Essay The Extreme Joy and Expense of Having a Baby

A rule making body issues authorative shari’a auditing standards for all Islamic banks and other Islamic businesses and it will be the most effective way to eliminate problems within the Islamic economy. The most effort to develop a body of consistent standards for shari’a audits has been undertaken by

Besides that, Islamic Banking is growing at a rate of 10-15% per year in this modern era with the signs of consistent future growth. Islamic banks have more than 300 institutions spread over 51 countries, including the United States

The financial sector in some Sub Saharan Africa countries has been growing rapidly in the past two decades. New products have been introduced and financial institutions are playing an tremendous role in financial intermediation, including cross-border financial flows. However, Islamic finance in Sub Saharan Africa remains small, although it has potential given the region’s demographic structure and potential for financial expanding. As of end-2012, about 38 Islamic finance institutions comprising commercial banks, investment banks, and takeful1 (insurance) operators were operating in Africa (Dow Jones, 2012). As estimates based on Bank scope and Zawya, April 18, 2012 out of

Almost 80% of respondents were non-Muslims. Therefore these research reports are mostly non-Muslim customer’s opinion on corporate banking Muslim. This study proves that Muslim banking products are not so popular among corporate customers in Malaysia and only a few maintain banking relationships under the Islamic banking system. In addition, nearly 65% of respondents indicated that their knowledge of Islamic banking system is very limited. This study shows that there is a misunderstanding among respondents regarding the objectives of Islamic banking. While 38.1% of respondents were uncertain about the nature of profit sharing system in Islamic banking, 50% believe that this principle is the only principle adopted by Islamic banks as a replacement Riba. Respondents were not familiar with other principles such as Musharakah, Ijarah, Wakala, and Istisna'a. Overall, the conclusions of the study are that there is a general knowledge that inadequate corporate banking products and services to Islam among

In general, Islamic banking system is based on Sharī’ah principle, while non-Islamic banking system is based on interest rate. Sharī’ah is a set of norms, values and laws that go to make up the Islamic way of life. Characteristics of Sharī’ah -compliant banking and financial system are free from riba. Riba is prohibited in Islamic banking system, because Islamic banking system is based on the sharing of risk and profit. Interest is

The prosperity and peace of a society much or less depends on its economy. While for the smooth running of both, there are several instructions in Islamic Shariah and allows what is right and forbids what is wrong. When we talk about financial issues, Islamic Shariah strictly condemns Riba. The question may arise why Islam prohibits Riba? While it was already in practice before the advent of Islam and still it is a part of different economic systems throughout the world. It is simply because Islam gives respect to human beings and condemns all the attempts that are harmful and disgraceful for humanity. Therefore, Riba is not only forbidden in Islam but economic experts are also in search of its substitute. Since borrowing on interest rate creates several issues including: less efficient allocation of resources, indebtedness, unemployment and economic instability. While in society it causes injustices, inequity, poverty and imbalance etc. In this paper we are discussing how Riba causes imbalance in the society and instead Riba what Islam demands from its followers.

The evolution of Islamic finance now takes place in most of the countries, whether in Muslim countries or non-Muslim countries. Islamic finance institutions perform the same essential functions as financial institutions do in the conventional system, except that there is a need for them to carry out their transactions in accordance with the rules and principles of Islam. One of the most growing parts of the Islamic finance is Islamic equity market. In principle, Islamic equity market is characterized by the absence of interest based transactions, doubtful transactions and unlawful stocks of companies which deal in non-shariah compliance activities or items. Its market activities must be free from any of unethical or immoral elements.

Islamic Banking is quite similar to a conventional bank. Only here the essential feature is that it is Interest Free i.e. it purely follows the Islamic law – Sharia’h (Rules) and guided by the Islamic Economics that forbids the both the payment and the receipt of Riba (Interest). The two main principles are basically Banks will share the Profit & Loss (enabling risk sharing) and disallow Interest in any form.

The results and outcome after the financial crisis over the Banking sector in the UAE & GCC Countries.

Abiding to Shariah in an overview is Prohibitions of riba, gharar and maysir, this is what distinguish Islamic finance from its conventional counterpart (Ayub, 2007). As an alternative, Islamic financial system have interest free loans, Islamic joint-ventures (musharakah/mudarabah) and trade or lease-based (murabaha/ijarah/salam) financing structures (Azmat et al. 2015). Contemporary Islamic financial institutions have developed, and continue developing, products that mirror the classical Islamic products, and evade from the association with riba, gharar and maysir (Kamla & Alsoufi 2015).

the establishment of Islamic banking in Bangladesh. Later In November 1982, a entrustment of IDB triped Bangladesh and proclaimed enthusiastic interest to contribute or the establishing a Islamic bank through joint venture especially in the private domain. Two proficient bodies such as the Islamic Economics Research Bureau (IERB) and the Bangladesh Islamic Bankers ' Association (BIBA) ended noteworthy groundwork on the way to initiate a Islamic banking in Bangladesh. They gave several training and workshop on the law and the regulation as well as the processing of Islamic banking to different top level bank officers, economist, and scholars. Mean the time different seminars, roundtable meeting, dialouge , cros talk and symposiam as well as the workshops on Islamic banking ccross the country.

Islamic financial system advocates the highest level of governance and transparency because it is guided by principles of the Shari’ah.

As we know there are a lot of services that offer by Hong Leong Islamic Bank such as home financing and car financing. The services that offer are difference is it according to Shariah principles of Islam in the transactions, most important difference become give and accept interest or usury which prohibited solely. As a customer, we have right to choose bank’s services that give us benefit and right according to our thought. For Muslim, we must follow Shariah in our daily life activity because it

Islamic banking refers to a system of banking that complies with Islamic law, also known as Shariah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between the provider of capital (investor) and the user of funds (entrepreneur). In other words, it ensures an equal contribution for all parties involved, whether in profitability or in case of any loss occurred. Activities that involve interest (riba), gambling (maisir) and speculative trading (gharar) are prohibited (Bank Negara Malaysia, 2010). Islamic banking is interest free banking; making it compulsory to take active part in business profit and loss sharing. Islamic banks prefer to take less risk (Shaikh & Jalbani, 2009)

Islamic banking also provide the knowledge of Riba (interest) Hibha (gift) wadiah (safe keeping) ijarah ( lease , rent , wage) deposit product investment product and financing product (debt based) financing product (equity based ) trade finance