Islamic finance ( please see the instruction for the question and what to write on)

Islamic finance ( please see the instruction for the question and what to write on) Essay example
Undergraduate
Essay
Religion and Theology
Pages 4 (1004 words)
Download 0
Name: Instructor: Course: Date: Islamic Finance Islamic finance may be defined as a financial system whose operations are compliant to Islamic law, known as Sharia, and are directed by Islamic economics (Zepeda 19). Therefore, it may also be referred to as Sharia-compliant finance…

Introduction

This aims to ensure that the target and purpose of the Islamic finance industry benefit the society by balancing spiritual needs with material pursuits, as well as social and individual needs. This paper will discuss ways in which Islamic finance can be seen as an innovative way that could substantively redefine finance and also why it is substantively different from conventional finance. Core Elements of Islamic Finance Islamic finance is different from conventional banking and the core notion behind it is that God (Allah) owns all the wealth in the world, over which man is only a trustee. Humans, therefore, have an obligation to manage the wealth in accordance with the commands of Allah that prohibit activities which do not promote justice (Rammal & Zurbruegg 69). One major reason for imposing Islamic ethics and law on finance is to promote and uphold social justice, since Islam is deemed to be inseparable from social justice. Islamic finance is based on the core perspective that prohibits the practice of usury, which means lending money to earn interest, also known as riba. Sharia law defines it as an excess compensation that has no due consideration. Effectively, this underlying factor redefines finance from the Islam point of view. ...
Download paper
Not exactly what you need?

Related papers

The Origins of Islamic Culture
Throughout the human society classifications among humans are made on the basis of ethnicity, religious influence and political affiliations etcetera. RELIGUOUS INFLUENCE The current study revolves around one of the groups of people who pose their specific significance with respect to their religious affiliation. The human perceptions, understandings and acts are affected greatly by religious…
Islamic Terrorism
But the attacks reveal more hatred for Western culture and intolerance towards other religion than any such religious preaching. Moreover misinterpretations of Islam, particularly the word jihad have been the root cause of terrorism. The Islamic terrorists and extremists have preached false religious beliefs to capture young minds. This has been proved by the review of literature of other research…
Islamic and christian perspective on computer science
It is from such beliefs that people various perspectives emerge, all shaped by the specific dogmas of the time. As such, one would expect that at any particular time, it is highly likely that various perspectives will root out from various religious beliefs. For the purposes of this paper, the paper shall research and analyze Islamic and Christian perspectives on computer science. My major is…
Identify major Islamic eras and key figures in Islamic history who have had the greatest impact on the Muslim faith and on world
The mortal occupation by the Prophet was followed by Abu Bakr who was the first of the four caliphs accepted by Sunni Muslims as the vastly guided caliphs (al-khulafa al-rashidun). Abu Bakr was regarded as a man of great sanctity and piety who ruled religiously during his political reign in two years despite intermittent blunders and biased verdicts. Abu Bakr’s reign was marred with strong…
Islamic finance ( please see the instruction for the question and what to write on)
The value and growth demonstrated by Islamic finance, in recent years, typifies the industry’s overall potential comparative to conventional finance. The growth of Islamic finance has been observed outside conventional Islamic markets in members of the Gulf Cooperation Council (GCC). This signifies the increased attention being paid to Islamic finance by policy markers, as well as other…
Islamic finance and conventional finance
There is a growing global concern of the inequity in the allocation of wealth and income in the modern world, between and within countries, than has been witnessed before, with little hope of bridging the disparity. In this perspective, this essay will discuss ways in which Islamic finance can be seen as an innovative way that could substantively redefine finance and why it is different from…
Islamic finance ( please see the instruction for the question and what to write on)
Being open to innovation, the system has been able to effectively compete with the conventional financial system by offering a wide range of financial products suiting numerous customer needs. Serving as an alternative to the conventional financial system, Islamic finance has been forging a more functional link between activities of real economy that generate value and the financial activities…