Doctor: David Hampton March 27‚ 2008 Introduction to Islamic banking system Islam not only prohibits dealing in interest but also in liquor‚ pork‚ gambling‚ pornography and anything else‚ which the Shariah (Islamic Law) deems unlawful. Islamic banking is an instrument for the development of an Islamic economic order. Islamic banking‚ with 15 to 20% growth a year‚ has emerged as one of the vital pillars of the global economic system. Islamic financial institutions (IFI) are operating in over 75
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INTRODUCTION Islamic finance system has its basis in great Islamic value. It is Riba-free system ( Riba means interest) which ensures the abolition of profit-sharing from the whole financial system. Islamic Finance System (IFS) can be categorized with absence of ‚ Interest based transactions Interest based financial institution Unethical and doubtful transactions Companies’ stocks involved in unlawful activities Market manipulation And so on and so forth. Islamic Financial System is opposite of Conventional
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A DISSERTATION ON “ISLAMIC BANKING IN INDIA-WHAT IS THE FUTURE POTENTIAL?” Introduction: The basic principles on which the Islamic banks function are prohibition of Riba i.e. collection and payment of interest and prohibition of investment in organization involved in unethical and socially harmful activity. the profits earned by a bank from its activities and returns made by a bank to the depositors shall be (a) from sharing of risk in the project and (b) profit-share agreements
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The first civilizations that appeared on earth all shared humble beginnings. Their initial development of agriculture that worked with their local landscapes and geography‚ the creation of local community systems for education‚ health and rudimentary forms of government seemed to be borne out of a desire to make our lives far more comfortable and secure than they had been as nomadic tribes. In each civilization of the world‚ it seems that after initial gains in the overall well-being of the populace
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human instincts. Power‚ in the case of Lord of the Flies it’s a position of ascendancy over others: authority. Fear is an unpleasant often strong emotion caused by expectation or awareness of danger. Lord of the Flies shows a great amount of un civilization throughout the whole novel. Through all the characters for example when the boys create the Lord of The flies‚ which is “the bloody‚ severed sow’s head that Jack impales on a stake in the forest glade as an offering to the beast. This complicated
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………………..33 Chapter 1 Introduction and History 1.1) Introduction Thirty years ago‚ Dubai Islamic Bank ( ’DIB ’) created history by becoming the world ’s first Islamic Bank. Today‚ Islamic banking has become one of the fastest growing economic sectors with over 300 financial institutions‚ with assets estimated at over US $300 billion providing Islamic financial services. Despite huge growth in the sector DIB continues to be the industry pioneer and undisputed market leader
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“Vegetal Pattern in Islamic Art†Vegetal pattern‚ one of the major types of ornament‚ is also can be called Arabesque which means “in the Arab fashion†in French. Arabesque is a repetition in Islamic art which is used in many places in Islamic art. Vegetal pattern is used very often in Islamic art‚ because people do not portray images of human. The reason that human portrayals cannot be found as many as vegetal patterns is that Muslims feared to depict the human form‚ since they thought
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Early Civilizations From 3000 BC to 1500 BC four civilizations arose that historians to this day marvel at‚ the Egyptians‚ the Sumerians‚ the Indus River Valley people‚ and the Shang dynasty in China. They all had great accomplishments in government‚ and religion and inventions. While they had their own different civilizations many similarities arise‚ such as depending on the river and their polytheistic religions. They had very isolated civilizations with the exception of the Sumerians.
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An Introduction to Takaful – An Alternative to Insurance By (Muhammad Ayub)∗ Islamic finance has developed mainly in two directions namely Islamic banking and Islamic insurance (Takaful). While information about Islamic banking is being increasingly disseminated‚ features‚ models and structures of Takaful are little known particularly in Pakistan. Purpose of this brief article is to describe main features and models of Takaful system operating in various parts of the world. All human beings
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A civilization also needed to have an organized government‚ and armies were needed to gain land and power. Civilizations also had basic social structures based on the civilians economic power‚ there were the kings and high priest on the top‚ a large group of common people‚ and at the bottom were slaves. Civilizations contributed to the specialization of skills as well‚ the need for other jobs created other jobs besides farming‚ like merchants and artisans. With the creation of civilization came
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