By Muhammad Saiful Ridhwan, Nur Dini Khairuddin & Mohd Adam Suhaimi Abstract The global Islamic finance sector is booming and is likely to sustain a stable growth. With many Islamic Finance products introduced over the years, the demand in studying risk pertaining to Islamic finance product is becoming a major concern. The main reason to […]
By Prof. Dr. Zubair Hasan Abstract In my latest article on Islamic home financing models in the ISRA Journal June2013, I had shown that the Zubair Diminishing Balance Model (ZDBM) does not involve compounding of return and the transfer of ownership to the customer perfectly matches the payments’ rate; the two norms Islamic models must […]
By Salman Ahmed Shaikh Abstract Islamic banking has achieved exceptional growth in the last two decades and has been able to sustain it even during the recession and afterwards. In this paper, we analyze the economic merits of Islamic banking principles that have made it so successful and widely acceptable. We provide mathematical exposition of […]
By Muhamad Abduh & Magomed Idrisov Abstract Islamic Banking has been introduced in many countries globally for the last three decades. However, in Russia, Islamic Banking and Finance industry is still in its early stages. The study is aimed at examining the role of awareness and perceived values among Dagestanians upon their acceptance towards Islamic […]
By Camille Paldi ABSTRACT The philosophical and conceptual foundations behind the prohibition on riba (interest) and gharar (uncertainty) can be derived through the Shuratic process in discursive interpretation of the Qu’ran and Sunnah. Riba (interest) is in fact just a form of gharar (uncertainty) . Gharar (uncertainty) opens the door for speculation, ruthless greed, immorality, and social decay. Both riba (interest) and gharar (uncertainty) result […]
By Prof. Dr. Mohd. Ma’sum Billah Abstract Money plays a vital role to the economy of any country, not only for providing a medium of exchange but also for the basic survival of the economy of the country. Traditionally, many things have been used by man to accommodate trade and be used as money such […]
By Imran Hussain Minhas Abstract Since the inception of Islamic finance, it is encountered with different challenges and criticism from advocates of conventional financial system but time has proved that Islamic finance is a reality having tremendous potential to grow. Islamic finance has now reached to around 100 countries of the world which includes the […]
By Dr. Ishrat Hussain Abstract Islamic Finance is becoming popular world-wide as it addresses the shortcomings of the conventional system that lead to the financial crises of 2008-2009. However, to make Islamic banking and finance a viable option, certain aspects thereat must be addressed which this article discusses.
By Shafaq Asmat Abstract This article analyses the emergence, growth and prominence gained by Islamic finance in the Western world using the example of the United Kingdom (U.K.). With the global expansion of Islamic financial markets, the U.K. and particularly London, has become one of the leading Islamic financial centres in Europe. Today London is […]
By Imran Hussain Minhas Abstract Islam prescribes an all inclusive blue print for life. It recommends guiding rules for personal, interpersonal, financial, economic, political and religious aspects of life. This article discusses the sources of these rules and goes on to explain the basic prohibitive rule in Islamic finance – riba and its exclusion in […]
