The religious basis for the prohibition of interest is considered, as well as the consequences of interest-free banking, and Islamic financial instruments devised in Pakistan since 1985 to replace interest-based finance.
Using data from Islamic accounting in Indonesia, and the global network of Islamic financial engineers, accounting’s rhetorical functions are challenged by attending to the inherent reflexivity of accounting practice. Such a move is necessary because critical accounting scholarship mirrors Islamic accountancy debates around the form of accounting knowledge. The techniques for creating anthropological knowledge in the light of new cultures of accounting deserve recognition and attention.
An interview with Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia. Dr. Aziz talks about progress toward the establishment of the Islamic Financial Services Board (IFSB) in Kuala Lumpur, and the International Islamic Finance Market (IIFM) in Bahrain, and issues with the running of both institutions.
Islamic banking is the best-equipped banking system for countries with transformation oriented developing economies (TODEs) because it provides the strongest opportunities for growth within developing economies, forming the necessary foundation for a potential market-based economy. This article outlines the structure of Islamic banking, its relationship to TODEs and growing economies, the role of banks in this and market-based systems, and issues related to equity contracts.
This article examines the treatment of interest rates within the context of western economic literature and Islamic economics, in addition to the history and development of Islamic finance.
The arrival of the Islamic Bank of Britain will bring a range of savings accounts, current/debit accounts, home mortgages, and in the near future will provide telephone and internet banking services. There is believed to be a huge demand for these products, particularly for the 70% of
The Islamic Financial Services Board (IFSB) is at the forefront of developing regulations pertaining to capital adequacy and risk management, as well as corporate governance standards for investment account holders.
The removal of Maulana Taqi Usmani from his position as an appellate court judge,_x000D_ due to a perceived conflict of interest with his work as a shari`a consultant,_x000D_ is a reflection of the state of the Islamic finance industry in general. The_x000D_ scholars must either form independent Islamic legal firms or they will be marginalized.
The Bahrain Monetary Agency (BMA) has taken steps to solidify Bahrain as a global leader and innovator in Islamic finance, particularly through issuing sukuk and a secondary trading market. In recent years the BMA has led regulatory reforms that refine regulations originally geared for conventional banks. However, regulatory standards have had a difficult time keeping pace with the rapid development of new Islamic products.