How Islamic Union Will Affect the Economic Development

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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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