Contemporary world politics make it necessary for nations to integrate into international unions in the interest of their own national security and economy. In these international unions, which are usually based upon geographic location, such factors as natural resources, trading blocs, and even cultural...
Friday, March 18, 2011
How Islamic Union Will Affect the Economic Development
[Read More...] - How Islamic Union Will Affect the Economic Development
Saturday, February 12, 2011
Using Islamic microfinance to alleviate poverty
Poverty alleviation has traditionally been the domain of the interest-based development agency and profit generation has always been the mainstay of the corporation. Rarely have the two overlapped: corporate shareholders have no interest in giving money away and development banks have little to...
Friday, February 11, 2011
Means of Expenditure in Islam: No Poverty: No Riches
Spending in the way of God is defined in terms of the right of the poor and the needy in the wealth of other Muslims. It is prescribed in two ways: a. Al-Zakat which means alms-giving which is incumbent on every Muslim who has wealth. It represents in al-Shari‘a a fixed 2.5 per cent yearly. The Arabic...
Wednesday, February 9, 2011
Opalesque Launches New International Key Publication on Islamic Finance
Islamic Finance is steadily moving into the mainstream of conventional financial systems and has remained largely insulated from the global credit crisis. Even in the midst of a global economic crisis, Islamic banks have weathered the storm to great effect, thanks to the specific framework and rules...
Tuesday, February 8, 2011
The Economic Structure in Islam: Poverty and Riches Abolished
The economic structure of the Islamic Umma, as is in the political and in the social structures, is based entirely on the man-God relationship. It is based on belief in God who provides mankind with their sources of sustenance and wealth and seeking the favour of God in order to attain the felicity...
Monday, February 7, 2011
Islamic banking
Islamic banking is simple.Qruan forbibds fixed rates of INTEREST but acknowledges a banking or lending system which involes a sever planning and participation of the lender in a trade.He can be a sleeping partner and his share of profit or loss not fixed but estimated at the end of the year.Thus...
Sunday, February 6, 2011
Uk Students Can Now Achieve Islamic Finance Qualifications
The concepts of Islamic Finance are different in some key respects from those of its traditional western counterpart and demand for Islamic banking services is growing in popularity in the UK, especially since experts in the subject have suggested that its underlying principles have protected many...
Saturday, February 5, 2011
Zakat Planning
Another important issue that can be brought about in the management of wealth in Islam is the paying of Zakat. Every Muslim who has the ability to pay the Zakat is obliged to do so. It is one of the five pillars of Islam. So now, you can see the great importance of paying the Zakat. Mostly in Islam...
Friday, January 21, 2011
Ruling on taking possession of haraam wealth by means of inheritance
Islamic laws of inheritanceWhile modern reforms and changes have influenced several fields of Islamic law, the detailed classical inheritance structure has been one of the enduring legacies of classical Islamic law or the Shari’a.
The formal inheritance rules have several distinctive features. First,...
Monday, January 17, 2011
Charity to whom
Zakat or giving 2.5 percent of one's earnings as charity is an important religious tenet laid down by the Koran. It is customary for Muslims who live away from home to come back during Ramadan to perform Zakat during the Ramadan celebrations after feeding the poor and needy or send their Zakat contributions...
Sunday, January 16, 2011
Presentation of Financial Statements
Since accounting is very much to do with providing information to assist users of financial information to make sound decisions, financial reporting needs to be different in order to serve the different users.Major groups of financial report users for a financial institution are:-Shareholders
Account...
Riba And Mortgages
We speak to bankers, both Islamic and conventional, and laymen, both sincere and cynical, and compile twenty-one of the most commonly asked questions about riba and mortgages:
He's a good Muslim. He prays, he fasts, he pays zakat. He regularly performs voluntary acts of obedience. He's a caring family...
Wednesday, January 12, 2011
Give charity apart from Zakat
(In the Name of Allah, Most Gracious, Most Merciful, all praise and thanks are due to Allah, and peace and blessings be upon His Messenger)Islam teaches us the lesson of helping the poor and the needy in the time of need when they are most deprived of things that are otherwise the necessities of life....
Tuesday, January 11, 2011
Zakat Pay by Muslim
Zakat is the practical recognition of this fact through the expenditure of money. Islam requires man to consider his personal wealth as belonging to Allah and, therefore, to set apart a portion for Him. No maximum limit has been prescribed, but a minimum limit has definitely been fixed. According to...
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