Islamic Banking
What is Islamic Banking?
Islamic banking refers to a system of banking or banking activity that is consistent with the principles of the Shari 'ah (Islamic rulings) and its practical application through the development of Islamic economics. The principles which emphasise moral and ethical values in all dealings have wide universal appeal. Shari 'ah prohibits the payment or acceptance of interest charges (riba) for the lending and accepting of money, as well as carrying out trade and other activities that provide goods or services considered contrary to its principles. While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to provide an alternative basis to Muslims although
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In Spain and the Mediterranean and Baltic States, Islamic merchants became indispensable middlemen for trading activities. It is claimed that many concepts, techniques, and instruments of Islamic finance were later adopted by European financiers and businessmen. The revival of Islamic banking coincided with the world-wide celebration of the advent of the 15th Century of Islamic calendar (Hijra) in 1976. At the same time financial resources of Muslims particularly those of the oil producing countries, received a boost due to rationalisation of the oil prices, which had hitherto been under the control of foreign oil Corporations. These events led Muslims ' to strive to model their lives in accordance with the ethics and principles of Islam. Disenchantment with the value neutral capitalist and socialist financial systems led not only Muslims but also others to look for ethical values in their financial dealings and in the West some financial organisations have opted for ethical operations.
KAILI HONG PER.3 THE ISLAMIC EXPANSION The early Islamic empire expanded in a couple of ways. One of the ways was the war. I found this evidence in document A where it says that the Muslims to fight gathered together to fight the Greeks. The Greeks would tie each others foots to each other so none of them would escape during the war.
The Islamic Empire was huge, large, and untied. The early Islamic empire expanded by fiercely attacking and conquering other lands, as well as uniting them. To start off, In Document A (which is reliable because it happens to be written by Muslim historian Ahmad al-Biladuri in the 800s) it talks about how they killed 70,000 people. Even girls helped in creating a bloodbath which shows how fierce and strong they were on a battlefield and how they easily took more lands.
The crusades were a huge thing in the medieval times. They lasted for hundreds of years and people believed it was their religious duty to fight, because they thought it would please God. They were also promised access to heaven, by the pope. The crusades involved three main religions Christianity, Judaism and Islam. I believe that the muslims were more to blame for the crusades, because they posed the first threat, and because they killed and sold many into slavery.
Europe, between 1300-1700, made strides that linked the ideas of the past to those of the present. European intellectual life greatly transformed as people became more culturally aware - all areas of study flourished. The arts, humanities, literature, mathematics, and sciences made incredible developments, and these developments were rooted in Islamic knowledge. Beautiful paintings were crafted, awe-inspiring architecture was built, and life-changing books were written. These works were inspired by Muslim creations their community and for Allah.
The creation of Islam in the Middle East and its future spread to the other parts of the world beginning in the 600s allowed for diverse and powerful societies to be formed with the monotheistic religion being either the foundation or a major influence. With Islam’s large spread across Africa, Asia, Europe, and continual spread in the Middle East, empires like al-Andalusia and Ghana arose in the West and the Ottoman and Mughal arose in the Eastern part of the world. Islamic beliefs and values shaped these empires similarly to how Christianity became the leading influence in Europe. Moorish rule in the Western Muslim society of Spain lasted for seven hundred years and clean and lavish cities created under their rule served as a contrast to the
In North Africa the Berber merchants were one of the major groups that traded with Sub-Saharan West Africa through the Trans-Saharan trade routes. The Berber merchants played an essential part in dispersing the Islam and its traditions into Sub-Saharan West Africa since they frequently used the Sahara to trade. When Islam made its way into Sub-Saharan West Africa, it was absorbed into their society but unlike in other societies, Islam merged with the existing animistic culture. A majority of the Sub-Saharan West African population didn’t convert to Islam but remained animistic. The people who converted were merchants and elite rulers.
The attitudes of Christianity and Islam towards merchants and trade are different from one another in the beginning stages, but as time progress each moderate their earlier views. In the beginning Christians found it unfit to be a rich merchant, while Islam’s judgment on trade was acceptable as long as they were honest and the trading was just. As time went by over a couple hundred years, the followers if each belief changed their views on trade, though it was acceptable, merchants were expected to trade geniuses. In the beginning Christians found it unfit to be a rich merchant, while Islam’s judgment on trade was acceptable as long as they were honest and the trading was just.
Islam is a religion, so how do you think it came about. Well because of trade, military conquest, and political order. All of these subjects are why Islam spread so quickly. In document A, the passage was talking about trade. During 570, in the Middle East Islam spread so quickly through trade.
After the classical period the Islamic civilization showed an advancement in a variety of different aspects of their culture. They adopted a lot of it from earlier civilizations but had had a massive contribution on their part. The effect of this is that the Muslim culture and intellectual ideas were very long lasting. The achievements of the Islamic empires contributed to the development of their Golden Age.
The religions of Christianity and Islam have very similar beliefs, but they also have a lot of differences, which make each religion distinctive from each other. Also, the Christian and Muslim merchants attitude changed over the thousands of years to match each other or go completely in the opposite way. One of their commons points included their view of fairness.
Why did trade thrive in Muslim lands? In 600 C.E., Muhammad created a religion called Islam. Islam inspired the Arab people, which united as an army and was on the rise to an empire. During 1000 c.e., the Muslims had conquered an area stretching from northern Afghanistan to parts southern Spain. Trade, ideas, and culture thrived in this Islamic empire. Islam brought a sense of unity and purpose to the traders and people of the Arabian Peninsula.
The stability of the society of the Middle East was affected by several aspects which made trade and commerce less viable, where Islam allowed much in the way of progress in the thirteenth and fourteenth
Recently Wells Fargo’s scandal of creating phony accounts has raised ethical concerns in the corporate world. Wells Fargo employees opened more than two million unauthorized bank and credit card accounts to meet sales projections. The company was charged with huge fines and earned a bad reputation that will take years to rebuild. According to the Deontological perspective on ethics least some acts are morally obligatory.
Benefit of The Tabung Haji Islamic shariah law. Shariah prohibits acceptance of specific interest or fees for loans of money that is known as riba, or usury, whether the payment is fixed or floating. Investment in businesses that provide goods or services considered contrary to Islamic principles that is pork or alcohol is also haraam. Shariah Principle in Tabung Haji Investment Al-Masyarakah
Moreover, the parts of Islam and applications talk about Islamic daily applications such as woman, civilizations, freedom of thought and etc. In this modern era when people measure and see everything from scientific perspective and rely much on ratio, religion is considered as an antique lifestyle. It is also applicable on Islam that considered as religion done with its duty to reform the Arabs. In fact and my opinion, this understanding is totally wrong.