Islamic banking - Islamic banking Islamic banking refers to a system of banking which is consistent with Islamic law and guided by Islamic economics. In particular, Islamic law prohibits the collection of interest, also commonly called riba in Islamic discourse. One form of the argument against interest is that money is not a good and profit should be earned on goods and services only; not on control of money itself. (Return on Assets). While Islamic law prohibits the collection of interest it does allow a seller to resell an item at a higher price than it was bought for, as long as there are clearly two transactions. An example of how riba is treated is contained in Sahih Bukhari Hadith, Book 3 [1]: 382) Narrated Ibn Shihab: however there.
Islamic economics - Islamic economics Islamic economics is economics in the political context of Islam that respects its associated ethical codes. For centuries Muslims have developed ways to integrate their religious beliefs with the external economic realities of the nations they live in. This has had varying degrees of compatibility with the empires and customs they encountered. Like most things in Islam, commerce adapts to al-urf, "the custom". In the 1980s and 1990s Muslim bankers and religious leaders developed ways to integrate Islamic law on usage of money with modern concepts of investing and ethical investing. In parallel, a sophisticated economic discipline has emerged, almost an Islamic science, with its own categories, concepts, analytical tools and institutions. Some of these revived traditional micro-venture capital and ethical investing frameworks that.
Islamic science - Islamic science Islamic science is science in the context of Islam, its ethics and prohibitions. This is not the same as science as conducted by any Muslim in a secular context. The scientific method in its modern form arguably developed in early Muslim philosophy, in particular, citation ("isnad"), peer review and open inquiry leading to development of consensus ("ijma" via "ijtihad"), and a general belief that knowledge reveals nature honestly. During the middle ages, the advances in mathematics, medicine, astronomy, engineering, and many other fields were evidence that Islamic civilization had mastered science and technology. During this time Islamic philosophy developed and was often pivotal in scientific debates - key figures were usually scientists and philosophers. With the fall of Muslim Spain in 1492, scientific and.
Interest - In this case simple interest would produce mathematically inconsistent results. Economists sometimes referred to interest as rent on money. As with any rental, the market price (or rate) is subject to change to reflect market conditions. Interest rates are very closely watched market indicators, and have a dramatic impact on finance and economics. Interest involves the future, which is uncertain. Some interest bearing investments are riskier than others. The greater the risk of the security, the more interest investors expect to receive. Different parties will be offered different rates on debt obligations (such as loans). The measure of credit worthiness of an individual is called a credit rating or credit score. Other entities (such as governments and companies) will acquire a bond rating if they are active in bond markets. The.
Hadith - parts of the Hadith deal with his companions (ahaba). For most Muslims, the hadith contains an authoritative exposition of the meaning of the Qur'an. Islamic law is derived from the acts, statements, opinions, and ways of life of Muhammad. Traditional Muslims believe that the transmission of the Hadith is entirely accurate and without flaw (see note at end). However, this is difficult to reconcile with the fact that different compilers found different numbers of hadith to be authentic, and only to varying degrees. The Hadith literature, as a whole, was handed down orally until the mid 700s (less than 100 years after Muhammad and his companions), at which point collections of Hadith were written and later edited. This process was called isnad, or "backing", describing the editorial reduction, and it took.
Hawala - long-distance trade in the early medieval period on trading routes such as the Silk Road, the Eastern Mediterranean and the Indian Ocean. Hawala is mentioned in texts of Islamic jurisprudence as early as the 11th Century. In South Asia, it appears to have developed into a fully-fledged money market instrument, which was only gradually replaced by the instruments of the formal banking system in the first half of the 20th century. Today hawala is probably used mostly for migrant workers' remittances to their countries of origin. In the most basic variant of the hawala system, money is transferred via a network of hawala brokers, or hawaladars. A customer approaches a hawala broker in one city and gives a sum of money to be transferred to a recipient in another, usually foreign,.
History of Lebanon - for finance and trade. In 1958, during the last months of President Camille Chamoun's term, an insurrection broke out, and 5,000 United States Marines were briefly dispatched to the capital Beirut on July 15 in response to an appeal by the government (see Lebanon Crisis). During the 1960s, Lebanon enjoyed a period of relative calm and Beirut-focused tourism and banking sector-driven prosperity. Other areas of the country, however, notably the South, North, and Biqa' Valley, experienced increasing impoverishment. In the early 1970s, difficulties arose over the presence of Palestinian refugees, many of whom arrived after the 1967 Arab-Israeli war and "Black September" 1970 hostilities in Jordan. Among the latter were Yasser Arafat and the Palestinian Liberation Organization (PLO). Coupled with the Palestinian problem, Muslim and Christian differences grew more intense. Beginning.
History of Pakistan - were followed in 500 B.C. by Persians and, in 326 B.C., by Alexander the Great. The "Gandhara culture" flourished in much of present-day Pakistan. The Indo-Greek descendants of Alexander the Great saw the most creative period of the Gandhara (Buddhist) culture. For 200 years after the Kushan Dynasty was established in A.D. 50, Taxila (near Islamabad) became a renowned center of learning, philosophy, and art. Pakistan's Islamic history began with the arrival of Muslim traders in the 8th century. During the 16th and 17th centuries, the Mogul Empire dominated most of South Asia, including much of present-day Pakistan. British traders arrived in South Asia in 1601, but the British Empire did not consolidate control of the region until the latter half of the 18th century. After 1850, the British or those.
Finance - Bond options Options on futures (see Futures) Swaps Stock swap Interest rate swap Swaption Interest rate linked derivatives: Financial future LIBOR BBA LIBOR Forward rate agreement Interest rate swap Interest rate cap Exotic interest rate option Credit derivatives Credit default swap Collateralised Debt Obligation Credit default option Total return swap Money market International Money Market Currency Exchange rate International currency codes Primary market Initial public offering Aftermarket Free market Efficient market hypothesis Bull market Bear market Ponzi scheme Fund management Passive management Index fund Activist shareholder Mutual fund Open-End Fund Closed-End Fund Hedge fund Long-term Capital Management Financial institutions Bank banking Investment bank merchant bank private bank offshore bank List of banks Automatic teller machine Non-bank Venture capitalist Islamic bank Pension fund SWIFT Insurance Stock broker Deposit Credit rating agency Loan.
Foreign relations of Jordan - (the Washington Declaration) in Washington, DC, on July 25, 1994. Jordan and Israel signed a historic peace treaty on October 26, 1994, witnessed by President Clinton, accompanied by Secretary Christopher. The U.S. has participated with Jordan and Israel in trilateral development discussions during which key issues have been water-sharing and security; cooperation on Jordan Rift Valley development; infrastructure projects; and trade, finance, and banking issues. Jordan also participates in the multilateral peace talks. Jordan belongs to the UN and several of its specialized and related agencies, including the Food and Agriculture Organization (FAO), International Atomic Energy Agency (IAEA), and World Health Organization (WHO). Jordan also is a member of the World Bank, International Monetary Fund (IMF), Organization of the Islamic Conference (OIC), INTELSAT, Nonaligned Movement, and Arab League. Disputes - international:.
Foreign relations of Mozambique - Western aid quickly replaced Soviet support, with the Scandinavians, the United States, the Netherlands, and the European Union becoming increasingly important sources of development assistance. Italy also maintains a profile in Mozambique as a result of its key role during the peace process. Relations with Portugal, the former colonial power, are complex and of some importance as Portuguese investors play a visible role in Mozambique's economy. Mozambique is a member of the Non-Aligned Movement and ranks among the moderate members of the African Bloc in the United Nations and other international organizations. Mozambique also belongs to the Organization of African Unity/African Union and the Southern African Development Community. In 1994, the Government became a full member of the Organization of the Islamic Conference, in part to broaden its base of international.
Economy of Brunei - countries of ASEAN (27%). Brunei's oil exports to the United States accounted for 17% of the total exported. Almost all of Brunei's natural gas is liquefied at Brunei Shell's Liquefied Natural Gas (LNG) plant, which opened in 1972 and is one of the largest LNG plants in the world. Over 82% of Brunei's LNG produced is sold to Japan under a long-term agreement renewed in 1993. The agreement calls for Brunei to provide over 5 million tons of LNG per year to three Japanese utilities. The Japanese company, Mitsubishi, is a joint venture partner with Shell and the Brunei Government in Brunei LNG, Brunei Coldgas, and Brunei Shell Tankers, which together produce the LNG and supply it to Japan. Since 1995, Brunei has supplied more than 700,000 tons of LNG to.
Economy of Saudi Arabia - more than 90% of the country's exports and nearly 75% of government revenues. Proven reserves are estimated to be 260 billion barrels, about one-quarter of world oil reserves. More than 95% of all Saudi oil is produced on behalf of the Saudi Government by the parastatal giant Saudi ARAMCO. In June 1993, Saudi ARAMCO absorbed the state marketing and refining company (SAMAREC), becoming the world's largest fully integrated oil company. Most Saudi oil exports move by tanker from Gulf terminals at Ras Tanura and Ju'aymah. The remaining oil exports are transported via the east-west pipeline across the kingdom to the Red Sea port of Yanbu. A major new gas initiative promises to bring significant investment by U.S. and European oil companies to develop nonassociated gas fields in three separate parts of.
Debt - this refers only to the excessive rate of interest, in excess of a reasonable profit for the risk accepted. As noted above, debt is normally denominated in a particular monetary currency, and so changes in the valuation of that currency can change the effective size of the debt. This can happen due to inflation or deflation, so it can happen even though the borrower and the lender are using the same currency. Thus it is important to agree on standards of deferred payment in advance, so that a degree of fluctuation will also be agreed as acceptable. It is for instance common to agree to "US dollar denominated" debt. The form of debt involved in banking gives rise to a large proportion of the money in most industrialised nations (see money.
Business ethics - kosher fashion. (Chofetz Chaim, Sfat Tamim, chapter 5). Christian business ethics Christianity has an extensive literature and legal code on the accumulation and use of wealth. The basis of these laws is the Torah, and they are amplified in the New Testament. Muslim business ethics Islam has an extensive literature and legal code on the accumulation and use of wealth. The basis of these laws is the Quran, and they are amplified in the Hadith. Political views of business ethics Libertarian socialist view Libertarian socialists, sometimes known as left-anarchists, hold that, as Proudhon said, "Property is theft" -- that is, in reference to the ownership of productive resources, property is not the right to use, but the right to keep others from using. Advocates of this philosophy therefore hold the "institution.
Triple bottom line - in a democracy at least, such choices are usually guided more by ideology than by economics. The primary benefit of embedding one approach to measurement of these deficits would be first to direct monetary policy to reduce them, and eventually achieve a global monetary reform, e.g. Global Resource Banking, by which they could be systematically and globally reduced in some uniform way. The primary arguments against this seem to be either strictly nationalistic, based on indefensible notions of growth (even its own creators decry the use of GDP as a general purpose growth measure), or inertial or competitive in nature. The difficulty of achieving global agreement on simultaneous policy in this regard, critics argue, renders such measures at best advisory - and thus not enforceable. People would be unwilling, they argue,.
Sephardi - Turkey is Judaeo-Spanish, also called Ladino (considered in some circles to be a pejorative term), Judezmo, Spanyol or Sefardites. History Among the Sephardim were many who were the descendants, or heads, of wealthy families and who, as Marranos, had occupied prominent positions in the countries they had left. Some had been state officials, others had held positions of dignity within the Church; many had been the heads of large banking-houses and mercantile establishments, and some were physicians or scholars who had officiated as teachers in high schools. The Sephardim rarely engaged in chaffering occupations nor in usury, and they did not often mingle with lower classes. With their social equals they associated freely, without regard to religion. They were received at the courts of sultans, kings, and princes, and often were.
Reigns of Nadir Shah and Zahir Shah - Shah This article is part of the History of Afghanistan series. Pre-Islamic period of Afghanistan Islamic conquest of Afghanistan Durrani Empire European influence in Afghanistan Reforms of Amanullah Khan and civil war Reigns of Nadir Shah and Zahir Shah Daoud's Republic of Afghanistan Democratic Republic of Afghanistan History of Afghanistan since 1992 Table of contents showTocToggle("show","hide") 1 Reign of Mohammed Nadir Shah, 1929-1933 2 Reign of Mohammed Zahir Shah, 1933-1973 2.1 Zahir Shah and His Uncles, 1933-1953 2.2 The Pashtunistan Issue 2.3 Early Links with the Soviet Union 2.4 Experiment with Liberalized Politics 2.5 Daoud as Prime Minister, 1953-1963 2.6 The King Reigns: The Last Decade of the Monarchy, 1963-1973 Reign of Mohammed Nadir Shah, 1929-1933 Mohammed Nadir Shah quickly abolished most of Amanullah Khan's reforms, but despite his efforts to.
Public debt - in denominations of their own currency will gain very similar advantages, however, since purchasing power of the money repaid (as measured in US dollars or Euros) may vary considerably from that which was expected at the commencement of the loan, a higher interest rate is always charged for such instruments. Some countries, like China, do not allow their currency (the yuan) to trade outside the country or on currency markets. These must always use one of the global reserve currencies. During the gold standard period, which began in the 19th century and ended with World War I, public debt was most often repaid strictly in gold bullion. The Bank for International Settlements is an entity that sets rules to define what loans qualify as "risk free" or not. It is a.
Merchant bank - is a corruption of the Italian for bench, as in a counter) in the great grain markets became centres for holding money against a bill (billette, a note, a letter of formal exchange, later a bill of exchange, later still, a cheque). These deposited funds were intended to be held for the settlement of grain trades, but often were used for the bench's own trades in the meantime. The term bankrupt is a corruption of the Italian banca rotta, or broken bench, which is what happened when someone lost his traders' deposits. Being "broke" has the same connotation. There soon developed a sensible manner of discounting interest to the depositors against what could be earned by employing their money in the trade of the bench; in short, selling an "interest" to.
