IAIS Malaysia

Economic, Finance, Zakat & Awqaf

Economic, Finance, Zakat & Awqaf (54)

With the rapid growth of Islamic banking and finance, there is a need to understand precisely what is meant by these terms, as well as what Muslims and non-Muslims can reasonably expect from IBF. In what ways are IBF different from their conventional counterparts? What can they accomplish that conventional BF cannot? These are some of the themes explored in this new section. The articles are intended to be easy to read and thus easy to understand. Some have been take from the media, others contributed by in-house staff or external scholars.

The distinguishing features of IBF include the following: the absence of riba or interest from all banking and finance, the application of risk as well as profit and loss sharing in financing, the absence of gharar (excessive risk), and abstaining from trading in prohibited substances. It is important for IBF to maintain its unique identity and build on its strengths. Otherwise it will be difficult to capitalize on the benefits of IBF. Our readers are welcome to contribute and suggest themes we can add and disseminate. We will post new articles, links or any other themes of interest. Please write to me at abdulkarim@iais.org.my


 

Publications Catalogue

Quotable Quotes

"It is only when we are at peace that we can search within ourselves and create something extraordinary" (Bridget Menezes)

Humour Without Malice

A bedouin joined the Imam for Fajar Salah. He had an appointment after the prayer but the Imam decided to recite Surah Baqarah (The Cow). As a result of the length of this Surah, the bedouin was delayed and missed his appointment. The next day he arrived early and joined the Imam again, who this time began to recite Surah Feel (The Elephant). As soon as the bedouin heard the word Feel (Elephant), completely angry, the bedouin broke his Salah and left the mosque immediately, shouting "Yesterday you read The Cow and took almost an hour to finish; today you are reciting The Elephant, you will probably finish at midnight."

Hikmah

God is Kind Gentle [rafiq] and loves Gentle kindness; He bestows in return for kindness that which He does not bestow for harsh-violence. (hadith)

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