Allah and spreading the word of this faith. The second pillar is daily prayer. Five times a day prayer rituals are practiced. The repetition of prayer throughout the day is supposed to strengthen the relationship with Allah. The third pillar is Zakat. Zakat is the act of donating a percentage of annual wealth to other Muslims that are to as wealthy. This helps to create equality among members. The fourth pillar is fasting. Fasting is recommended frequently for Muslims but is only required during Ramadan
Premium
of all Muslims once adulthood is established. Prayer is a daily occurance to be exact five timesper day. Prayer lasts five to ten minutes each time. Pillar number three is Zakat or charity. The islam belief is that all prosperity and wealth is only worthy of God‚ and God’s desire is for Muslims to express generocity in life. Zakat requires the giving of a piece of a persons financial wealth to charity at the conclusion of the year. Pillar number four is Sawm or fasting. Every Muslim is required to
Premium
ZAKAH : THE THIRD PILLAR OF ISLAM VOCABULARY:- 1. Zakat – Zakah literally means purity and growth. 2. Zakat-ul-Mal – the 2.5% of the money that is paid. 3. Zakat-ul-Fitr – the zakah or purifying dues paid after Ramadan. 4. Nisaab – the minimum extra wealth a person should save over a year in order to pay Zakah. 5. Al Fuqaraa’ – the needy people who have faced recent hardships and may receive zakah. 6. Al Masakeen – the poor people who should receive Zakah. 7. Al Aamiloon Alayha
Premium Islam
ISLAMIC BANKING • Prohibits usury‚ the collection and payment of interest‚ also commonly called riba. • The discouragement of the production of goods and services which contradict the islamic value (haram) • The introduction of an islamic tax‚ zakat; • Prohibition of maysir (gambling) BANKING AND ISLAM Although institutional presence of banks was not there in early islamic history but the function of saving and investment was there even before Islam. The mudarabah business between rasoolullah
Premium Islamic banking Sharia Usury
Ramadan Ramadan is the ninth month of the Islamic calendar; Muslims worldwide observe this as a month of fasting. This annual observance is regarded as one of the five pillars of Islam. The month last 29- 30 days based on the visual sightings of the crescent moon. The word Ramadan comes from the Arabic root ramida or ar-ramad which means scorching heat or dryness. Fasting is a wajib(obligatory) for adult Muslims‚ except those who are ill‚ traveling or going through menstrual bleeding. While fasting
Premium Ramadan Islam Muhammad
prophet Muhammad as recorded in Hadiths. Hadiths are prophet Muhammad’s tacit approval or criticism of statements or actions that occurred during his lifetime. Sunni Muslims follow the five pillars of Islam. The five pillars of Islam are Shahada‚ Salat‚ Zakat‚ Sawm and Hajj. Shahada is the belief that there is only one God‚ which is Allah and that prophet Muhammad is Allah’s messenger. Salat is the Islamic prayer that is made up of five daily prayers. The names of the prayer are established according to
Premium Islam Muhammad
www.emiratesislamicbank.ae k 9 Annual Report 2009 Table of Contents Vision & Mission Boards’s Message CEO’s Message Board of Directors The Management Team Board of The Directors’ Report Fatwa and Sharia Supervisory Board’s Report The due Zakat on Shares Independent Auditors’ Report Consolidated Statement of Income Consolidated Statement of Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes
Premium Balance sheet Generally Accepted Accounting Principles Asset
capable of discharging their obligations. In Islamic accounting‚ the date of occurrence of the transaction is very important and it is based on the principle of Al-Haol known as periodicity. According to this principle an income was not subject to zakat unless it had been in the possession of the owner for 12 calendar months. The other important value is self-control. It is belief that Allah is watching all acts and thoughts of mankind. That is why the transaction of the trade must be properly record
Free Muhammad Islam Qur'an
followers‚ Muslims‚ are required to practice its five pillars‚ or duties. Each of these duties is mentioned in the Quran; however‚ scholars have found a more detailed explanation in the Hadith. The five pillars are uttering the Shahada‚ prayer‚ zakat‚ participating in the fast‚ and a pilgrimage to Mecca. The first of the five duties is uttering the Shahada‚ a phrase that declares the faith of the follower. The phrase is‚ "There is no god but God and Muhammad is His messenger." This phrase
Premium
roTHE ROLE OF ISLAMIC BANKING IN ECONOMIC DEVELOPMENT IN EMERGING MARKETS BY HAJARA ADEOLA MD/CEO LOTUS CAPITAL LIMITED A PRESENTATION AT THE ISLAMIC FORUM BUSINESS LUNCHEON LA SCALA‚ LAGOS NOVEMBER 2007 1 OUTLINE • • • • • • • • • • • • • • Introduction Effects of the Interest Based system The Islamic Solution The Framework Shari’ah Objectives and Effects Islamic Tools for Prosperity Macroeconomic Efficiency Islamic Banks – An Alternative? Effects on the Economy Financial Institutions Global
Premium Bank Islamic banking Economics