2. History The history of Islamic Banking in Saudi Arabia dated back in 1926 when Saudi Arabia was declared as a state and during King Abdul Aziz’s rules, one of his major challenges was to create a stable monetary system. The government of Saudi Arabia at the time had troubles with the monetary system and hence the General Finance Agency was created in 1932 to assist in the economic structure. The agency act as a medium for monetary proceedings, collecting incomes, manufacture of coins, handling
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received on lending, the core, self-help principles still soldier on. Some of the prime examples of Shari'ah-compliant mortgage finance provider in those region are American Finance House LARIBA, Guidance Residential, LLC (both in the U.S) and Ansar and Islamic Cooperative Housing Corporation Ltd.
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Similarly, millions have to live and suffer in misery because of religious misunderstandings, disputes and conflicts. A great example of such misinterpretation in the day and age is the most widely discussed issues in the Muslim community is the negative image of Islam in the global media, an issue that was cause for concern even before 9/11. Nevertheless, “in this light it is wholly understandable that, in the aftermath of the brutal attacks of September 11, many in the west and in the Muslim world
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United States public. After 9/11, and across the globe, Muslims have faced individual and systemic acts of discrimination and violence after 9/11 as a form of retaliation for the collective guilt ascribed to the followers of Islam and anyone who resembled them‖ (Zine, 2004, p.111). The acts of 9/11 have brought on a new attacks on Islam, all which are negative. Every where around the world Muslim are faced with growing prejudice and are at times singled out. Hate crimes committed
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to Islamic way of life as enshrined in the Holy Qur'an and the Sunnah. Naturally, it remains a deep cry in their hearts to fashion and design their economic lives in accordance with the percepts of Islam. The establishment of Islami Bank Bangladesh Limited on March 13, 1983, as the first of its kind in Southeast Asia, was the true reflection of this inner urge of its people. It was both a hope and a challenge to the Islam loving people of the country in general and the pioneers of the Islamic banking
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the journal August 2005 Tackling the key issues in banking and capital markets* 1 Contents Page Editor’s comments 2 New challenges for central banks 4 Business integrity: A foundation for rebuilding reputation 16 The battleground for consumer banking 24 India: From sleeping tiger to stirring elephant 30 IFRS: Is your financial reporting sustainable? 42 Shari’a compliant financial services – standing its ground 48 Editor’s comments 2 by
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Issues And Problems of Islamic Banking An overview on the review of problems | | The Islamic banks face a number of challenges. First, they have not yet been successful in devising an interest-free mechanism to place their funds on a short-term basis. They face the same problem in financing consumer loans and government deficits. Second, the risk involved in profit-sharing seems to be so high that most of the banks have resorted to those techniques of financing which bring them a fixed assured
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AND ISLAMIC BANKS OF BANGLADESH Banks conventionally fulfill the supreme responsibility of being a financial intermediary between the deficit and surplus unit of the economy. Liquidity risk refers to the excessive transaction cost, excessive loss of value and excessive exertion of time that banks have to face at the time of allocating liquidity to the third party when stipulated. Because of the unique constitutional features and regulatory conformity with the Shariah principle Islamic banks
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The Story of Afghanistan Abstract The Islamic Republic of Afghanistan, in the third world is one of the poorest countries of about only 29,928,987 in population. It consists of Sunni Muslim 80%, Shiite Muslim 19%, and some select others 1%. There are also many different tribes and ethnicity’s in Afghanistan in which the major ethnicities are Pashtun 42%, Tajik 27%, Hazara 9%, Uzbek 9%, the Nuristani 2%, and other minor ethnic groups (Chahar Aimaks, Turkmen, Baloch). Dari and Pashtun are the
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IIUM Journal of Economics and Management 11, no.1 (2003): © 2003 by The International Islamic University Malaysia ETHICS IN ACCOUNTING EDUCATION: CONTRIBUTION OF THE ISLAMIC PRINCIPLE OF MAêLAîAH Abdul Rahim Abdul Rahman Assistant Professor, Department of Accounting, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, Jalan Gombak, 53100 Kuala Lumpur, Malaysia. (e-mail: abdulrahim@iiu.edu.my) ABSTRACT There is a growing concern over the apparently
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