ANorwegian bank has proposed a “halal” loan scheme based on Islamic principles which forbid charging interest.
This is a series of articles from the revered book "Introduction to Islamic Finance" by Taqi Muhammad Usmani to give readers awareness into the general concepts of Islamic finance. Please direct your specific questions to scholars.
ONE of the most important characteristics of Islamic financing is that it is an asset-backed financing.
The conventional / capitalist concept of financing is that the banks and financial institutions deal in money and monetary papers only. That is why they are forbidden, in most countries, from trading in goods and making inventories.
JAKARTA: As demand for halal products grows across the Islamic world, Indonesia has plans to establish a halal economic zone in Jakarta.
The economic zone would likely include Islamic banks and financial institutions, as well as halal restaurants, hotels, malls, fashion boutiques and entertainment venues.
AladdinStreet Singapore is targeting SG$50 million in sales within the first year of its launch in 2016.
FOOD and beverage topped Muslim spending by category last year, exceeding the spending of the world’s largest economies, United States of America (US), China and Japan.
KUALA LUMPUR: Muslim entrepreneurs in Malaysia should consider venturing into the halal industry especially in Asean countries, Malaysia’s Rural and Regional Development Minister Datuk Seri Ismail Sabri Yaakob said recently.
KUALA LUMPUR: The global Islamic finance industry is expected to hit US$3.7 trillion by the end of 2020, said Tun Musa Hitam, chairman of the jury for The Royal Award for Islamic Finance.
TURKEY is committed to tripling the market share of Islamic finance, bringing it up to 15 percent by 2023, Deputy Prime Minister Mehmet Şimşek has said.
Speaking at a conference at the Gaziantep-based Hasan Kalyoncu University, Şimşek said the Islamic finance market had been growing swiftly in Turkey and that the government aimed to further boost the sector.
“Islamic finance currently enjoys a 5 percent share in the market. Our target is to increase this up to 15 percent by 2023. We would like to turn Turkey into a hub of Islamic finance,” he said, adding both state and private banks needed to develop their services in this area.
The minister noted the income inequality in the world, saying 62 people’s wealth was equal to 3.62 billion people. He said Islamic finance can play a positive role to address this problem.
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AFRICA'S development needs are greatly aligned with Islamic finance given the continent’s infrastructure deficit, paving the way for more sharia-compliant products on the continent, according to Imran Mufti, partner at Riyadh-based law firm Hogan Lovells.
KENYA’S plans to develop Islamic finance include a wideranging taxation review and the establishment of a national sharia board, steps which could set it ahead of other African countries aiming to develop the sector.
We shall be publishing a series of articles from the revered book "Introduction to Islamic Finance" by Taqi Muhammad Usmani to give readers awareness into the general concepts of Islamic finance. Please direct your specific questions to scholars.
BEFORE the details of Islamic modes of financing are discussed, it seems necessary to explain some points concerning the basic principles that govern the whole economic set-up in an Islamic way of life.
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