...Distinguished speakers, guests, ladies and gentlemen, Assalamu ‘alaikum and a very good morning. 1. It is my pleasure to welcome all of you to our 5th International Islamic Capital Market Forum. I wish to express my appreciation to all of you for taking time off from your busy schedules to join us today. To all our distinguished speakers, thank you for graciously accepting our invitation to share your thoughts and views at this Forum. 2. Much has been said and continues to be said about the foothold which Islamic finance has gained in the international financial landscape. A range of proof points support this contention and justify further projections of the growth trajectory of Islamic finance in the coming decades. Page 1 of 9 We have achieved double-digit growth rates for various components of Islamic finance including sukuk, fund management and Islamic banking, whether at the national, regional or international levels. Additionally there has been increasing acceptance of Islamic finance not only in the Muslim-majority countries but also in certain predominantly non-Muslim jurisdictions. We have also witnessed the growing size of funds seeking Shariah-compliant investments and the increasing participation of multi-national corporations, multi-lateral institutions and conventional institutions in sukuk issuances. 3. It is not my intention today to revisit the benefits of Islamic finance or restate the pre-conditions for its further growth. As I have alluded to, these...
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...se/Arab.html E. Numbers http://www.islamic-paths.org/Home/English/History/Literature/Arabic_Numerals.htm II. Environment A. Islam and the Environment, theory and practice (Dr. Mawil Izzi Dien) http://www.lampeter.ac.uk/trs/staffgallery/mawil_paper.html B. (Article) Islam and Ecology http://www.crosscurrents.org/islamecology.htm III. History and Civilization A. History of Islamic Civilization http://www.islamset.com/islam/civil/index.html - and http://www.fordham.edu/halsall/islam/islamsbook.html Pg. 1 HANDOUT 13 B. Influence of Islamic Culture on Western Civilization http://www.netiran.com/Htdocs/Clippings/Social/950300XXSO02.html - and http://www.ais.org/~bsb/Herald/Previous/95/science.html (The Middle Ages) -and http://mercury.spaceports.com/~islam/index2.htm (The Renaissance) C. Islam in Africa i. The Advent of Islam in Africa http://web-dubois.fas.harvard.edu/DuBois/Baobab/narratives/islam/islam.html - and http://web-dubois.fas.harvard.edu/dubois/baobab/narratives/islam/WestTrade.html (West...
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...allowed for a tremendous level of intellectual and cultural exchange, which in turned spurred numerous developments by early Muslim scholars that continue to have an impact today. One major reason for the rise of Islam and the development of the Islamic world is its significant contribution to scientific thought and mathematics. This is particularly true during a time known as the Islamic Golden Age, roughly corresponding with the High Middle Ages experienced by Europeans. During this era, Muslim scholars and scientists were responsible for a many great advancements in the scientific and philosophical arts, and many of their incredible achievements and discoveries have had tremendous impact on the world in which we live today. At the time of the Islamic Golden Age, its scholars and scientists were so significant that much of what we understand of modern mathematics is largely lifted wholesale from the works of these early mathematicians. To this day, much of the world uses an...
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...Candice Vermeulen MWF 10:00am How to Do Business in Islamic Countries According to Hayes and Vogel, business people, particularly Westerners who work in the Persian Gulf and other Islamic regions such as Asia and North Africa, need to: * Understand and appreciate the extent to which religion and Islamic law are intertwined and permeate all levels of society, including commerce, to greater and lesser degrees depending on the country. "This law is seen as deriving from direct, divine command. * Executives who understand the basic tenets of the Islamic religion as it relates to commerce will have an easier time abroad, they said. According to Hayes, the following principles of comportment are expected among businesspeople: * Contracts should be fair to all parties. Partnership is preferred over hierarchical claims. * Speculation is prohibited. "They don't like gambling," said Hayes. For instance, if you invested in an Islamic mutual fund, among those industries which would be barred from representation as funds would be the gambling industry. But gambling also relates to futures; it relates to currency hedging; so it's a major situation that you have to be aware of. * Interest is prohibited. This is the probably the thing that is most often identified with Islamic finance. Back in the time of the prophet Mohammed, some of the most rapacious individuals were the moneylenders; and so as a response to the things that these moneylenders did which were so reprehensible...
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...The author, Karim Elgendy, reviews the different approaches that are being followed to achieve sustainability in the Middle East. He highlights the dialogue between the revivalist, passive design and the technological, progressive approach. He also points out that this dialogue is playing a role in the path that the world is walking through to achieve sustainable designs. In the first place, it is important to point out that the thought of sustainability as a new agenda in the Middle East and the Islamic world is mistaken. The fact that the discussions and the media focus on sustainable design in the Middle East as a new trend, does not change the fact that the Islamic culture and roles focused on the human responsibilities towards the environment. The Islamic civilization treated the man as the user of the natural resources and the preserver of the natural balance. The first adopted sustainable approach in the Middle East revolved from the traditional historical techniques and elements that revive the energy efficient design solutions from the traditions. The revivalist approach rejects the technological solutions toward sustainability and depends on only traditional techniques. An example of a very well known traditional sustainable strategy is including the courtyard as a primary element in the houses that allows for having an outdoor shaded private area. The courtyard also allows for more ventilation within the houses. In addition, the traditional louvers that are used...
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...Impact of Crusades in European History The time referred to as the High Middle Ages in Europe in the 11th century was in stark contrast to the Europe of the Renaissance. The continent was divided into kingdoms of weaker monarchs fragmented into small fiefdoms. The political landscape was dominated by the powerful aristocracy and even more powerful men of the religion. Life conditions were dismal for most of the population, trade was nearly nonexistent. In terms of arts and sciences, European civilization was dwarfed by those of the Middle East and Asia. Yet, in a couple centuries Europe would become one of the most powerful, sophisticated civilizations in the world. This change can be attributed in no small part to its interaction with the Orient though Crusades that spanned from the end of the 11th century to the end of the 13th century. The 35,000 men that joined the first Crusade embarked on a journey to a world that was very different than Europe. After capturing Jerusalem and settling down in various places in the Middle East, they saw that the Muslims lived luxurious lives. Their civilization was hundreds of years ahead of their own in terms of culture, technology and sciences. The Arabs had spent centuries in major cities copying the texts of classical Greek philosophers and making additions on the existing body of knowledge. The works of philosopher scientists such as Ibn Sina and Biruni were taught in European centers of learning emerging at the time of the first...
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...Source: McCormick Foundation Sheikh Yusuf Talal DeLorenzo Sheikh Yusuf Talal DeLorenzo is considered the leading authority on Shariah finance in the United States and one of the half-dozen best-known Shariah advisors internationally. Although he has carefully avoided making public statements in support of Jihad, his religious background, professional affiliations, his high praise of fellow Shariah authorities such as Usmani, and his experience prove beyond much doubt that he subscribes fully to the Islamist agenda. Background DeLorenzo was born in 1948 in Northfield, Massachusetts. Sheikh Talal DeLorenzo is the grandson of Italian immigrants from Sicily. He currently resides in Ashburn, Northern Virginia with his Pakistani wife and three children. Education DeLorenzo attended the secular Northfield-Mount Hernon Preparatory School in Northfield, Massachusetts. He then enrolled in the undergraduate program at Cornell University but dropped out. He studied Islamic sciences under prominent Deobandi scholars at madrassa Jamia Uloom Islamia, Binori Town, Karachi, Pakistan (see details below). DeLorenzo completed three years of doctoral studies on the Legal Rulingsof the Quran at Bahawalpur University, Pakistan, and allegedly studied in Egypt. DeLorenzo‟s professional experience and affiliations include teaching courses on “The Principles of Islamic Investment,” Dow Jones University. He is also the Director for the Master‟s Program for Imams, Graduate School of Islamic...
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...Al-Mawardi Introduction: Abul Hasan Ali bin Muhammad bin Habib-al-Mawardi is the first writer on political theory in the history of Islam. Except Ibn-e-Khaldoon, all the jurists, thrologists and political philosophers who have followed him, down to our own days, have hardly made any improvement upon his thoughts. He was born in 974 AD and died in 1058 AD. Al-Mawardi was regarded as one of the versatile and most learned jurists of his age, and his opinions laid emphasis in the world of law and jurisprudence. He belonged to the orthodox Shafi’te school of jurisprudence and still we find traces of the pure rationalism. Like other Muslims he received the traditional education, and he wrote on many topics besides law, like, a Commentary on the Quran, a treatise on prophecy and several works on Ethics. As far his legal writings, it is noteworthy that “Government and administration, at all levels, were his principal concerns.” Al-Mawardi started his career as a professor of law and jurisprudence at Basra and Baghdad, and later on he was appointed as Qazi-ul-Quzat of Baghdad by a-Qaim, Abbasid Caliph and he was also conferred an honorific title of Aqdal-Quat or the Supreme Justice. But he declined to accept this offer of appointment because he said there were far abler people who deserved the title much more than himself. It is related that he did not publish any of his works in his lifetime. When a friend asked why he kept his books back he replied that it was because he felt...
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...(Akoyl) Islamic scholars and teachers lit the flame that would spread to Europe and ignite the fire which brought forth the Renaissance and Age of Enlightenment. For centuries, Islam was at the forefront of human civilization and achievements. The Golden Age of Islam was extraordinary, ground breaking and original, but like many things throughout time, it came to an end. Contemporary Islam no longer...
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...During the Second Crusade, Eleanor of Aquitaine and 300 ladies joined King Louis in battle in the Middle East with sole intent on aiding the injured (Sayre, 2010). This selfless commitment to a greater cause showed the determination that these women of this era had; thus, opening a world of change for women of the Medieval Era. After Eleanor’s and the other 300 ladies great tribute to their cause, women began to explore reading and writing which opened a new wave of ideas in the form of self-expression; ergo, birthing the troubadour (men) and trobairitz (women) poets. Using a lyre or lute, these poets used conventions and terms to describe their idea and feelings of romantic love; however, coming from different point of views, in terms of gender troubadour poems focused on a knight or nobleman longing for a woman while trobairitz poems focused on the woman longing for the knight or nobleman (Sayre, 2010). Both poems convey one message: to love is to suffer: thus, one will lose oneself mentally because of not having the one they love. Aren’t these expressions of love the same as many displayed in the entertainment industry? For example, the courtly love tradition has the knight or nobleman performing a deed to win his lady’s favor (Sayre, 2010). Many movies display a man or woman willing to give it all to win his or her lover back. The only difference is the way the words are noted. As with many women, I find these expressions of love thrilling and sad. True, the content...
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...3. Islam and nature: insights for development of environmental accounting They have discussed on the centrality of the principle of Trusteeship (khilafah) to an Islamic environmental ethics that would implicate accounting. In Islam, the principle Trusteeship is mostly explain on the role of accountant or Muhtasib in Islam. Muhtasib are responsible to ensure that business is not harmful or cause any negative impact to the community. Besides, the Tawheed principle stressed on the concern to monitor, report and act upon changes in flora and fauna and ecological phenomenal. It assesses the impact of a business’s activity upon the eco-system to ensure that this is within target limit consistent with the measure. The concerns underscore the need for openness in law and policy-making governing accounting which mitigate some potentially corrupting influences on the process involved. It will counter tendencies towards cheating and creating false measure. Islamic community principles are suggestive of a system of informing and disclosing to the Umma that is explicitly orientated to the public interest (Istislah). In Islam, the financial economistic disclosure is highly relevant and should reflect amounts properly available for distribution: The calculation of Zakat requires in turn the calculation of net assets, to a full and relevant disclosure that is ‘balanced’ (between an optimistic overstatement and a pessimistic understatement) according to Lewis (2001, p.114). Accountant seek...
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...Creating, Financing, and Marketing a Business A Business Partnership is usually hatched in a state of inspired optimism when two or more seemingly like-minded individuals come together with an idea to create a product or service and develop it into a business. As with anything, a business partnership has it’s pros and cons but there are also two types of partnerships, General and Limited. A General Partnership is subject to partnership agreement; all partners have equal rights in the management of the partnership. The Pros of General is that the partnership may designate particular partners with particular skills to make decisions in that area and reserve the more important decisions to the partnership as a whole. Cons to consider is that each partner has rights in management and may contractually bind the partnership. Each partner is responsible for the contracts that the other partners execute and the liabilities that they incur. The possibility of disagreement and deadlock exists. The other partnership is Limited. In a Limited Partnership at least one general partner is responsible for the management of the partnership. A limited partner may not participate in the management of the business or the limited partner runs the risk of becoming personally liable for the debts and obligations of the limited partnership. Pros to this partnership include that a general partner may vote on matters related to the business of the partnership provided such matters are...
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...The clothing worn by men and women in the Middle Ages differed based on social standing, occupation, and climate. In general, medieval clothing was practical above all else, particularly for the peasants and lower classes. The nobility and clergy were able to experiment more with luxurious fabrics and decorations, but practicality was still a significant factor. Most men and women in the Middle Ages had few items of clothing. It is estimated that many medieval men and women bathed just once a week or a fortnight, and it is likely their clothes were washed on a similar schedule. Clothing needed to be made to stand up to constant use and, in the case of the peasants, of dirty and tiring physical labor. Throughout Europe, the difference in costuming related to allegiance to the former Roman Empire that had ruled most of Europe until 476 CE or adopting clothing associated with newer European populations, including the Franks, Anglo-Saxons, and the Visigoths. The length of the tunic represented the political persuasion of an individual in terms of the new identity of Europe. The peasants and townspeople did not have the capital to purchase exotic and refined materials for their clothing so it often consisted of wool, sheepskin, and linen, generally that had been produced locally. These fabrics may not have been very fine, but it was practical for the hard-working lifestyle they led.The nobility and clergy were able to experiment with local and exotic materials for their clothing....
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...Professor: Dr Moulay- AFTS370-01 3/14/2013 Reaction/Reflection Paper #2 : Lowney, chs. 11 & 12, Menocal, pp. 174-188 We learned that Muslim’s invasion of Spain provided economic, architectural and social developments in this area. In these readings (Lowney’s and Menocal’s) we can see that Muslims also had significant importance in medical and mathematical world. Maimonides was one of the most important physicians in Jewish society and he had many intellectual contributions to Judaism. He had important position as a physician. The important part is that where Maimonides inherited his wisdom? His medical secrets were based on ancient authorities like Galen and Hippocrates which were forgotten in the West but revived in the Islamic East. There were many successful philosopher-doctors in Islamic world like Ibn Sina (Avicenna in the West). Ibn Sina’s book was translated by Gerard as a Canon of Medicine. It was the Europe’s first translation about health and medicine. Ibn Sina’s (Avicenna) knowledge pushed European’s medicine forward. Moreover, there was another Spanish Muslim Abu-l-Qasim, also known as Abulcasis who became the practical companion to Avicenna’s theoretical Canon. He have gotten his hands dirty and actually practiced surgeries like amputating limbs, removing bladder stones and artificial teeth from beef bone thanks to Ibn...
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...Islamic Impact on City/Town Planning Course : Muslim Heritage and its Global Impact (Spring 2013) sec. 02 Date : 3/19/2013 Table of contents 1. INTRODUCTION 2. THE CITY 2.1. PRE-ISLAMIC PRECEDENTS 2.2. FORMATION OF URBAN MODELS 3. DESIGN PRINCIPLES OF THE ISLAMIC CITY 3.1. NATURAL LAWS 3.2. RELIGIOUS AND CULTURAL BELIEFS 3.3. DESIGN PRINCIPLES STEMMED FROM SHARIAH LAW 3.4. SOCIAL PRINCIPLES 4. MORPHOLOGICAL COMPONENTS OF THE ISLAMIC CITY 4.1. THE MAIN MOSQUE 4.2. SUQS 4.3. RESIDENTIAL QUARTERS -COURTYARDS 4.4. STREET NETWORK 4.5. WALL 4.6. EXTERIOR 4.7. ELEMENTS ABOVE THE STREET. 4.8. ISLAMIC EXTERIOR AND INTERIOR DECORATION 4.9. THE WAQF 4.10. WATER SYSTEMS 4.11. SERIAL AND CONTINUOUS SHAPES OF WATER 4.12. POLAR AND CLOSED WATER SHAPES 5. CONCLUSION 6. REFERENCES 3 4 4 4 6 7 7 7 7 8 9 9 11 12 12 12 12 12 13 14 15 18 19 20 |Page2 1. Introduction Man is a natural planner and all through history has planned for his own changing needs and for the needs of those around him. His towns and cities have been subject to continual 'progress' and 'modernization', evolving, adapting and assimilating new ideas and technologies. The changes came about through additions, alterations and adjustments to what was there before and in a way that continued to allow each place its own expression of culture and society. The infinite variety and diversity of mankind is identified by cultural preferences, modes of social behavior and interaction, rationale, intellect, beliefs, history...
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