Islamic banking: state of the art
Islamic banking' is banking conforming to the shari`a. Islamic banking is based on the prohibition of riba, an unnecessary and undesirable feature of traditional banking.
Articles
Banks to play active role in development of a viable Islamic economic system
Banks play a crucial role in the development of a viable Islamic economic system. Islamic banking is not just an interest-free banking system, it must also promote the goals of
Banking beyond collateral: Islamic financing offers new dimenssions in development
Though the concept of distributive justice has swept the Western world, third world countries are still grappling with institutional flaws that preclude the success of social welfare measures. Because of historical problems, the banking systems in many developing countries are not conducive to the distribution of wealth. The problems of distribution have been exacerbated by the recent growth experiences of these nations. According to the principle of
Zakat - the fourth pillar of Islam
Human beings are mortal creatures, and life on earth is short. The material things of this life enchant the physical element of a human and have an effect on a person's ego. In al-Qur'an, the comfort of this world is made mention of.
Islam's system of social security: a short survey
Zaka is a crucial element of Islam.
Zakat and economic wellbeing
The author discusses the categories of individuals to whom Zakah is distributed in Islamic law and he describes the guidelines of giving to each group. The first two terms discussed are joined as al-fuqara' wa'l-masakin. These are individuals in poverty and needing assistance. Al-'Amilina 'Alayha includes the officials who distribute and administrate the zaka fund--they are paid regardless of their financial status. Al-mu'llafatu Qulubuhum refers, most jurists hold, to a certain group who lived in Mecca during the Prophet's time.
Nisab of zakat
The article deals with technical procedures and rules of paying zaka . Drawing on numerous ahadith, the author reviews the 2.5% requirement on excess cash assets held by an individual for one year's time. He discusses the requirements of zaka for wealth in livestock (for example, one goat for 5-9 camels) in great detail and he addresses how mich zaka one pays on precious metals. Questions involved regarding changes in value since the Prophet's time are discussed.
Only six funds outperform benchmarks
Islamic Banker has chosen Oasis Crescent Global Equity Fund as the best performing fund for the year 2001, returning –1.57 percent in a year where none of the Islamic equity funds yielded a positive return. The rankings could be improved upon by incorporating ratings on a geographic basis, and the study encountered difficulty in certain cases due to a lack of transparency, high turnover rates, and disparities in the amount of information provided by companies.