Islamic Finance
INTRODUCTION:
Islam is founded upon the notion of Tawhid, a total commitment to the will of God.
There are no concepts of "mosque" and "state" as specifically religious and political institutions. They are believed to be fused together (Mills, Presley). The Qu'ran explicitly deals with economic questions such as distribution of property on inheritance, hoarding, usury and the use of financial resources. The principles of the Islamic Financial system is based on a set of rules and law called the "Shariah", originating from the Qu'ran. Its characteristics are based on the prohibition of the receipt and payment of interest (riba) and a more equitable distribution of income and wealth. Islam promotes profit and loss sharing. In this paper, I will first give a background of the Islamic banking system by using the example of the experimental bank in Pakistan and the Mitr Gahms Saving bank of Egypt, which set the bar for the new emerging banks and allow for a broader financial structure.......
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Approximate Word Count: 5501
Approximate Pages: 23 (250 words per double-spaced page)
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