Fehm ul Islam Documentary
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on January 1, 2012
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Book: Man and Money, towards an alternative basis of credit – Shaikh Mahmud Ahmed
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on December 28, 2011
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Download Complete book here or individual chapters below
Introduction and Chapter 1 The Semantics of the Theory of Interest – 38 pages
Chapter 2 Usury and Interest -24 pages
Chapter 3 Interest and Unemployment -12 pages
Chapter 4 Interest and Inflation
Chapter 5 Ideology versus Understanding
Chapter 6 Interest and International Exploitation
Chapter 7 An Alternative Basis of Credit
Islamic Banks
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on December 28, 2011
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Article: Sukuk and their Contemporary Applications – Mufti Taqi Usmani
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on December 28, 2011
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Among the duties of the Shariah Council, as stated in the statutes of the Accounting and Auditing Organization for Islamic Financial Institutions is the following:
To bring about mutual conformity or approximation between the conceptualizations and the practical applications of Shariah supervisory boards of Islamic financial institutions so as to avoid inconsistencies and contradictions between the fatawa and the implementations of these institutions in ways that lead to the effectiveness of the role of Shariah supervisory boards in Islamic financial institutions and central banks.
Investment Sukuk worth enormous amounts have appeared in our times, and have been widely subscribed to by many Islamic banks. At the same time, many scholars have expressed their opinions in relation to the compliance of Sukuk with the precepts of the Shariah. Therefore, the Shariah Council in its prior meeting at al-Madina al-Munawwarah decided to study the subject at its next annual meeting in Makkah al-Mukarramah. As the responsibility to prepare a concise report of the issues requiring further study and debate was given to me, I have therefore prepared this modest brief as a working paper for discussion of the subject at the coming meeting, Allah willing.
Article: Present financial crisis, causes and remedies from Islamic perspective – Mufti Taqi Usmani
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on December 28, 2011
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Islamic banking industry has grown rapidly during the past three decades spreading its operations in many parts of the globe. Making its first debut in the small Savings Association of Mitghamr (Egypt) in 1963, its strength has now reached over 250 financial institutions operating in more than 40 countries with assets valuing USD 750 billions, and an annual growth rate of 15 per cent. Almost all the giant conventional banks are in queue to establish their Islamic units to capture the new emerging market. This rapid growth of Islamic financial industry is, no doubt, encouraging for those who wished to relieve themselves from the prohibition of interest on the one hand and to remain a part of the modern market economy on the other. Now that a substantial period of more than three decades has passed on the experience of Islamic Banks and Financial Institutions, it is imperative to review what they have achieved so far and what they have missed.
Book: An Introduction to Islamic Finance – Mufti Muhammad Taqi Usmani
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on December 28, 2011
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Foreword
Over the last few decades, the Muslims have been trying to restructure their lives on the basis of Islamic principles. They strongly feel that the political and economic dominance of the West, during past centuries, has deprived them of the divine guidance, especially in the socio-economic fields. Therefore, after acquiring political freedom, the masses are striving for the revival of their Islamic identity to organise their collective life in accordance with the Islamic teachings.
In the economic field, it was the biggest challenge for such Muslims to reform their financial institutions to bring them in harmony with the dictates of Shari‘ah. In an environment where the entire financial system was based on interest, it was a formidable task to structure the financial institutions on an interest free basis.
The people not conversant with the principles of Shari‘ah and its economic philosophy sometimes believe that abolishing interest from the banks and financial institutions would make them charitable, rather than commercial, concerns which offer financial services without a return.
Hazards of Conventional Economic System – Nisar Nadiadwala
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on December 28, 2011
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Business in the light of Islam
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on December 27, 2011
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