By Altaf Noor Ali, ACA Abstract Islamic Financial Institutions (IFIs) in Pakistan are required to present a cash flow statement as an integral part of its financial statements. This write up brings on record insufficient direction in International Accounting Standard-7 (IAS-7) in the context of a financial institution generally. It goes on to record instances […]
By Salman Ahmed Shaikh Abstract Since interest is prohibited in Islam, the government in an Islamic economy cannot issue interest based T-Bills, T-Bonds and/or obtain interest based sovereign debt. Based on the literature review, it is argued that neither Prophet Muhammad (P.B.U.H) nor the pious Caliphates (rta) levied any taxes other than Zakah. Accordingly, this […]
By Abdulqadir Ibrahim Abikan (Ph. D) ABSTRACT This research examines the impact of the Global Financial Meltdown (GFM) on Islamic finance in Nigeria. It examines the law which enabled Islamic finance in the country and the various efforts made to effectuate the law. It compares the performance of the Lotus Capital Halal Investment Fund with […]
By Mughees Shaukat & Mohd. Zamree Mohd Ishak Abstract Islamic finance is fast becoming a major global force and its impact is only just beginning. However it still lacks well-capitalized institutions. About a quarter of the roughly 300 Islamic financial institutions worldwide are reported to have less than US$25 million in paid-up capital. No wonder […]
By Dr. Badr-El-Din A. Ibrahim & Mohammed Osman Khalifa Abstract The Musharaka Mode of Finance has many advantages but it is not fully utilized as it is not properly understood. However there are quite a few reservations in its application which discourage its use. The paper clarifies all misconception against Musharaka and suggests some modifications […]
By Salman Ahmed Sheikh Abstract This paper discusses the ethical void in Capitalism which does not look prominent in welfare societies and states. But, its effects become more eminent in tough economic conditions. Unbridled pursuit of self interest, moral relativism, incentive-led economic choices and apathy to communal responsibilities would lead to a society where economic […]
By Muhammad Zeeshan Farrukh Abstract The modes of Salam and Istisna’a are the exceptional sales that help Islamic Financial Institutions (IFIs) to cater to the needs of those customers who require working capital financing to produce or manufacture something. Keeping in view the conditions and guidelines for execution of Salam and Istisna’a transactions; this rticle […]
By Imran Hussain Minhas Abstract The Government of Pakistan took several steps to Islamize banking system in Pakistan. Despite a set back they continued to proceed further and ultimately they succeeded in setting up this system. After Islamization of Banking Islamic products were introduced. Modaraba operated as a corporate entity under regulating framework of Security […]
By Dr. Badr El Din A. Ibrahim ABSTRACT The purpose of this paper is to review the nature and practices of Islamic microfinance, and to investigate their challenges and future prospects. The methodology of this paper consists of critical review and examination of existing literature and experiences. The results indicate that Islamic microfinance witnessed few […]
By Mughees Shaukat ABSTRACT Malaysia, backed by its aim to become the hub of Islamic banking and finance has gained some unprecedented ground; more so when it comes to SUKUK. The Malaysian sukuk market dominated by “Sale/Debt Based” sukuk has experienced phenomenal growth ever since its inception, However it has also raised many controversial issues […]
