The Concept Of Riba And Islamic Banking
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Interest In Islamic Economics
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Author : Abdulkader S. Thomas
language : en
Publisher: Psychology Press
Release Date : 2006
Interest In Islamic Economics written by Abdulkader S. Thomas and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Banking law (Islamic law). categories.
With Islamic banking gradually becoming a more influential factor in the West, an analysis of the concept of riba– a definition of which is not given in the Qur’an – is long overdue. This text presents readers with various interpretations of this Islamic economic concept – generally perceived as ‘interest’. Thomas provides a framework for understanding ribaby examining: linguistics classical judicial analysis the historical context modern economics. Including contributions from prominent international scholars, the book fills a gap in the existing literature and will be welcomed by academics and professionals with an interest in Islamic studies, economics and legal history.
The Concept Of Riba And Islamic Banking
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Author : Imran Ahsan Khan Nyazee
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2016-12-22
The Concept Of Riba And Islamic Banking written by Imran Ahsan Khan Nyazee and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-22 with categories.
Riba (Usury), call it bank-interest if you like, is prohibited by the texts of the Qur'an and the Sunnah. This was the conclusion drawn unanimously by the Muslim jurists (fuqaha'); and it is also the decisive view of the vast majority of modern Muslim scholars. Despite this general agreement, a confusion persists in the minds of many, jurists and laymen alike, that even though some forms of interest are prohibited, the simple interest charged by banks may not be prohibited by Islamic law. What is the reason for such a doubt? Why do some uphold prohibition with conviction, while others do not? This book attempts to elaborate the foundations on this prohibition is based, and in doing so removes some of the persistent disagreements.The explanations provided are based upon the works of the earlierjurists so that the discussion is undertaken in a detached manner.
Concept Of Riba And Islamic Banking
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Author : Imran Ahsan Khan Nyazee
language : en
Publisher:
Release Date : 2016
Concept Of Riba And Islamic Banking written by Imran Ahsan Khan Nyazee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The Law Of Riba In Islamic Banking
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Author : Hasan Gürak
language : en
Publisher: Taylor & Francis
Release Date : 2024-03-12
The Law Of Riba In Islamic Banking written by Hasan Gürak and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-12 with Business & Economics categories.
The issue of riba, that is, interest/the "excess" or "surplus" on loans is crucial for both Islamic and non-Islamic countries. Western economic systems use interest to distribute financial resources efficiently for investment and/or consumption, while Islamic economies pursue a completely different strategy for financing loans, which adheres to Islamic laws and prohibits the activities of conventional banking systems with regard to interest. This book argues that there is scope for new definitions and analysis based on alternative concepts which respect Islamic values and principles, yet pave the way for modification and debate. The book comprises of two parts. Theoretical issues are dealt with in the first section. The first two chapters examine conventional Islamic views on the prohibition of riba, while Chapters 3 and 4 contain unprecedented and alternative theoretical analysis based on concepts such as "earned" (halal-permitted-legal) vs. "unearned" (haram-impermissible-illegal) income and SUKUK, that is, Islamic interest-free bonds. The second part of the book tackles another unconventional aspect of Islamic finance, that is, the concept of NAS. The book considers whether the NAS-influenced anti-inflationary interest policy was a success or failure. Empirical data is evaluated in terms of bank incomes, inflation rate, interest rate, and the distribution of income. This book will be a useful guide for students, scholars, and researchers of Islamic banking and finance.
Islamic Banking And Interest
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Author : Abdullah Saeed
language : en
Publisher: BRILL
Release Date : 1996
Islamic Banking And Interest written by Abdullah Saeed and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.
A critical study of the interpretation of "riba" in Islam, the attempts of Islamic banks to put the interpretation into practice, the problems associated with these attempts and an argument for rethinking the interpretation.
The Concept Of Rib And Islamic Banking
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Author : Imran Ahsan Khan Nyazee
language : en
Publisher:
Release Date : 2010
The Concept Of Rib And Islamic Banking written by Imran Ahsan Khan Nyazee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
The Rightful Way Of Banking
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Author : Shahid M. K. Ghauri
language : en
Publisher: Cambridge Scholars Publishing
Release Date : 2015-02-05
The Rightful Way Of Banking written by Shahid M. K. Ghauri and has been published by Cambridge Scholars Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-05 with Business & Economics categories.
It has taken over five centuries for banking to evolve to its present state, and the concept of “interest” is undoubtedly the life-blood of the whole financial system. Interest was religiously prohibitive for centuries in several faiths, such as Buddhism and Hinduism, Judaism, Christianity and, Islam, and was also strongly opposed by neo-classical economists in the 1930s. Interest (riba) is still outlawed in Islam, with the term “riba-eater” being one of the cruellest insults. Islamic scholars have explained that the current practice of contracts without interest is a result of following the jurisprudence laid in the Quran and Sunnah of Prophet Mohammad (sallallahu alayhi wa sallam). As such, this mode of banking and finance without riba is recognised as “Islamic banking”. This name has often been criticised by scholars as there is no philosophy of banking in Islamic teachings. Consequently, some of the banks that follow these regulations have adopted other names, such as savings banks and finance houses. This book explains the philosophies behind the current trend in riba-free banking which is implemented as Islamic banking around the world. The book is divided into five sections, the first of which is related to the introduction of riba-free banking. The second is related to the fundamentals, concepts and beliefs of riba-free banking organisations, while the third differentiates between two streams of financial models. The fourth section explains risk management in riba-free banking, while the final section discusses international institutions related to the riba-free financial system. The book also contains a glossary of terms related to riba-free banking, and a terms index for reader’s ease in academic study.
Islamic Banking And Interest
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Author : A. Saeed
language : en
Publisher: BRILL
Release Date : 1999-08-15
Islamic Banking And Interest written by A. Saeed and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-15 with Law categories.
This important book critically examines the traditional interpretation of riba (translated as usury of interest) and the attempts of modern Islamic banks to put that interpretation into practice. The first part of the book examines the prohibition and interpretation of riba in Islam, as well as the controversies surrounding it. The second part examines the alternatives to interest-based financing utilised in Islamic banking and the problems associated with such alternatives with particular focus on mudaraba, musharaka and marabaha. The book questions the legalistic approach to the interpretation of riba and argues for a moral understanding of the issue in the light of the authoritative texts of Islam and the lessons learnt from the Islamic banking experiment.
Islamic Banking And Finance
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Author : Munawar Iqbal
language : en
Publisher: Edward Elgar Publishing
Release Date : 2002-01-01
Islamic Banking And Finance written by Munawar Iqbal and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-01-01 with Business & Economics categories.
It is a well-known fact that conventional commercial banks provide financial intermediation services on the basis of interest rates on assets and liabilities. However, since interest is prohibited in Islam, Islamic banks have developed several other modes through which savings are mobilized and passed on to entrepreneurs, none of which involve interest. Islamic Banking and Finance discusses Islamic financial theory and practice, and focuses on the opportunities offered by Islamic finance as an alternative method of financial intermediation. Key features of profit-sharing (as opposed to debt-based) contracts are highlighted, and the ways in which they can facilitate improved efficiency and stability of a financial system are explored. The authors illustrate that in addition to some 200 Islamic banks operating in Muslim as well as non-Muslim countries, some of the biggest multinational banks are now offering Islamic financial products. This book will fascinate students, researchers and academics with a special interest in comparative banking, middle-eastern studies and international finance, and will also appeal to practitioners of banking and finance.
The Islamic Banking System Not Conductive To The Start Up Of Young Innovative Business Firms
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Author : Kathrin Nina Wiedl
language : en
Publisher: GRIN Verlag
Release Date : 2007-08
The Islamic Banking System Not Conductive To The Start Up Of Young Innovative Business Firms written by Kathrin Nina Wiedl and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-08 with Language Arts & Disciplines categories.
Seminar paper from the year 2006 in the subject Orientalism / Sinology - Islamic Studies, grade: 1,3, Ben Gurion University (Middle East Institute), course: Middle East Economics, language: English, abstract: The Islamic banking system is a relatively young institution that gains influence not only in the Islamic world but also in non-Muslim countries with big Muslim communities. The first Islamic bank, Dubai Islamic Bank, was erected in 1975; today about 265 Islamic finance institutions operate in more than 70 countries, and their assets have increased more than 40-fold since 1982 to exceed $230 billion. More and more western banks erect Islamic branches; the first was Citibank in 1996. This paper discusses the influence of an Islamic banking system on the start-up of young, innovative businesses. A negative influence would hinder these businesses to develop - if not counterbalanced by other measures like state involvement. In non-Muslim countries it would constrain religious Muslims from participating in the contemporary economical changes, determined by an opening-up of markets and privatization, which requires the start-up of new businesses. The Islamic banking system operates according to Islamic law; hence several Islamic restrictions, the most important is the prohibition of riba (=interest), limit its freedom to develop suitable financing instruments for the support of young, innovative businesses. These restrictions enlarge the risk of the bank especially when financing these businesses, so the bank either avoids these businesses or tries to bend the Islamic law and operates - de facto - like a conventional bank. In this case, however, the bank is facing problems with the Religious Supervisory Board, an integral part of every Islamic bank, which will stop the bank from deriving from the Islamic law (sharī ́a). After discussing these determinants, I will discuss the existing interest-free financing instruments of Islamic Banking suitable for the start-up of