COMPRATIVE STUDY OF ISLAMIC AND COMMERCIAL BANKING CHAPTER-01 Introduction
There are two banking systems that be present in Pakistan namely Islamic banking and commercial banking. The Islamic bank (IB) and commercial bank (CB) is differentiated on the base of objectives, Riba and risk distribution practice. Islamic bank follows ethics of Sharia’h specified by Allah Almighty while Commercial bank follows artificial Standard operating procedures Islamic bank generates income as profits that is changeable while Commercial bank earn from the interest that is fixed; threat is shared along with lender, borrower and bank in Islamic bank while Commercial bank transfers the entire risk to others; Islamic bank is trade oriented unit as Commercial bank works as a clean financial intermediary to contract on the basis of interest.
Islamic Banking
State Bank of Pakistan defined Islamic banking as “banking in consonance with the culture and value system of Islam and govern, in accumulation to the commercial good governance and risk management system, by the ethics laid down by Islamic Sharia 'h”. Islam is defined as total submission to Allah Almighty without any situation. It is a entire code of life that consists upon the orders of Allah Almighty and the practices of the Holy Prophet Muhammad (Peace be upon him). Everyone in this world perform religious, societal and economic actions in one 's life. But
Tyler Rico 5/9/17 Section 2 DBQ Essay During the times leading up the 1500s Christianity and Islam both had different views on merchants and their craft with people from both faiths having varying degrees of opinions on it. Trade increased dramatically after the Mongols came into power and secured the Silk Roads making trade a lot more profitable and a lot less dangerous. This made the issue of trading come to light even more as it became more prevalent in people's everyday life. After the fall of the Mongols western nations raced to find new ways around the Silk Road as they did not want to trade through Muslim controlled land.
In this research paper I am going to talk about three issues,which are Dar al-Islam,West Africa and Europe. I am going to explain what happened during the 15th and 16th century with the three of them and how they interacted with each other. The interaction of dar al-Islam and Europe led to many important occasions including the discovery of the Americas,its colonization and the beginning of the slave trade. I will discuss the exchange, clashes, and what happened between these two "universes" that in the end affected West Africa and the whole world. Dar al-Islam is a term that refers to “the home of islam”.
The Islam religion, believed by Muslims, has spread across the globe at rapid speeds. Muhammad ibn Abdullah started the religion. The religion began in Mecca. The religion was made known in 610 CE. The two major themes of the religion are “Allah is the one God” and the importance of charity.
It is a monotheistic faith based on revelations received by its founder Muhammed. According to the religion, the angel Gabriel revealed many messages to Muhammed which he shared with what was a polytheistic world at the time. Muslims read from the sacred text of the Qur’an which are said to contain the literal word of God. According to Document 8, Muslims practice The Five Pillars of Faith and must carry out each of their duties. They must make a “pilgrimage to Mecca” at least one in their lifetime.
(1) Wahhabism is an Islamic doctrine and religious movement that seeks to restore “pure” monotheistic views from followers. Wahhabism is an idea to restore traditional Islamic ideals and reject modernity. Wahhabists believe that their religion is the only true religion that God had
The Islam religion started in 610 CE by the guy named Muhammad when an angel spoke with him. ( Background Essay). After the words Muhammad received from Allah he started to spread the religion of Islam. He helped the people who suffered and who is need help. People heard what the guy Muhammad helping people, who is indeed.
Islam is one of the largest religions today and this is how Islam started. Muhammad was from Mecca which was a spiritual place for many religions. Mecca is where Muhammad began his preaching. Mount Hira was where Muhammad first realized their was one god, Allah in the year 610 CE. Muhammad was sent away in the year 622 CE and came back to Mecca in 628 CE with all of his new followers to continue preaching to other people.
Islam Islam is the fastest and second largest religion in the world. Islam started with a prophet named Muhammad. Muhammad was a local merchant in Mecca went to a cave named Mt. Hira in Arabia to meditate. There, he encounters an archangel named Gabriel who squeezed out of him saying, ”Allah is one god.” Then after, he started telling his family members but stood silent since no one listened.
Islam is the second biggest religion and fastest growing in the world today. Islam is a religion that Muslims follow and is a monotheistic faith regarded as revealed through Muhammad as the prophet of Allah. For Muslims, Muhammad is the last prophet and Abraham is the patriarch of the Qur’an, Bible and Torah. Islam is followed by over a billion people and Muslims make up approximately one quarter of the world’s population. Islam spread quickly during the 600’s trade, choice, and conquest.
The Middle East is a place that was the birthplace for many cultures and religions such as Christianity and Islam. As they expanded from this region, both of these religions had good impact on history. However, Christianity and Islam have their similarities in religious beliefs and their differences in expansion between the two religions. Within the time period c. 600 CE to 1250 CE and 1st century to 1000 CE Islam and Christianity began to spread around the world. The two religions spread socially and economically similar but politically different.
Muslims follow the Qur’an to live by what is right by God and use the teachings of Muhammad to live by the Prophet’s example (Sechzer,
Christianity and Islam are the two largest religions in the world, with 2.1 Billion and 1.3 Billion followers respectively. Each had their own rise, golden age, and eventual large-scale split. However, each religion spread in different regions of the world in different ways and developed their own traditions and structures. Christianity and Islam have similarities such as a large-scale split and a history of spreading through popular trade routes, while simultaneously having many differences such as where the two religions spread, the methods in which they spread, and the structure of their religious leaderships. One of the primary differences between the spread of Islam and Christianity is the directions in which they spread.
Christianity and Islam share many similarities with a few fundamental differences. Both religions follow monotheism, though in Islam it is much stricter. Jesus and Gabriel are focal points for Christianity and Islam respectively. God and Allah stand for the same higher power and basis for religion. In Islam, the five pillars are the main difference just as Mary is the mother of Jesus and the beginning of the Christian religions teachings.
I would frame the banking as an industry that is built on trust. Trust that is reaffirmed by the governments, and regulators. Banks have an imperative role in our economic growth, and development. Correspondingly, without the bank industry, there is no industry to replace them as the conduit for social and economic policy. Equally important, there is no industry to replace them as the key performer in creating our economies multiplier effect.
Worship is an important part of the religion of Islam. Worship (Ibaadah) is a term that includes everything that Allah would be pleased with. It represents the utmost love for Allah through submission. Prayers,zakaat,fasting,hajj,being kind towards others, maintaining relations with kin, doing good and staying away from doing evil, being beneficent to neighbours,to the poor people or orphans,supplication,reciting the holy Quran and such others are types of worship.