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 … Continue reading →

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 … Continue reading →

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 … Continue reading →

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 … Continue reading →

Question: I have attempted to give examples of some financial contracts which can be used for various purposes – for risk reduction or hedging and speculation involving options, futures, and swaps; and direct and indirect investment in equity. Kindly let … Continue reading →

Question: Situation 1 (a) The client hands over his bank statements to the accountant. From the bank statements the accountant records any interest charged by the bank or credited by the bank to the client. (b) What is the position … Continue reading →

Question: Respectable Mufti Saheb: Kindly forgive me for intruding on your precious time and specially during the Holy Month of Ramadan when you will be too busy. Also please forgive me in addressing this letter in English as perhaps I … Continue reading →