The religious and intellectual landscape of nineteenth-and twentieth-century Indian subcontinent has given birth to possibly some of the most extraordinary minds of her history. It can further be argued that a sizeable number of them were men of learning who—irrespective of their faiths—left an indelible mark on the providentially prosperous religio-philosophical and spiritual topography of India.
Since the 1990s, an increasingly diverse set of
It is a well-established rule in the Shariah (Islamic law) that a loan contract is of a charitable nature and as such the lender may not stipulate any excess or benefit from the borrower. However, it is also known in the Shariah that if the benefit from a loan comes to the lender voluntarily and it is not stipulated in the loan contract then it is permissible. This exception derives from some reports that the Prophet used to repay his debt with some increment, and to this effect he said: "The best amongst you are those who benevolently repay their debts”.
The majority of Muslim countries, classified as low or middle-income groups, suffer from poverty and face severe challenges in economic development.
The relation between Muslims and Hindus has a very long history that can be traced back to the very first century of
This paper aims to propose a liquidity management solution for Islamic financial institutions (IFIs) that concurs with sustainable development and financial stability. Design/methodology/approach: The study is a qualitative research. It uses the exploratory research methodology, specifically the content analysis approach, to gather primary data and identify and interpret relevant secondary data and Sharīʿah concepts. The purpose is to develop a liquidity management solution for IFIs.
This paper investigates the impact of remittance inflows on economic growth and poverty reduction for seven African countries using annual data from 1992-2010. By using the depth of hunger as a proxy for poverty in a Simultaneous Equation Model (SEM), we find that remittances have statistically significant growth-enhancing and poverty-reducing impact. Drawing on our estimates, we conclude that the financial development level significantly increases the remittances inflows and strengthens poverty alleviating impact of remittances.
With the increasing instances of malfeasance and frauds coming to light in the financial services industry, trust has become a key concern for customers. Fortunately, in the case of Islamic Finance, trust is a central tenet, and its importance can be seen through the emphasis of Amanah or trustworthiness that should be present in every financial transaction. However, it has been argued that the principle of trust has not been truly realized in Islamic Finance, or that there are still issues of distrust regarding anything which is obtrusively branded as “Islamic”.
This research aims to provide an Islamic Fiqhi perspective on the Options Contract, one of the most prominent contracts in international capital markets. The research begins with a historical introduction that illustrates the emergence of this contract and its evolution. It then moves on to explain its terminology and linguistic meanings.