Allah has permitted bay’(trading) and forbidden riba(usury)…” Regarding on this verse‚ it is obviously‚ explained the concept of business ethics from Islamic perspective; which in Islam‚ the usury totally prohibited. As we know‚ the conventional business ethics are allowing usury in the market system so that they can have a big profit in sales. Nevertheless‚ the concept of business ethics in Islamic religion is differed. Islam avoid the usury(riba) in term of avoiding unfairness to only one side
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ISLAMIC LIFE INSURANCE (TAKAFUL)‚ IT’S EVOLUTION‚ COMPARISON WITH CONVENTIONAL LIFE INSURANCE‚ AND ROLE OF DAWOO TAKAFUL ( AN INSURANCE COMPANY OFFERING LIFE INSURANC IN PAKISTAN ) FOR TAKAFUL INDUSTRY IN PAKISTAN Table of Contents 1.0 LIFE INSURANCE/CONVENTIONAL LIFE INSURANCE 2 2.0 ISLAMIC LIFE INSURANCE 2 3.0 WHY LIFE INSURANCE NECESSARY 2 4.0 COMPARISON BETWEEN COVENTIONAL LIFE INSURANNCE AND ISLAMIC LIFE INSURANCE 2 4.1 HOW CONVETIONAL INSURANCE WORKS 3 4.2 DIFFERENTATION OF
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Research Report of Money and Banking Issues and Problems in Islamic Banking Abstract:- Three decades have passed since the first Islamic bank began its operations in MitGhamr‚ Egypt‚ and more than a decade has passed since the Islamic Republics ofIran and Pakistan adopted a non-interest-based financial system. Profit Loss Sharing (PLS) dominates the theoretical literature on Islamic finance. Broadly‚ PLS is a contractual arrangement between two or more transacting parties‚ which allows
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A study on perception of graduate students in IIUM: A comparative analysis between Takaful and conventional insurance in Malaysia. Md. Mahmudul Haque (0823925)‚ Khairina Binti Narawi (0733734)‚ Amal Hakimah Mohd Zuhari (0822490)‚ Eduart Nogu (0826619 Bank Management: section 1 1st Draft 1.0 Introduction According to the world Bank Development Report 2000‚ the earth ’s human population is approaching 6 billion‚ of which upwards of 25% are practicing Muslims. Malaysia ’s population‚ as of
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Islamic Banking and why. 4. To whether Islamic Banks are working strictly in accordance with Shariah compliances. Hypothesis: H1: Islamic Banks are working strictly according to the Shariah Compliances. H2: Islamic banking is banking without Riba only. H3: Islamic banking is conventional banking with a different name only. H4: People are aware of the basic concepts of Islamic Banking The above stated hypotheses were developed in order to be tested by survey. Background: Although‚ Islamic
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adopted by the human being from the very beginning of the human history for their physical survival in this natural world. The Islamic contracts basically adopted these pre-islamic concepts of contract. However what Islam innovated was prohibition of Riba‚ prohibition of Ghara‚ prohibition of Qimar (Gambling) and Maysir (Game of chance)‚ and prohibition on Haram contract. Thus‚ it could be said that in Islam every contract is basically lawful so long it does not oppose any explicit text of the Quran
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Risk Management – Differences Between Islamic and Conventional Banking In evolving the Islamic financial system‚ important considerations include the development of a system that is able to meet the changing requirements of the consumer and business community‚ that is efficient and competitive‚ that is safe and sound and that is robust and resilient and able to withstand a more challenging and uncertain world environment. These considerations are vital to ensure the sustainability of the system
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(Ullama Keram) argued that the element of risk should not be removed from the financial transaction‚ if that is removed from the financial transaction then that transaction is no more remained the business or trade but involved in the category of Usury(Riba). That’s why the profit rates of Islamic banks should be accrued form one year to another year‚ according to the performance of the bank‚ not according to the change in interest rate (Gafoor‚ 2001). Just like to conventional banking‚ Islamic banking
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Differences between Islamic and Conventional Financial Planning Financial planning is the process of creating strategies in managing financial affairs to meet life goals and the role of the professional financial planner is to analyse the financial circumstances of the client and to provide a plan to meet the client’s financial needs and goals. In carrying out his mission‚ the financial planner shall provide impartial assistance and act in the best interest of the client. For the Islamic financial
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TAKAFUL ________________________________________ INTRODUCTION: Insurance is not a new concept within Islam. The principle of a person protecting himself against loss or misfortune is even described in the Qur’an through stories of some of the prophets. In Arabic this concept is known as "takaful". It is acknowledged that the foundation of shared responsibility or Takaful was laid down in the system of "Aaqilah"‚ which was an arrangement of mutual help or indemnification
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