A blog which provide articles on Islamic banking and Finance
Ijarah Overview Meaning of Ijara Important Terms Important Points Types of Ijara Ijara vs conventional leasing Meaning The Arabic term ijara means “to give something on rent” Ijara simply mean leasing or hiring. Ijara is an agreement between the two parties where one party provides goods or services on a lease or rental basis and gives the Read more about Ijarah[…]
Quran on Riba Quran 30:39 Whatever Ribā (increased amount) you give, so that it may increase in the wealth of the people, it does not increase with Allah; and whatever Zakāh you give, seeking Allah’s pleasure with it, (it is multiplied by Allah, and) it is such people who multiply (their wealth in real Read more about Quran on Riba[…]
Allah (swt) is the only one knows his slave best. The one who created knows the adaptation process of human beings. It is difficult for us to leave a bad habit overnight. Therefore, Allah (swt) prohibited alcohol and Riba in stages. Even the prohibition of alcohol was gradual. It is in Quran (16: 67, 2:19, Read more about The Prohibition of Riba in Stages[…]
The word “Riba” means excess, increase or addition. According to shariah it is any excess compensation without due consideration. Example of Riba: If a man takes a loan from a bank and he pay back the loan to with a percentage increase over the principle amount. The Quran does not indicate any particular type of riba, but the Read more about What is Riba?[…]
Assalamu alaikum warahmatullahi wabarakatuhu! As a muslims, we pay zakah. At the same time, we should know the wisdom behind it. Zakah has being legislated by Allah (swt). It is important to note that zakah is fruitful for a sound economy. Many Economies such as Indian economy has many serious issues like poverty, unemployment and Read more about What is the wisdom behind legislating Zakah?[…]
Zakah on the gold and silver Overview: Introduction Zakah on women’s gold and silver jewellery. Nisab for zakah for gold and silver Introduction The ruling on zakah of Gold and silver are also applied to its derivatives such as money, jewels and ingots . The Gold kept or invested and is in the form Read more about Zakah on the gold and silver[…]
Overview What is Zakah? What is Nisab? Consequences of those who refuse to Pay Zakah.. Blessings in one’s Wealth from Zakah. Reward for paying Zakah. What is Zakah? The literal meaning of Zakah is to grow and making pure. Zakah is obligation from Allah (swt) upon those Muslims, who possesses the minimum amount (Nisab). He Read more about Zakah[…]
Islamic Ethics related to Pricing The price of goods and services reflects the value of the product offered to consumers. It is a very important factor which determines consumer purchasing decision. In Islam, the seller must significantly assess diverse aspects before making this decision. Here are some ethics related to the marketing: Not to sell Read more about Islamic Ethics related to Pricing[…]
The product must be deliverable as it is one of the principles for valid sale. The businessman should not mention those features on the product that does not actually exist in that product. He should not misrepresent the product. He should avoid dealing in those products which are prohibited in Shariah. The product should be Read more about Islamic Ethics related to Product[…]
Islamic ethics deal with issues associated with right and wrong and dealings in the marketplace. A good businessman should focus on ihsaan (goodness and generosity in interaction and conduct). Our beloved Prophet Muhammad (peace be upon him) said: ‘Al- din al- muaamala’. It means religion is found in the way of dealing with other people. Read more about Islamic Marketing Ethics[…]
5 Business Ethics In Islam 1. Honesty Honesty incorporates the concepts of truthfulness and reliability and covers all aspects of relationships in human life thought, word and action. It is more than just accuracy; it is an attitude with integrity. Honesty in business dealings is more entirely urged by Islam than by some other religion. Read more about 5 Business Ethics In Islam[…]