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Sharī´ah legitimacy of Islamic banking Dr. Muhammad Tahir Mansoori Generally it is perceived that current Islamic banking is not Islamic but in current environment when banking has become a pillar of economy, we have to find some answer to survive in this competitive world, however remaining within the ambit of...
World Politics- ·German chancellor Merkel backs French President Macron’s call for creation of European army. ‘We must take our fate more decisively into our own hands,’ chancellor tells European Parliament. Angela Merkel has called for the creation of a European army, using a speech to the European Parliament in Strasbourg to make a passionate appeal for closer...
Challenges to Islamic Banking Business-The Islamic financial law has long history but Islamic banking and finance industry came into existence with profit and loss sharing investment by Egypt’s Mit Ghamr Saving Banks in 1963. After official existence Islamic banking has grown in the area of finance, banking, insurance, mortgage,...
Politics- In the US Midterm election Democrats have takes control of the House of Representatives with 225 seats with Republicans having 197 seats; however Republicans have firmed up their position in the Senate with 51 seats against Democrats having 46 seats. Against, Governors Republicans have won 26 and Democrats...
Developing Islamic Money Market-The Islamic money market is integral to the functioning of the Islamic banking and financial system, firstly, in providing the Islamic financial institutions with the facility for funding and adjusting portfolios over the short-term, and secondly, serving as a channel for the transmission of monetary policy. In...
World Politics- All 189 people on board a passenger jet that crashed into the sea off Indonesia are presumed dead in what is set to become one of the worst aviation disasters in the country's history. The Lion Air flight between Jakarta and an island off Sumatra went down on 27th Oct...
Educating Islamic Banking and Finance: - Islam is not only a religion in the ordinary sense of the word, but a complete system of life. While other religious codes provide guidance only for the relation between man and his Creator, Islam guides man in his relationship with God and...
World Politics- Turkish President Recep Tayyip Erdoganin his dress to the parliament has offered more details of how Saudi journalist Jamal Khashoggi was killed earlier this month, saying death was likely a “Planned operation.” Meanwhile U.S. President Donald Trump has also threatened Saudi Arabia that U.S. officials are looking into the killing of journalist Jamal...
Issues Concerning Islamic Banks: - It is a known fact that the information concerning the Islamic banking products is very limited and not sufficient to convince the consumers. It is important to disclose information on the products to consumers so that the consumers can evaluate and judge the products...
Politics- > Allegations were going on that Jamal Khashoggi (a Saudi Journalist) killing was done in Saudi consulate in Istanbul two weeks ago. Now Saudi Arabia has confirmed that journalist Jamal Khashoggi died in a fight inside its Istanbul consulate. > Nearly 170 Afghans were killed or wounded in poll-related violence...
Housing Project under Qarz e Hasna-The government of PTI has decided to provide houses to the people on easy installments. It will build 2.5 million houses in the first phase, and another 2.5 million in the second phase. It is the government’s top priority to provide low-cost houses to the...
World Politics- United States officials say they intercepted communications in June showing that Ivan Savvidis, a Greek-Russian billionaire, was working as Russia’s conduit to undermine an agreement between Greece and Macedonia that would have paved the way for Macedonia to join the North Atlantic Treaty Organization. The U.S. Treasury secretary...
For years, many Islamic banks have witnessed double-digit growth rates, surpassing their conventional peers. At first glance, all seems well for the Islamic banking industry. There is ample room for growth as Islamic banking rarely exceeds a third of total market share, even in the Gulf Cooperation Council (GCC)...
After 50 years, day of 6thSeptember has been celebrated in 2018, with zeal and full participation of people of Pakistan. The main event was organized at GHQ Rawalpindi with participation of PM Imran Khan, notable leaders of all political parties, all heads of armed forces, relatives of those who...
For the first time, Indians seeking vehicle financing have the option to do so in consonance with Sharia. In peer-to-peer (P2P) platform offered by Bengaluru-based fintech start-up ECW Consultants uses the ijara rent-to-own model. “Since our business model is Sharia-compliant, it works well for those who want to stay away...
An Islamic microfinance start-up has launched what is believed to be the world’s first smart sukuk issued on a block chain platform, which it hopes can channel greater liquidity to small- and medium-sized enterprises (SMEs) and social impact projects by dramatically cutting the costs associated with issuing sukuk. Blossom Finance’s...
Saudi Arabia's Debt Management Office has begun issuing $925 million government bonds through a new 'primary dealer' scheme designed to increase demand for the debt and widen the range of investors holding it. The Government selected five local banks Alinma Bank, Bank Aljazira, Samba Financial Group as well as National...
The World Bank Group and the Islamic Development Bank published the first Global Report on Islamic Finance, which details the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals. Subtitled “A Catalyst for Shared...
The Sharia-compliant issuance, either in dollar or euro-denominated Sukuk, which Finance Minister Mohamed Maait of Egypt hopes will happen in fiscal 2018-19 and would mark a revival of a plan shelved since 2013 when the government under then-Islamist President Mohamed Mursi issued the law to pave the way for...
The net income of listed companies in the GCC Islamic (Takaful and Islamic cooperative Tawuni) insurance sector nearly halved in 2017 to $375 million, from $674 million in 2016, according to ratings agency S&P. The decline in 2017 net income was mainly driven by weaker results in the Saudi Arabian...