look to invest according to the tenets of Islam outside their own borders, leading bankers have said.
Speaking after a panel session on Islamic finance at a banking conference last week, Yakub Bobat, global head of HSBC Amanah Commercial Banking, said an available pool of capital from Gulf-based sovereign wealth funds – combined with demand from the Islamic financial industry for ethically acceptable asset classes – had created a natural market for infrastructure investment……………………………………….Full Article: Source

Iran’s finance minister: World economy should shift to Islamic finance

Posted on 26 September 2011 by Laxman  |  Email|Print

The international economy should shift toward new models like Islamic finance to avoid periods of instability like the European debt crisis, Iranian Foreign Minister Seyed Shamseddin Hosseini said Friday at an International Monetary Fund meeting in Washington.
“The current architecture of the world’s economy, due to inconsistency between the financial and the real sectors, creates unavoidable periodical instabilities,” Hosseini said……………………………………….Full Article: Source

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Call to set up authority to manage Waqf assets

Posted on 26 September 2011 by Laxman  |  Email|Print

There is a proposal to set up a governmental authority in Qatar to promote the effective management and investment of Waqf assets, the Minister of Awqaf and Islamic Affairs HE Dr Ghaith bin Mubarak bin Imran Al Kuwari said.
Opening a regional workshop on “Endowments- Investment and Management” here yesterday the Minister underlined Qatar’ s interest in promoting the endowments at the legislative and institutional levels……………………………………….Full Article: Source

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Action on lack of Islamic expertise

Posted on 26 September 2011 by Laxman  |  Email|Print

Bahraini group that sets standards for Islamic finance in 45 countries is helping universities start courses in Sharia-compliant business practices to avert a shortage of experts in the US$1 trillion (Dh3.67tn) market.
The industry will need 15 per cent more personnel over the next five years and 25 per cent more in a decade, said Khairul Nizam, the deputy secretary general of the Accounting and Auditing Organisation for Islamic Financial Institutions. Pakistan is offering its first doctorate in Sharia banking, while the UAE has introduced an Islamic Masters of Business Administration……………………………………….Full Article: Source

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Studying Islamic economics

Posted on 13 September 2011 by Laxman  |  Email|Print

The course involves study of epistemology of both occidental and Islamic economic theories as well as their socio-economic applications. The teachers are from across the globe like Oman, Bangladesh, Malaysia, Indonesia, UK and USA.
Each professor conducts classes for about two to four weeks in various disciplines like Comparative Epistemology and Socio-scientific Thought; Binary Economics; Political Economy and Globalization; Computer Modelling; Islamic Socio-economic accounting and Islamic Banking and Finance……………………………………….Full Article: Source

Tapping a growing Halal market

Posted on 12 September 2011 by Laxman  |  Email|Print

Investors with an eye on the Islamic world have witnessed parallel growth in two industries serving Muslims worldwide: halal products and Islamic finance.
Halal — Arabic for “allowed” — signifies a product created in adherence with Islamic guidelines. Halal products are spread across several industries, including foodstuffs, cosmetics, fashion and health care. Islamic finance is banking that follows Muslim precepts, such as the banning of interest on savings and loans……………………………………….Full Article: Source

Aspects of the Islamic faith: Personal attitude to debt

Posted on 09 September 2011 by Laxman  |  Email|Print

Debt is a normal practice in human life. People often have need for money that they do not have. If they expect to have money at a later time and their need is immediate, they try to borrow from a friend or a financial institution.
In modern business, borrowing is a normal practice. Many a business will not flourish unless there are arrangements for borrowing and lending. Islam recognizes this need and establishes some detailed rules concerning debt and its repayment. The Prophet (peace be upon him) also lays down certain principles that people need to observe when they borrow and lend. ………………………………………Full Article: Source

Understanding Islamic laws of inheritance

Posted on 07 September 2011 by Laxman  |  Email|Print

Islamic laws of inheritance are based on a number of verses of the Qur’an and some related narrations. It is a long chapter in the Islamic law textbooks, but the following is meant to be an outline.
First, however, it is important to state that the laws of inheritance in Islam are to be taken as part of a system of laws concerning family support and financial responsibilities of each member of the family. If we fail to understand and call for this whole system of laws, then we will certainly fall in injustices, which the Shari`ah is not responsible for. It is our partial views and biased applications that are responsible for……………………………………….Full Article: Source

2nd Global Islamic marketing conference in United Arab Emirates university

Posted on 07 September 2011 by Laxman  |  Email|Print

The United Arab Emirates University, the Islamic International Foundation for Economics and Finance of Saudia Arabia, and the University of Malaya, Malaysia in cooperation with Global Marketing Network, Sage publications, Inderscience, and Halal Focus have invited academics, managers, policy makers, and practitioners to attend or submit competitive papers to the 2nd Global Islamic Marketing Conference.
All complete papers will be considered for the prestigious Islamic Marketing Award. Winners will receive their awards at the closing ceremony……………………………………….Full Article: Source

Islamic banking: The next bubble?

Posted on 05 September 2011 by Laxman  |  Email|Print

Basically, Islamic banking considers charging interest haram. Instead, investors (or savers) get some sort of dividend. You can view it differently, but that is what comes down, too. In the past our religions declared that interest on a loan was “bad”, the rationale being that you can get rich by doing nothing. But nowadays most religions have a more pragmatic approach.
For example, investing money in a loan to build a school or hospital in return for some interest does help society. Without the loan, it may not be built at all. So why would it be immoral that people who invest their money wisely instead of spending it carelessly receive a reward for it?………………………………………Full Article: Source

Global Trust eyes Shariah

Posted on 05 September 2011 by Laxman  |  Email|Print

Global Trust Bank of Nigeria has said it is considering introducing ‘Shari’ah banking’ in Uganda, which will further enhance the Islamic finance options open to Ugandans only a few months after the country’s Central Bank authorized Islamic banking.
Uganda’s Islamic banking sector is attracting numerous foreign suitors with firms from Kenya, South Africa and Abu Dhabi all planning on setting up shop in the country……………………………………….Full Article: Source

Islamic ‘arbitrators’ shadow German law

Posted on 02 September 2011 by Laxman  |  Email|Print

In mosques or tearooms, Muslim elders dispense verdicts that keep their communities in line. They mediate between aggrieved immigrants, sometimes at the expense of German justice. Some say the arbitrations ease caseloads in court, but others see the creeping advance of Sharia law.
The men ambushed Fuat S. on the street, then locked him in a basement and tortured him. Fuat was later admitted to the hospital in Berlin’s Neukölln district with gaping wounds, contusions and broken bones……………………………………….Full Article: Source

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