democratic and non democratic societies. (Edwards M B‚ 2006) More Specifically‚ Islamic fundamentalism involves having diverse political as well as social movements in various Muslim countries that have the shared goal of creating more Islamic oriented states and societies‚ which are based on the fundamental principles and values of Islam. The Islamic fundamentalists have the aim of implementing the Sharia (Islamic Law) to public lives. Sharia could be to reffered to as in the court of law‚ palaces
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Islamic Banking in Pakistan 1 ISLAMIC BANKING IN PAKISTAN Islamic Banking in Pakistan: A Review of Conventional and Islamic Banking Prof. Dr. Khawaja Amjad Saeed Hailey College of Banking and Finance University of the Punjab‚ Lahore Proceedings of 2nd International Conference on Business Management (ISBN: 978-969-9368-06-6) Islamic Banking in Pakistan 2 Terminology IBIs ND NIB NPFs P PP PTC ROA ROE SBP SME TFC Islamic Banking Institutions. No Date Non – Interest Based Banking
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chitectureIslamic Architecture Islamic architecture encompasses a wide range of both secular and religious styles from the foundation of Islam to the present day‚ influencing the design and construction of buildings and structures in Islamic culture. What is Islam? * The name of the religion is Islam‚ which comes from an Arabic root word meaning "peace" and "submission.“ * Islam teaches that one can only find peace in one’s life by submitting to Almighty God (Allah) in heart‚ soul and
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all aspects of life including the personal‚ social‚ economic‚ political ‚ cultural‚civilization besides dealing with spiritual ‚moral ‚and Aqidah issues. But there are other worldviews which focus only on spiritual‚material‚social‚or economic aspects of human life. Any worldview should be able to answer the ultimate questions not necessary correct answers but at least consistent. The Definition of Islamic worldview “Ru’yatal-Islam li al-wujud” “A metaphysical survey of the visible as
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Over the course of history‚ there have been many religious conflicts and wars‚ specifically the era of Islamic Spain (711-1492). Islamic Spain was a multi-cultural mix between the three great religions at that time‚ which consisted of Muslims‚ Christians‚ and Jews. For over 700 years‚ the era in which Islamic rulers governed was broken into five different successions which consisted of the Dependant Emirate (711-756)‚ the Independent Emirate (756-929)‚ the Caliphate (929-1031)‚ the Almoravid Era
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Islamic Radicalism As years have passed‚ Islam has become a major political force in the contemporary world‚ arguably through means of terrorism and guerilla warfare. The word Islam actually means‚ “submission” to the will of Allah‚ “God” which is similar to how terrorists tend to try and submit others by force to follow said will. These terrorists’ objective is to spread Islamic faith and politics by ridding the world of non-believers to ultimately achieve a pure Islamic state
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INTRODUCTION TO ISLAMIC BANKING The term Islamic banking refers to a banking activity or a system of banking that is in consonance with the basic principles of Islamic Shariah (rules and values set by Islam). Islamic banking is also known as interest free banking system as the Shariah disallows the acceptance of “Riba” or interest rate for the accepting and lending of money. In Islamic banking system‚ a business that offers good interest rates or services is strictly prohibited and it
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Chapter 1 Introduction 1.1 Background Islamic legal principles regulate the conduct and content of commercial transactions in Islamic Banking. The most important of these principles is the prohibition of riba‚ any predetermined or fixed return in financial transactions. As stated in Quran: “Allah forbids riba and permits trade.” While there is much debate about the exact nature of this prohibition on riba‚ there exists a widespread perception that the ban on riba implies ban on interest
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Around 2000 BC‚ banking was initiated by farmers and traders in Babylonia whereby‚ grain loans were made. Later‚ this new mode of ‘trading’ spread to Greece. Some developments were emerging as deposits and money exchange were initiated. Modern banking took birth in Italy in the 14th century and the most famous conventional bank was Medici Bank. The bank system spread to Europe‚ in Amsterdam in the 16th century where much innovation took place‚ in London in the 17th century and finally to the rest of
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Research Report of Money and Banking Issues and Problems in Islamic Banking Abstract:- Three decades have passed since the first Islamic bank began its operations in MitGhamr‚ Egypt‚ and more than a decade has passed since the Islamic Republics ofIran and Pakistan adopted a non-interest-based financial system. Profit Loss Sharing (PLS) dominates the theoretical literature on Islamic finance. Broadly‚ PLS is a contractual arrangement between two or more transacting parties‚ which allows
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