Islamic Finance

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 …

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)? …

The Vatican says Islamic finance system may help Western banks in crisis as alternative to capitalistm. The Vatican offered Islamic finance principles to Western banks as a solution for worldwide economic crisis. Daily Vatican newspaper, ‘L’Osservatore Romano, reported that Islamic banking system may help to overcome global crisis, Turkish media reported. The Vatican said banks should look at the ethical …

The mentality of reckless greed and the resulting spread of toxic financial externalities into the ‘real economy’ can be viewed as being diametrically at the opposite end of Islamic finance, in theory at least.  This year has witnessed the most serious break-down in the US financial system in some 70 years.  However it is not only the US that has …