Islamic Finance
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Hijri Date |
Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Shariah) principles and guided by Islamic economics. In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. Generally, Islamic law also prohibits trading in financial risk (which is seen as a form of gambling). In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values). In the late 20th century, a number of Islamic banks were created, to cater to this particular banking market.
The first modern experiment with Islamic banking was undertaken in Egypt under cover without projecting an Islamic image for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the political regime. The pioneering effort, led by Ahmad El Najjar, took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr in 1963. This experiment lasted until 1967 (Ready 1981), by which time there were nine such banks in the country.
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Islamic Finance News
 | Salam International Limited Profits Up |
Salam International Limited (SIIL) has posted net profits of QR70.9m in the first half (H1) of this year, up from QR64.4m in the corresponding period of 2009. A company statement said yesterday that SIIL's board of directors met yesterday and approved the half-yearly 'consolidated financial statements. | |
| Zitouna Bank Deploys Gemalto Instant Issuance Solution in Tunisia |
Gemalto (Euronext NL0000400653 GTO), the world leader in digital security, today announced that Zitouna Bank in Tunisia has selected its Dexxis Instant Issuance solution for on-the-spot EMV card personalization across the bank's branches nationwide. | |
| IDB stable outlook affirmed |
Moody's Investors Service has reaffirmed on 26.07.2010 for a fifth consecutive year the Islamic Development Bank 's "Aaa" long term and P-1 short term foreign currency issuer rating with a "stable" outlook. | |
| IIFM releases I'aadat Al Shira'a (Repo Alternative) Reference Paper |
The International Islamic Financial Market (IIFM) today released its Reference Paper on I'aadat Al Shira'a (Repo Alternative) concepts and structuring possibilities | |
| S&P Report Comments On The Sukuk Market's Firm Upsurge |
Citing worldwide sukuk issuance of $13.7 billion in the first half of this year, just shy of a two-fold jump on the $7.1 billion registered in the initial six months of 2009, Standard & Poor's Ratings Services examines current and future sukuk market growth trends in a new report published today, "Sukuk Issuance Is Up And Running, But Will The Climb Continue Apace?" | |
| Dow Jones Islamic Market Indexes in July: Kuwait's Comeback |
July was the month of turnarounds, although stock market performances were volatile in the East and West. Perhaps the most surprising move of the month came from the Kuwait Stock Exchange (KSE). |
- Dieser Artikel basiert auf dem Artikel Islamic-banking aus der freien Enzyklopädie Wikipedia und steht unter der GNU-Lizenz für freie Dokumentation. In der Wikipedia ist eine Liste der Autoren verfügbar.