Finance News

 Muslims worldwide have come to the realisation that the prevailing capitalist economic system does not serve us ethically. With its interest-based banking and casino-style financial instruments, a devout believer has no choice but to attempt to escape its haram, even if that hinders the progress and prosperity of our daily lives. In recent years, Islamic finance has been touted …

The Riyadh skyline. In Saudi Arabia, the implementation of Vision 2030 and continued growth in mortgage lending supported the Islamic finance industry’s growth, S&P said. EPA The global Islamic finance industry is expected to grow by around 10 per cent in 2023-2024 despite the economic slowdown, after posting a similar expansion in 2022 mainly led by the GCC countries, according to S&P Global …

For many Australian Muslims like Reem and Fouad Alameddine, the dream of home ownership has been beyond reach.  Paying or receiving interest is prohibited in Islam, so taking out a mortgage is off the table.  With no other option, the couple face the prospect of becoming lifelong renters. “The hardest thing is the uncertainty of [renting],” Ms Alameddine said.  “And also not being …

The special import levy imposed on per kg of dates has been reduced by Rs. 199 with effect from today (28), the Finance Ministry announced. Accordingly, the new levy would be Rs.1.00.  “The tax has been reduced as a relief measure for Muslims during the upcoming Ramadan fasting period,” the Ministry said. The Ministry also refuted the reports which state …

Source: RT Countries around the world are turning to gold as uncertainty about the global economy rises. Trade wars and the aggressive policies of the United States are making emerging economies withdraw from dollar assets, analysts told RT. In the near future we can witness a big change in the rules of the game. At the beginning of the year, …