ECONOMIC SYSTEM

Although the Islamic mode of banking is mandated and adopted by the Islamic Republics of Iran , Pakistan and Sudan, the supply of innovative Shari’a -compliant products has been primarily led by the private sector .In fact , private Islamic banks as a group are becoming some of the largest private -sector financial institutions , with growing networks through branches …

The universal nature of these principles is immediately apparent even at a cursory glance of Non Muslim literature . Usury was prohibited in both the Old and New Testaments of the Bible , while Shakespeare and many other writers , particularly those writing in the 19th century ,have attacked the barbarity of the practice .Much of the morality championed by …

Introduction  The Islamic banking today has become most popular and reliable financial system in the world. It appeared on the world scene as active player over three decades ago. But as many of us know most of the principles which is based on Islamic Banking ,commonly accepted by the all over the world goes for centuries than the decades. Islam …

Harsh words against the development of Shari’ah compliant financing has not faded despite the deeply ingrained flaws in the world’s dominant capitalist system which is coming apart at the seams like a cricket ball that has been knocked around for too many sixes.  Nevertheless, politically motivated censure of the Shari’ah financing sector goes on and on.  Predictably, much of the …

Gold and money From time immemorial gold was money.  Valuable goods were priced in terms of gold: this product is worth so many ounces of gold.  But assessing the fineness of the metal and weighing it each time a transaction took place was a tedious and wasteful exercise.  This led to the invention of the gold coin.  Mints which produced …