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Economic, Finance, Zakat & Awqaf

Economic, Finance, Zakat & Awqaf (45)

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


 

What exactly is crowdfunding

Written by Published in Economic, Finance, Zakat & Awqaf

Shared values and risk sharing

Hikmah

It is enough of a sin for a man to relate all of what he hears. - Hadith

Quotable Quotes

Our greatest glory consists not in never falling, but in rising everytime we fall - Confucius

Humour Without Malice

Once a soldier who had an arrow stuck into his flesh went to consult a specialist. The surgeon cut off the arrow shaft and said: "That is all. You may go now". The soldier said: "But the arrow head is still deep in my flesh!" Shaking his head, the surgeon said: "That's a matter of an intermist. The surgical part of the operation is finished".

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