IAIS Malaysia

Economic, Finance, Zakat & Awqaf

Economic, Finance, Zakat & Awqaf (51)

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


 

Innovative China joins the fray

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Written by Published in Economic, Finance, Zakat & Awqaf

Shared values and risk sharing

Hikmah

God the Most High loves it when someone brings happiness to a believer by satisfying his hunger, dispelling his worries, or paying off his debt (Hadith At-Tabarani)

Quotable Quotes

I looked at my friends, and did not find a better friend than safeguarding the tongue. I thought about all the dresses, but did not find a better dress than piety. I thought about all the types of wealth, but did not find better wealth than contentment in little. I thought about all types of good deeds, but did not find a better deed than offering good advice. I looked at all types of sustenance, but did not find a better sustenance than patience. (Umar bin al-Khattab)

Humour Without Malice

This is a real incident from Trinidad. Seeing the success of a halal meat grocery store owner, a neighboring meat store owner with a different faith decides to introduce halal meat in his own store. He puts up a huge sign on his shop saying "Halal Meat, Found Here". Curious, some Muslims decide to find out how the meat was halal. When the owner was asked where he gets the halal meat from, he says that he slaughters the animal by himself. Surprised, the Muslism ask, and what do you say when you slaughter. He says, "I say 'Halal' and cut the animal".

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