FINANCIAL RULES

Website “   BestBusinessPractice.Org” By Fazal Issadeen ([email protected]) Fazal has completed five decades in the ICT field and has turned around many businesses since 1999.                                             The Islamic faith stresses a lot on planning. This is evident in a number of …

Ethics may be defined as the set of moral principles that distinguish what is right from what is wrong. Ethics has a twofold objective: it evaluates human practices by calling upon moral standards; also it may give prescriptive advice on how to act morally in a given situation. Ethics, therefore, aims to study both moral and immoral behaviour in order …

  The recent Global Financial melt down which brought the near crash of several financial institutions worldwide  especially in the US and Europe , highlighted the dangers of Derivatives as an investment option . Most of the Financial institutions that needed massive state Bail Out in order to remain solvent at the height of the turbulence , carried substantial portfolios …

The dominant vision of nearly all people engaged in Islamic finance in modern times , is the maximization of profits through processes which are Sharia compliant The thinking behind this vision is that the profit motive can be a very acceptable major driving force in any endeavor so long as the modalities of such profit maximization initiatives are packaged in a Sharia …

Fatwas by the Egyptian Office of the Mufti – 1900- 1989 1. Subject: Prohibition of bank interest. Question: Is the use of Bank money permissible (Halal) or prohibited (Haram) ? Is what is taken of it for trade considered Riba or not (i.e are business loans taken from a bank at a fixed rate of interest considered to be Riba)? …

It is a common practice to equate the English word ‘Interest’ with the ancient Arabic word ‘Riba’. However, this simple correlation disregards the subtle nature of Riba… THE TERMS ‘INTEREST’ AND ‘RIBA’ ARE NOT ENTIRELY SYNONYMOUS The meaning & definition of Interest appropriate for our purposes is the one in common use, which happens to be a “surcharge on the …