By Salman Ahmed Shaikh Abstract This paper attempts to explain the distinctive features of Islamic Economics that guide the equitable distribution of resources in an economy. Prohibition of interest and institution of Zakat encourage investment, spending and circulation of wealth. It is discussed that how Islamic principles help in achieving both efficiency and equity. Islam […]
By Dr Mohammad Nawaz {al Hassani} ABSTRACT The Article explained the meaning of promise {al Wad} and discussed about the Opinions of Muslim scholars with regard to the binding nature of promise in Islamic law and analyzed their evidences on their view points and provided the preference in this regard. The article described the opinion […]
By Dr. Huud Shittu Ph.D ABSTRACT Endless queues and congestion, wary and unsympathetic cashiers, ineffective Automatic Transaction Machine (ATM) and other inconveniences are the major traits of the Nigerian Banks resulting to dilly-dally economy of Nigeria. Exploitation and economic corruption in the blood stream of Nigeria citizenry worsen economic responses. This altogether precipitates, recently, the […]
By Syed Farhan Najum & Irfan Anjum Manarvi ABSTRACT International financial institutions especially the banks were seriously hit by the global recession and the period after it. A large number of conventional and Islamic banks were operating in Pakistan at that time, though with slightly different practices and strategies. This research was focused on analyzing […]
By Suleman Muhammad Ali ABSTRACT The Islamic Financial Industry (IFI) and its players including the regulators need to learn important lessons from the sub prime crises; especially since the industry at present is in its initial stages and is some what indirectly linked to the global conventional financial system. The paper discusses the sub prime […]
By MOBOLAJI, Hakeem Ishola (PhD) ABSTRACT This is a preliminary study that attempts to analyze the role of non interest banking (NIB) in national economic development in Nigeria. It uses a theoretical construct and employs a discourse technique for the analysis. The paper suggests that NIB has potentials of enhancing financial inclusion and social capital […]
By Dr. S.M.Hasanuzzaman Abstract There are so far five interest-free financial institutions in the US. They are: Lariba Finance House (California, 1991), Devon Bank (Illinois, 2003), Guidance Bank (Virginia, 2002), University Islamic Financial (Michigan, 2003) and Ijara Loans (Texas, 2005). Residential financing tops the list of financing activity in all the five institutions. Lariba also […]
By Muhammad Samiullah ABSTRACT Modaraba companies & modaraba (Floatation & Control) Ordinance, 1980 was promulgated in June, 1980, Moadaraba Rules in 1981 and Prudential Regulations for Modarabas were issued in 2004. First Modaraba floated in July, 1980. Shariah Compliance & Shariah Audit Mechanism (SCSAM) introduced in February, 2012 by SECP. Objectives of SCSAM is to […]
By Imran Hussain Minhas ABSTRACT Islamic financial institutions made a good start and developed at a remarkable pace in the first instance. However after only a brief period there was a set back in non banking financial institutions. The article is devoted to find out the factors which caused the debacle.
By Muhammad Zeeshan Farrukh ABSTRACT This paper explains the principles of Islamic economic system by differentiating conventional and Islamic economic systems. It is proved that there is an absolute clash between the secular and Islamic concept of economics as the one is self-centric while the other is based upon the welfare of the society respectively. […]