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


 

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Quotable Quotes

The Prophet Muhammad, peace be on him said: "Shall I tell you who is kept away from Hell?...Everyone who is gentle and kindly, approachable and of an easy disposition." Al-Tirmidhi, hadith 1315

Humour Without Malice

A government office issued an urgent document to be distributed among its subsidiaries. To ensure that it would be delivered in time, the messenger was provided with a horse. Running behing the horse, the messenger whipped the horse until it was galloping at full speed. Someone asked him in amazement: "If it's such an urgent mission why don't you ride the horse?" The messenger asnwered: "Running on six legs is certainly quicker than on four, isn't it?"

Hikmah

One who acknowledges the virtue of an old man and honours him for his age, God will save him from the fright of the Day of Resurrection. Honouring a Muslim with white hair partakes in Glorifying the Majesty of God. (hadith)

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