Islamic banking

Developing an economic system for in any society can be a challenging task for any newly created government. As the newly appointed Economic Minister of this newly created democratic nation, I have been given the ambitious task of designing an economic system in which capitalistic ideals and will achieve both sustainable high rates of growth and a robust middle class. In order to build this system, I will draw on multiple varieties of global capitalism. I will entitle my brand of capitalism…

How the Islamic World and the Western World Diverged As new civilizations have emerged throughout time, each one has taken aspects of previous civilizations and altered and adapted them so that they could form the foundation of and help shape the newfound civilization. Seeing as many cultures and civilizations have taken this approach, it is no surprise that many seem closely related to one another, especially those that originate from the same region. As the Islamic world began to make its…

that make it a leading brand in the region. In this report I look into the importance of creative & innovative management ideas at Emirates NBD over the years covering the changes in banking industry that were launched by Emirates NBD to enhance its existing processes and to introduce innovative services in the banking industry in the region . The report also identifies the mission and vision of Emirates NBD by discussing how the organization has been led thus far and how its vision and mission…

Harjit Singh Sandhu assert that the hawala system has been going on for at least three centuries. The authors state “hawala predates ‘traditional’ or ‘western’ banking (the first ‘western bank’ in India was the Bank of Hindustan, established in Calcutta around 1770)” (Jost & Sandhu, 2000). The system is actually mentioned in very old texts of Islamic jurisprudence. The Economic Expert website states: its origins are not entirely clear, but it is believed to have been used first in the financing…

Iran The Islamic Republic of Iran is located in southwestern Asia. Iran contains many mountains where most of its inhabitants settle on the edges. The capital of Iran is Tehran located in the Elburz Mountains. Iran consist of 77,555,000 inhabitants and is a unitary theocracy. The official language is Farsi and the official religion is Islam. The Supreme Leader, Sayyed Ali Hosseini Khamenei, head of state and government, is more powerful than Iran’s president, President Hassan Rouhani, and…

It that report, the ICD unveiled the detailed numbers as part of its move to raise funds for the first Islamic bond issue. Accordingly, the National Bonds Corporation is subject to international audit mechanisms, more so now due to the financial crisis of 2007/08, that led to the loss of money by many investors. With a net worth of paid-up capital to the…

on Usury: Who ban it? In the world of economics, products and activities often got banned by some policymakers or religions. Usury was the ancient term for the modern interest of loan and it has been banned during the time of ancient Israel, the Islamic world and the medieval Europe. The ban on usury majorly influenced by the fundamental nemesis of usury, the bible. What the bible has been discussed about usury was that whether usury fits into morality. Of course, you can see “usury” as a legal…

By referring to Islamic Law, halal can be classified as anything that legitimated to be done in the religion. It is a universal concept that can be applied to all aspect of life, which not only focusing to the product use by Muslim people. The halal itself has large area of application cover such as clothing and manner, human relationship, trade and financial, and many other area that equivalent to the Shariah’s Islam. Besides, Islam has generally guideline on halal food which involving the…

Under the Mongol Empire, Eurasia was unified. These cities no longer went to war against each other, and the Mongols mandated a policy of open trade(Skaff 3). Items from China and Southeastern Asia made it into Eastern Europe and the Middle East, and vice versa. The Mongols also maintained the roads needed to conduct this trade and used their army to protect the roads from bandits. The Silk Roads connected the world in a way that had never truly been done before. Italian merchants like Marco…

Malaysia: Malaysia is located in the regions of South East Asia, divided by the South China Sea with Peninsular Malaysia and Borneo . Malaysia today is a federal constitution monarchy with an estimated population of 30 million people . This Islamic nation is influenced by key dates in history that have established its national identity today. In this section of the essay I will be briefly outlining some of the key historical events that have occurred in Malaysia. Beginning with prehistory period…