Articles

For a transaction to be deemed properly completed according to the shari`a, some shari`a scholars are of the opinion that the already executed signature pages must be paper clipped in a certain way.

The majority of Islamic banking customers at OCBC Bank (Malaysia) Berhad (about 78 percent) are non-Muslim. The bank aggressively promotes these products, and takes every opportunity to create better awareness.

Kuwait Finance House (KFH) is emphasizing the fact that they have stringent procedures to prevent money laundering. The US is an integral market for KFH, and they are confident about doing well there. KFH has reported strong third quarter (Q3) results. The article details some of KFH's achievements and services.

The author discusses how banking and insurance were reinterpreted by Muslim minds taking ethical aspects into consideration. The core idea behind

The concentration of Thailand's Muslim population in the region near the Malaysian border has exposed it to the Malaysian banking system.

Gold, minted for facility, was initially used as money. The goldsmith’s receipt of depositors’ coin was used as currency and was the precursor of paper money. Banks then issued bank notes and governments also issued notes, which they declared as legal tender. The paper money was gradually delinked from gold by all governments to adopt deficit financing. This triggered inflation, putting common welfare in jeopardy. However, it is the depreciation in the value of currency and not inflation which causes surge in prices.

The author summarizes the development of Islamic financial institutions around the world, and talks about the rationale for and structure of Islamic banking. He then surveys the published literature on the subject. The recent increase in empirical studies is also discussed. A glossary of terms and an appendix of Islamic financial institutions outside Pakistan and Iran are provided.

The author traces the origins and development of Islamic banking, the history of which he proposes can be divided into two parts; first when it existed as a theory, and second, when it developed into a reality. The current practices and deficiencies of interest-free banks are discussed, and the questions of financing and legislation elaborated upon. The difficulties of Islamic banks operating in non-

The JAK bank tries to create an interest-free society, and helps members free themselves from their interest-based loans. The branches disseminate information about the dangers of interest and the alternative banking system they envision. The authors describes the functioning and performance of the bank.