The idea that God owns all things is at the core of Islamic economics. A second cornerstone of the Islamic economic system stems from the fact that the Qur'an strictly prohibits interest-bearing transactions but permits trade.
Modern Islamic banking is less than thirty years old but its bases -- community orientation and prohibition of riba (interest) -- are fundamental to
The existence of international Islamic financial centers (IIFCs) is crucial to the growth and evolution of the Islamic banking and finance sector.
People often wonder how Islamic banks make profits while avoiding riba, which denotes interest, profiteering, and usury. Nationalized commercial banks in Bangladesh earn over 30% of their profits from non-interest, and thus
There is growing need amongst the 2 million Muslims living in Britain for a mortgage system that complies with Islamic principles. The two most common methods used for structuring Islamic mortgages are
The term riba may be discussed in depth to determine whether it includes modern bank interest.
Education is classified as a consumption-investment mix commodity. Consumption deals with the psychic returns of the education; investment applies to the monetary return education yields. In the Islamic system, education is a highly value-oriented entity. The consumption-investment mix commodity analysis applied here to education is a framework that can prove fruitful for Islamic economics.
Ibn Taimeyah was both a scholar of