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Islamic Banking – What’s at the backend?

March 8, 2010 in Islamic banking | by | Comments closed

Islamic Banking – What’s at the backend?

By Muhammad Ali Nadeem

 

Like the other basic requirements of Islam, finance or financial transactions are one of the major activities that are needed to be compliant with Islamic modes. Riba wasn’t practiced in newly formed Islamic society of Medina soon after its abhorrence. Later, the religious scholars[1] have derived number of modes (of financing) to carry out financial transaction in line with Islamic Shari’ah needs.

 

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‘Quote of the month’

Dubai: The Islamic Finance trainers have introduced seven more Sharia Standards for the Islamic Banks and Institutions in the United Arab Emirates. The launch of the standards, which were developed by the Bahrain based premium Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). They seven were summarised as: Financial Rights and Its Management; Regulations of Liquidity Management; Bankruptcy, Capital and Investment Protection, Agency in Investment; Calculation of the Profit Transactions and Options of Trust.

New Islamic Finance Sites/Blogs

http://eu.wiley.com/WileyCDA/Section/id-390626.html http://islamicbanksnetworking.com/

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