The Reality of Islamic Finance

  • Riba Conference 2011
  • Sukuk and their Contemporary Applications
  • Looking for New Steps in Islamic Finance
  • Present Financial Crisis Cause & Remedies from Islamic Perspective
  • What is Musharakah?

Riba Conference 2011

by Shaykh Imran Hosein | September 10, 2011 in Accounting, Bank, Credit Card, Derivatives, Financing, Fixed Deposit, Fund, Futures Contract, Installment, Insurance, Interest, Murabaha, Musharakah, Partnership, Stock Exchange, Sukuk | Leave a comment

Lecture  THE MUSLIM YOUTH IN A GLAMOUROUS online casino WORLD held in Ramadan 1432H /August 2011 as part of the Malaysia Lecture Tour.

Sukuk and their Contemporary Applications

by Mufti Muhammad Taqi Usmani | September 7, 2011 in Bank, Financing, Sukuk | Leave a comment

As to what follows
Among the duties of the Shariah Council, as stated in the statutes of the Accounting and Auditing Organization for Islamic Financial Institutions is the following:

To bring about mutual conformity or approximation between the conceptualizations and the practical applications of Shariah supervisory boards of Islamic financial institutions so as to avoid inconsistencies and contradictions between the fatawa and the implementations of these institutions in ways that lead to the effectiveness of the role of Shariah supervisory boards in Islamic financial institutions and central banks. Continue reading

Looking for New Steps in Islamic Finance

by Mufti Muhammad Taqi Usmani | September 7, 2011 in Bank, Financing | Leave a comment

Islamic banking industry has grown rapidly during the past three decades spreading its operations in many parts of the globe. Making its first debut in the small Savings Association of Mitghamr (Egypt) in 1963, its strength has now reached over 250 financial institutions operating in more than 40 countries with assets valuing USD 750 billions, and an annual growth rate of 15 per cent. Almost all the giant conventional banks are in queue to establish their Islamic units to capture the new emerging market. This rapid growth of Islamic financial industry is, no doubt, encouraging for those who wished to relieve themselves from the prohibition of interest on the one hand and to remain a part of the modern market economy on the other. Continue reading

Present Financial Crisis Cause & Remedies from Islamic Perspective

by Mufti Muhammad Taqi Usmani | September 7, 2011 in Accounting, Bank, Credit Card, Derivatives, Financing, Fixed Deposit, Fund, Futures Contract, Installment, Insurance, Interest, Murabaha, Musharakah, Partnership, Stock Exchange, Sukuk | Leave a comment

بسم الله الرحمن الرحيم

الحمد للہ رب العالمین٬ والصلوۃ والسلام علی سيدنا ومولانا محمد وعلی آلہ وأصحابہ أجمعین وعلی كل من تبعہم بإحسان إلی يوم الدين۔أمابعد

Post Crisis Reforms:

Some Points to Ponder

Modern economics has been used to a purely materialistic and secular approach that does not allow religious concepts to interfere with its theories and concepts, on the premise that economy is outside the domain of religion. It is, however, an interesting irony that every dollar note has the admission: “In God we trust”, but when it comes to develop theories to earn dollars or to distribute or spend them, trust is placed only on human ideas based on personal assessments;  God is held  totally out of picture, as being irrelevant to economic activities!!! Continue reading

What is Musharakah?

by Mufti Muhammad Taqi Usmani | September 7, 2011 in Musharakah | Leave a comment

Excerpt from Introduction to Islamic Finance by Mufti Muhammad Taqi Usmani

‘Musharakah’ is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. In the modern capitalist  economy, interest is the sole instrument indiscriminately used in  financing of every type. Since Islam has prohibited interest, this instrument cannot be used for providing funds of any kind. Therefore, musharakah can play a vital role in an economy based on Islamic principles. Continue reading

Interview by Dr Abdul Iwanto

by Tarek El Diwany | September 6, 2011 in Bank, Financing, Fixed Deposit, Installment, Interest, Murabaha, Sukuk | Leave a comment

Highlights of an interview given by Dr. Abdul Iwanto in London during the “World Conference on Islamic Finance: Thrusting into the 21st Century”.

Q. Thank you for agreeing to be interviewed by us, Dr. Iwanto. Can I begin by asking what are your thoughts on globalisation?

A. Well, first of all I don”t want to be associated with people who moan about globalisation and the IMF. I”m a progressive Muslim and I want to be liked by people in the West. Globalisation means the spread of Western culture and institutions. It”s happening because people prefer those things over the alternatives. We have to realise that and adopt Western culture as quickly as possible. That”s as true in finance as it is anywhere else. Credit card … Islamic credit card. Mortgages … Islamic mortgages. See what I mean? Continue reading

The Gold Dinar – Islam and Future of Money

by Shaykh Imran Hosein | September 5, 2011 in Bank, Financing, Fixed Deposit, Installment, Interest | Leave a comment

It is both strange and embarrassing that even at this late hour when enemies are about to casino online casino spiele online weld into place the final iron gate of a financial Guantanamo, so many Muslims remain ignorant about the devilish nature of European created money in the Modern World.