KULIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES FIN 4030 PRINCIPLES AND PRACTICES OF TAKAFUL AND RETAKAFUL PERMISSIBLE RISK IN TAKAFUL ASYRAF ARIF BIN HUSSAIN 1223843 MUHAMMAD ARIF BIN AZMI 1222281 SECTION 4 \ INSTRUCTOR ASSOCIATION PROFESSOR DR NURDIANAWATI IRWANI ABDULLAH TABLES OF CONTENT NO CONTENT PAGE 1 BACKGROUND OF STUDY 1 2 LITERATURE REVIEW MEANING OF RISK SHARIAH STOCK SCREENING FACTORS AFFECTING RISK
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Shariah in Islamic Banking Sector in meeting the worldview can be measured based on the extent to which the goals in promoting justice and fairness to all creatures that can be seen by examining the fulfilment of the five essential elements: avoiding riba‚ ghahrar and maysir in product development and transactions‚ pricing the product fairly‚ has the knowledge (intellect) which benefit to economics‚ the developing of the product has the long term effect that not burden to all humans‚ and the sharing
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EXECUTIVE SUMMARY * Islam is not only a religion but also a complete code of life and Islami Banking & finance is an integral part of life of a Muslim. Similarly Shari’ah Concept and principles are unavoidable code of business operations of the Bank. An Islami Bank is a financial institute whose status‚ rules and procedures expressly state its commitment to the principles of Islamic Shari’ah. * The main objectives of the bank are: a) To conduct interest-free banking‚ b) To establish
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What are the impacts of the global financial crisis on Islamic banking system and how Islamic bank spared from the crisis? Accounting Master ’s thesis Salad Addawe 2012 Department of Accounting Aalto University School of Economics i What are the impacts of the global financial crisis on Islamic banking system and how Islamic bank spared from the crisis? Master’s Thesis Salad Araye Addawe Winter 2012 Accounting Approved in the Department of
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built on the foundation of Homo islamicus‚ the Islamic Man‚ which is claimed to be distinctive from Homo economicus. However‚ the Islamic financial institutions emerged as part of the Islamic banking movement‚ where interest (traditionally equated with riba) is regarded as prohibited and the underlying behavior of the constituent members‚ Homo islamicus‚ is assumed as part of an idealized society‚ imbued with Islamic values and commitment. Indeed‚ the accumulating experience of Islamic financial institutions
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is ’the way to the source of life’ and is now used to refer to legal system in keeping with the code of behaviour called for by the Holly Qur’an (Koran). Amongst the governing principles of an Islamic bank are : * The absence of interest-based (riba) transactions; * The avoidance of economic activities involving oppression (zulm) * The avoidance of economic activities involving speculation (gharar); * The introduction of an Islamic tax‚ zakat; * The discouragement of the production
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banking activity or a system of banking that is in consonance with the basic principles of Islamic Shariah (rules and values set by Islam). Islamic banking is also known as interest free banking system as the Shariah disallows the acceptance of “Riba” or interest rate for the accepting and lending of money. In Islamic banking system‚ a business that offers good interest rates or services is strictly prohibited and it is in fact considered Haraam(forbidden). Islamic banking offers the same facilities
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banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia’h) principles and guided by Islamic economics. In particular‚ Islamic law prohibits usury‚ the collection and payment of interest‚ also commonly called riba. Generally‚ Islamic law also prohibits trading in financial risk (which is seen as a form of gambling). In addition‚ Islamic law prohibits investing in businesses that are considered unlawful‚ or haraam. Islamic finance has been gaining momentum on
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Paper presented at the 5th International Islamic Finance Conference 2007‚ organized by Monash University‚ Kuala Lumpur‚ 3rd – 4th September 2007. Commodity Murabahah Programme (CMP): An Innovative Approach to Liquidity Management By: Dr. Asyraf Wajdi Dusuki * Department of Economics Kulliyyah of Economics and Management Sciences International Islamic University Malaysia P.O. Box‚ 50728 Kuala Lumpur Malaysia Tel: +00 603 6196 4664 Fax: +00 603 6196 4850 Email: asyraf.w@iiu.edu.my Abstract Liquidity
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Issues and Relevance of Islamic Finance in Britain. http://www.islamic-banking. com/ibanking/ibanking_aom/ia_khan.php Kharofa‚ A. 1997. Transactions in Islamic Law. Kuala Lumpur: A.S. Noordeen. Mirza‚ M. & Baydoun‚ N. 2000. Accounting Policy Choice in a Riba Free Environment. Accounting‚ Commerce & Finance: The Islamic Perspective Journal. 4 (1). Pendlebury‚ M. & Naser‚ K. 1997. The Influence of Islam on Bank Financial Reporting. International Journal of Commerce & Management. 7 (2): 56-83. Pomeranz‚ F
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