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Riba Interest And Islamic Banking
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Book Synopsis Islamic Banking and Interest by : Abdullah Saeed
Download or read book Islamic Banking and Interest written by Abdullah Saeed and published by BRILL. This book was released on 1996 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: A critical study of the interpretation of "riba" in Islam, the attempts of Islamic banks to put the interpretation into practice, the problems associated with these attempts and an argument for rethinking the interpretation.
Book Synopsis Interest in Islamic Economics by : Abdulkader S. Thomas
Download or read book Interest in Islamic Economics written by Abdulkader S. Thomas and published by Psychology Press. This book was released on 2006 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: With Islamic banking gradually becoming a more influential factor in the West, an analysis of the concept of riba– a definition of which is not given in the Qur’an – is long overdue. This text presents readers with various interpretations of this Islamic economic concept – generally perceived as ‘interest’. Thomas provides a framework for understanding ribaby examining: linguistics classical judicial analysis the historical context modern economics. Including contributions from prominent international scholars, the book fills a gap in the existing literature and will be welcomed by academics and professionals with an interest in Islamic studies, economics and legal history.
Book Synopsis The Concept of Riba and Islamic Banking by : Imran Ahsan Khan Nyazee
Download or read book The Concept of Riba and Islamic Banking written by Imran Ahsan Khan Nyazee and published by Createspace Independent Publishing Platform. This book was released on 2016-12-22 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Riba (Usury), call it bank-interest if you like, is prohibited by the texts of the Qur'an and the Sunnah. This was the conclusion drawn unanimously by the Muslim jurists (fuqaha'); and it is also the decisive view of the vast majority of modern Muslim scholars. Despite this general agreement, a confusion persists in the minds of many, jurists and laymen alike, that even though some forms of interest are prohibited, the simple interest charged by banks may not be prohibited by Islamic law. What is the reason for such a doubt? Why do some uphold prohibition with conviction, while others do not? This book attempts to elaborate the foundations on this prohibition is based, and in doing so removes some of the persistent disagreements.The explanations provided are based upon the works of the earlierjurists so that the discussion is undertaken in a detached manner.
Book Synopsis Islamic Banking and Interest by : A. Saeed
Download or read book Islamic Banking and Interest written by A. Saeed and published by BRILL. This book was released on 1999-08-15 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important book critically examines the traditional interpretation of riba (translated as usury of interest) and the attempts of modern Islamic banks to put that interpretation into practice. The first part of the book examines the prohibition and interpretation of riba in Islam, as well as the controversies surrounding it. The second part examines the alternatives to interest-based financing utilised in Islamic banking and the problems associated with such alternatives with particular focus on mudaraba, musharaka and marabaha. The book questions the legalistic approach to the interpretation of riba and argues for a moral understanding of the issue in the light of the authoritative texts of Islam and the lessons learnt from the Islamic banking experiment.
Book Synopsis The Art of Islamic Banking and Finance by : Yahia Abdul-Rahman
Download or read book The Art of Islamic Banking and Finance written by Yahia Abdul-Rahman and published by John Wiley & Sons. This book was released on 2009-12-09 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed look at the fast-growing field of Islamic banking and finance The Art of Islamic Banking and Finance is a modern American take on what it means to incorporate Islamic finance principles into everyday banking and investment techniques by introducing a new brand of banking for all people of all faiths: The Riba-Free (RF) banking. The author is considered the father of RF (Islamic) banking in America. He has been a banker and an Imam/scholar for over 40 years in America since 1968. He started the tedious process with a finance company, LARIBA, in Pasadena, California in 1987. This is the first book ever in the field to trace the origins of prohibiting the renting of money at a price called interest rate and over-indulging in debt. The book reviews in great details the theological foundations of prohibiting interest in the Jewish Bible, the Christian Bible, and the Qur'aan. The author then discusses money and how fiat money is created, the role of the Federal Reserve, and the banking system in America. The book also discusses for the first time ever how to include an important aspect of RF (Islamic) finance using commodity indexation and marking the items to be financed to market in order to avoid participating in economic "bubbles." The author discusses how these rules work, how they affect consumer behavior, and how they change the role of the banker/financier. Covers a new pioneering model that is based on the Law (Shari'aa) and how it is applied in every transaction from joint ventures and portfolio management to home mortgages and personal financing Shows how to incorporate the Law (Shari'aa) into American financing and banking systems Points to RF (Islamic) finance and banking as a way to emphasize socially responsible investing The Art of Islamic Banking and Finance also includes a discussion on the emergence of a culture of RF (Islamic) banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and very effective when compared to twentieth-century models that use financial engineering and structuring techniques to circumvent the Law (Shari'aa). The book also includes case studies based on the actual experience of the author and detailed analysis of the superior results realized by applying this new brand of banking to financing.
Book Synopsis Islamic Banking - A $300 Billion Deception by : Muhammad Saleem
Download or read book Islamic Banking - A $300 Billion Deception written by Muhammad Saleem and published by Xlibris Corp. This book was released on 2006-01-30 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic banks currently control about $300 billion in assets. This book assesses the underlying rationale of Islamic banking, that the Quran prohibits all forms of interest. The author maintains that, first, a correct interpretation of the Quran, keeping in mind the context, would indicate that what the Quran prohibits is usury -exorbitant interest. Second, Islamic banks do not practice what they preach; they all charge interest, but disguised in Islamic garb. Thus they engage in deceptive and dishonest banking practices. The author also offers some policy recommendations, including the need for Ijtihad, Enlightenment, and critical thinking. Islamic banks, if they wish to practice genuine and authentic Islamic banking, should become more like venture capital firms.
Book Synopsis The Law of Riba in Islamic Banking by : Hasan Gürak
Download or read book The Law of Riba in Islamic Banking written by Hasan Gürak and published by Taylor & Francis. This book was released on 2024-03-12 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of riba, that is, interest/the "excess" or "surplus" on loans is crucial for both Islamic and non-Islamic countries. Western economic systems use interest to distribute financial resources efficiently for investment and/or consumption, while Islamic economies pursue a completely different strategy for financing loans, which adheres to Islamic laws and prohibits the activities of conventional banking systems with regard to interest. This book argues that there is scope for new definitions and analysis based on alternative concepts which respect Islamic values and principles, yet pave the way for modification and debate. The book comprises of two parts. Theoretical issues are dealt with in the first section. The first two chapters examine conventional Islamic views on the prohibition of riba, while Chapters 3 and 4 contain unprecedented and alternative theoretical analysis based on concepts such as "earned" (halal-permitted-legal) vs. "unearned" (haram-impermissible-illegal) income and SUKUK, that is, Islamic interest-free bonds. The second part of the book tackles another unconventional aspect of Islamic finance, that is, the concept of NAS. The book considers whether the NAS-influenced anti-inflationary interest policy was a success or failure. Empirical data is evaluated in terms of bank incomes, inflation rate, interest rate, and the distribution of income. This book will be a useful guide for students, scholars, and researchers of Islamic banking and finance.
Download or read book Jihad written by Gilles Kepel and published by Harvard University Press. This book was released on 2002 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kepel has traveled throughout the Muslim world gathering documents, interviews, and archival materials, in order to give readers a comprehensive understanding of the scope of Islamist movements, their past, and their present. 7 maps.
Book Synopsis Islamic Law and Finance by : Frank E. Vogel
Download or read book Islamic Law and Finance written by Frank E. Vogel and published by BRILL. This book was released on 1998-01-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mirroring the expansion of wealth in the Middle East and Asia and a surge in Islamic self-identity, Islamic banking practices have either become the law of the land or coexist and compete with Western practices in at least six countries. A growing number of institutions and mutual funds (akin to Western ''socially responsible'' funds) have established Islamic investment and other practices to cater to this burgeoning market. Because of its prevalence, practitioners in every banking-related area must familiarize themselves with current Islamic finance practices in order to do business with Muslim clients and to engage in cross-border financing. Injunctions from the "Qur'an and the sayings of Prophet Muhammed have generated a web of interrelated norms which prohibit Islamic financiers from engaging in transactions that involve interest "(riba) and speculation "(gharar). "Islamic Law and Finance describes the dynamic set of Islamically-sanctioned ways financiers can transacat business.
Book Synopsis Riba, Interest and Islamic Banking by : Abdullah Saeed
Download or read book Riba, Interest and Islamic Banking written by Abdullah Saeed and published by . This book was released on 1992 with total page 860 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Foundations of Islamic Banking by : Mohamed Ariff
Download or read book The Foundations of Islamic Banking written by Mohamed Ariff and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: After barely half a century of experience, Islamic banking has become established as a new niche industry across the world offering new and sophisticated financial products designed to be compliant with the principles of Islamic legal principles and common law. This comprehensive book explores the theory, principles and practices underpinning this rapidly expanding sector of banking. Expert contributors ¿ including eminent scholars and senior practitioners in the field ¿ examine the roots of the principles of ethical Islamic financial transactions, which have evolved over several millennia, on issuesincluding usury, interest rates, financial contracting for funding enterprises, for mortgages, for leasing and other financial transactions. Regulatory and governance issues are discussed, and the practice and operation of Islamicfinancial institutions are explained via three distinct case studies. Importantly, the final chapter looks at what steps are being taken to provide professional accreditation to Islamic banking professional personnel, and prescribes requirements for training in this growing industry.
Book Synopsis The Rightful Way of Banking by : Shahid M. K. Ghauri
Download or read book The Rightful Way of Banking written by Shahid M. K. Ghauri and published by Cambridge Scholars Publishing. This book was released on 2015-02-05 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has taken over five centuries for banking to evolve to its present state, and the concept of “interest” is undoubtedly the life-blood of the whole financial system. Interest was religiously prohibitive for centuries in several faiths, such as Buddhism and Hinduism, Judaism, Christianity and, Islam, and was also strongly opposed by neo-classical economists in the 1930s. Interest (riba) is still outlawed in Islam, with the term “riba-eater” being one of the cruellest insults. Islamic scholars have explained that the current practice of contracts without interest is a result of following the jurisprudence laid in the Quran and Sunnah of Prophet Mohammad (sallallahu alayhi wa sallam). As such, this mode of banking and finance without riba is recognised as “Islamic banking”. This name has often been criticised by scholars as there is no philosophy of banking in Islamic teachings. Consequently, some of the banks that follow these regulations have adopted other names, such as savings banks and finance houses. This book explains the philosophies behind the current trend in riba-free banking which is implemented as Islamic banking around the world. The book is divided into five sections, the first of which is related to the introduction of riba-free banking. The second is related to the fundamentals, concepts and beliefs of riba-free banking organisations, while the third differentiates between two streams of financial models. The fourth section explains risk management in riba-free banking, while the final section discusses international institutions related to the riba-free financial system. The book also contains a glossary of terms related to riba-free banking, and a terms index for reader’s ease in academic study.
Book Synopsis The Basics of Islamic Finance With Applications in Malaysia (UUM Press) by : Sabariah Nordin
Download or read book The Basics of Islamic Finance With Applications in Malaysia (UUM Press) written by Sabariah Nordin and published by UUM Press. This book was released on 2016-01-04 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Islamic way of dealing with business transactions is unique. With the guidance from Syariah principles, Muslims are prohibited to engage in any activity which can cause harm to other traders or consumers. Nowadays, Islamic Finance is accepted and is gaining popularity in the financial market environment due to its success in attracting people, especially investors from the Gulf Countries. It is also due to the rising demand from Non-Muslim investors for ethical financing and investment. This change in the financial landscape led to the idea to write this book, which gives an in-depth insight into the basic idea or concepts used in Islamic finance. Although this book emphasizes on the application of Islamic finance in Malaysia, the underlying application is more or less the same for other countries adopting Islamic finance tools. This book is divided into five chapters. Chapter 1 looks at the overview of Islamic finance and banking. A thorough understanding of the function of money, capitalist economy and commonly used modes in Islamic finance and banking, such as Musyarakah, Mudharabah, Murabahah and Ijarah, are essential for understanding the other topics covered in this book. Chapter 2 provides an understanding on interest rates in the context of time value of money, price expectation and business cycles. Chapter 3 is on riba from an Islamic perspective; it looks at the definition of riba, the prohibition of riba, types and classification of riba and the difference between riba and profit. Chapter 4 focusses on the Islamic Capital Market, which includes Islamic Money Market, Islamic Banking and Islamic Insurance. The chapter shows the commonly used Islamic capital market instruments, such as Sukuk, Islamic Syariah Equity and Islamic Real Estate Investment Trust (REITs). Finally, Chapter 5 deals with Islamic Financial Institutions and Market Regulators which lay the foundation for and development of Islamic finance. These international bodies and regulators are the Islamic Financial Services Board (IFSB), International Islamic Financial Market (IIFM) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOFI). The chapter also discusses regulators in Malaysia, such as Bank Negara Malaysia (BNM), Securities Commission (SC) and Labuan Financial Services Authority (FSA). In addition, this final chapter explains some laws in Malaysia which relate to Islamic Finance and Banking.
Book Synopsis Unlawful Gain and Legitimate Profit in Islamic Law:Riba, Gharar, and Islamic Banking by : Ahmad Ajaj
Download or read book Unlawful Gain and Legitimate Profit in Islamic Law:Riba, Gharar, and Islamic Banking written by Ahmad Ajaj and published by Springer. This book was released on 1992-09-21 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Overview of Islamic Finance by : Mr.Mumtaz Hussain
Download or read book An Overview of Islamic Finance written by Mr.Mumtaz Hussain and published by International Monetary Fund. This book was released on 2015-06-02 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
Book Synopsis Introduction to Islamic Banking and Finance by : Brian Kettell
Download or read book Introduction to Islamic Banking and Finance written by Brian Kettell and published by John Wiley & Sons. This book was released on 2011-08-15 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Islamic Banking and Finance is a succinct guide to the key characteristics of Islamic banking highlighting how these differ from conventional banking. This detailed book illustrates how Islamic banking is consistent with the Sharia'a, a key element of which is the prohibition on collecting and paying interest. This central religious precept appears to rule out most aspects of modern finance but it does allow money to be used for trading tangible assets and business, which can then generate a profit. Brian Kettell's book looks at all aspects of Islamic banking, including chapters on its creation and evolution through to detailed discussions of the issues involved in the Sharia'a contracts of Murabaha, Mudaraba, Musharaka, Ijara, Istisna'a, and Salam. Islamic insurance (Takaful) is also covered. Finally the book takes a look at Sharia'a law and Sharia'a boards, indicating the roles and responsibilities that come with membership. Islamic banks have been operating in places such as Bahrain, Saudi Arabia, Malaysia and Dubai for some time. Conventional bankers have traditionally viewed the sector as a small, exotic niche but recent years have seen a dramatic surge in popularity. A number of Western investment banks have started working with Muslim clerics to create new ranges of financial products designed for devout Muslims, a large and growing market. Although estimates of the size of the Islamic finance industry vary greatly, everyone agrees that it is expanding rapidly and this is the perfect book for anyone looking to understand the industry.
Book Synopsis Non-interest (Islamic) Banking by : Onafowokan Oluyombo
Download or read book Non-interest (Islamic) Banking written by Onafowokan Oluyombo and published by . This book was released on 2004 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
