Banking and Finance

This book features a selection of articles dealing with interest (riba) and other related issues and is mainly an appraisal of the interest-free system as an alternative to the western fixed-rate system. Seven essays deal with the experience of Islamic banking in Pakistan. Ziauddin Ahmed and Nawazi...

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Autor principal: Osman Suliman
Formato: article
Lenguaje:EN
Publicado: International Institute of Islamic Thought 1994
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spelling oai:doaj.org-article:8dc0d6a15f354afc8db33354ec1bc6cb2021-12-02T17:26:17ZBanking and Finance10.35632/ajis.v11i2.24332690-37332690-3741https://doaj.org/article/8dc0d6a15f354afc8db33354ec1bc6cb1994-07-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/2433https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 This book features a selection of articles dealing with interest (riba) and other related issues and is mainly an appraisal of the interest-free system as an alternative to the western fixed-rate system. Seven essays deal with the experience of Islamic banking in Pakistan. Ziauddin Ahmed and Nawazish A. Zaidi highlight some of the concerns associated with implementing Islamic banking practices. Although these cancems ate quite real, the appmh is more anecQtal than empirical. nK essays of Ghulam Khan, D. M. Qureshi, and Tariq Hassan, as well as the State Bank of Pakistan's article on Islamic modes of financing, provide prudent descriptions of how Islamic financial instnunen ts have been implemented in Pakistan. They also discuss various problems, a common one being that most (if not all) Islamic countries ate developing countries and, therefore, the transition to Islamic banking is inseparable from the mdimentary nature of their present banking systems. Jalees A. Faruqui's article analyzes some of the ideological diffemces between the Islamic, capitalist, and socialist ecoflofILic systems. The capitalist system is Qminated by individualism and selfintetest, whems a staple element of the socialist system is the concept of class warfare. The Islamic system differs from the other two in one important way: it gives people individual rights, but in the context of caring for others. 'This characteristic means that an equitable distribution of h m e is an inherent, rather than an institutionalized, part of the system The final article in this section, by Haqqani, makes the point that a mudarbah certificak is nothing but a share certificate ... Osman SulimanInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 11, Iss 2 (1994)
institution DOAJ
collection DOAJ
language EN
topic Islam
BP1-253
spellingShingle Islam
BP1-253
Osman Suliman
Banking and Finance
description This book features a selection of articles dealing with interest (riba) and other related issues and is mainly an appraisal of the interest-free system as an alternative to the western fixed-rate system. Seven essays deal with the experience of Islamic banking in Pakistan. Ziauddin Ahmed and Nawazish A. Zaidi highlight some of the concerns associated with implementing Islamic banking practices. Although these cancems ate quite real, the appmh is more anecQtal than empirical. nK essays of Ghulam Khan, D. M. Qureshi, and Tariq Hassan, as well as the State Bank of Pakistan's article on Islamic modes of financing, provide prudent descriptions of how Islamic financial instnunen ts have been implemented in Pakistan. They also discuss various problems, a common one being that most (if not all) Islamic countries ate developing countries and, therefore, the transition to Islamic banking is inseparable from the mdimentary nature of their present banking systems. Jalees A. Faruqui's article analyzes some of the ideological diffemces between the Islamic, capitalist, and socialist ecoflofILic systems. The capitalist system is Qminated by individualism and selfintetest, whems a staple element of the socialist system is the concept of class warfare. The Islamic system differs from the other two in one important way: it gives people individual rights, but in the context of caring for others. 'This characteristic means that an equitable distribution of h m e is an inherent, rather than an institutionalized, part of the system The final article in this section, by Haqqani, makes the point that a mudarbah certificak is nothing but a share certificate ...
format article
author Osman Suliman
author_facet Osman Suliman
author_sort Osman Suliman
title Banking and Finance
title_short Banking and Finance
title_full Banking and Finance
title_fullStr Banking and Finance
title_full_unstemmed Banking and Finance
title_sort banking and finance
publisher International Institute of Islamic Thought
publishDate 1994
url https://doaj.org/article/8dc0d6a15f354afc8db33354ec1bc6cb
work_keys_str_mv AT osmansuliman bankingandfinance
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