The primary objective of the Islamic Chamber of Commerce, Industry, and Commodity Exchange is to promote trade in the Islamic world by such means as establishing an Islamic Common Market. In order to implement projects undertaken by the nations of the Islamic Chamber, institutional arrangements are necessary to extract investment capital. Since the Islamic Chamber was established, the volume of trade between
The author's primary focus is the deep change that has occurred in the nation of Sudan following the Islamisation movement spearheaded, until recently, by former president Ga'far Nimeiri. The author discusses the movement in Sudan towards laws conforming to the shari`a . He makes mention of and discusses the Ma'arouf-Munkar act of 1983 and its implications. Some actual text of the Islamic-oriented constitution of Sudan is included.
The central characteristic of an Islamic financial system is the absolute prohibition of the payment and receipt of interest. Only an uncertain rate of return based on profits is permitted. Thus, an Islamic banking system is essentially an equity based system in which depositors are treated as if they were shareholders of the bank. Several methods that allow banks to act as intermediaries between savers and investors, while at the same time following the guidelines of
To add legitimacy to the field, It is important to provide data, information, and basic indicators related to Islamic banks and financial institutions. The 8th Aggregate Balance Sheet of Islamic Banks and Institutions Members of the International Association of Islamic Banks (IAIB) was prepared to define the activities of these institutions, the progress in their volume of activities, their achievements, results of their operations, and their rate of performance. The aggregate balance sheet under this study includes 22 Islamic banks and financial institutions.
The UAE is currently considering a law to regulate Islamic financial institutions. The law would establish regulatory licensing, external religious supervision, and internal religious supervision. Islamic banks do not fit the definition of banks because they offer a wider range of services than conventional banks. Islamic banking is relatively recent but its principles are as old as
Islamic banking has been developing for ten years in Muslim countries, alongside the conventional systems of these lands. Some
The author strongly suggests that all international managers ought to seek knowledge concerning Islamic economics and Islamic banking. There are over 100 Islamic banking institutions and
Econometrics can show the demand for money in the Pakistani economy from the period 1959-1960 and 1986-1987. The money demand function, specified in logarithmic form, was stable between both periods, but became unstable thereafter. The instability may have been caused by the institutional changes in the banking sector and changes in the exchange rate environment caused by the delinking of the Pakistani rupee from the US dollar.