Differences Between Islamic Bank and Conventional Conventional Banks Islamic Banks 1. The functions and operating modes of conventional banks are based on fully manmade principles. 1. The functions and operating modes of Islamic banks are based on the principles of IslamicShariah. 2. The investor is assured of a predetermined rate of interest. 2. In contrast, it promotes risk sharing between provider of capital (investor) and the user of funds (entrepreneur). 3. It aims at maximizing profit
conflict between Islamic extremism and modernity? The last one is particularly burning, since it touches an issue, entwined in ever-lasting controversy, aggression and needless carnage - the issue of Islamic fundamentalism and its extreme manifestation - terrorism. In my paper I argue that in its essence Islamic fundamentalism is a negation of the values, upheld by globalization, democracy, true Islam and modernity. There are several interconnected focal factors that render Islamic extremism incompatible
A Comparison of Christian and Islamic Architecture in Spain By the 6th century a Germanic tribe called the Visigoths, converts to Arian Christianity, had established themselves as the aristocratic elite. The Christians built many monumental basilica-plan churches. The Santa Maria de Quintanilla de las Vinas, Burgos, Spain and San Juan de Banos de Cerrato are two such churches that still remain today. In the beginning of the 8th century Islamic Muslims conquered Spain and ended Visigothic rule
culture and art in the Islamic countries. An Islamic art definition that I have repeated before and as presented by Eva Baer is the following: "Islamic arts refers not only to the art made for Islamic practices and settings but also to the art made by and for the people who lived or live in lands where most-or the most important -people were or are Muslims, that is believers of Islam." (Baer: 1998) By this we understand an encompassing definition that refers to the arts of all Islamic cultures and not
Machiavelli vs Islamic Political Thought Niccolo Machiavelli was a political realist. He thought there were certain skills and characteristics needed to become a political ruler. In his work, The Prince, Machiavelli gives advice on how to be a successful prince, or ruler. “Successful” is partly based on how powerful a ruler was during his lifetime (reign), but largely based on how much the prince affected the lives, through laws or societal norms, of future generations. Machiavelli was mainly interested
Islamic Art Islamic art is perhaps the most accessible manifestation of a complex civilization that often seems enigmatic to outsiders. Through its brilliant use of color and its superb balance between design and form, Islamic art creates an immediate visual impact. Its strong aesthetic appeal transcends distances in time and space, as well as differences in language, culture, and creed. Islamic art not only invites a closer look but also beckons the viewer to learn more. “The term Islamic art may
Comparing Islamic and Arabic Architecture Works Cited Missing The Hagia Sophia church and the Suleymaniye mosque are separated by a thousand years but are tied together eternally. One representing the achievement of the Christian-Byzantine empire and the other representing the ability of the Islamic-Ottoman empire and its architect Sinan. Two empires that had very little in common other than their architecture and region. In earlier history the Dome of the Rock represented the Islamic empire's
Islamic Beliefs on the Soul According to few verses from the Qur'an, the creation of humans involves Allah "breathing" souls into them. This intangible part of an individual's existence is "pure" at birth. It has the potential of growing and achieving nearness to God if the person leads a righteous life. At death, the person's soul transitions to an eternal afterlife of bliss, peace and unending spiritual growth until the day of judgement where both the body and soul are reunited for judgement at
Turkey are moderate and tolerant. They have adapted to modern life and value Islam for its moral and spiritual messages. Islam is a guide for right living and ethical conduct rather than a political system. Turkey constantly struggles to balance Islamic life with a secular government. Although the government wants to maintain a strict separation between religion and politics, it cannot ignore the power and influence that Islam has in the lives of the Turkish people. History of Islam in Turkey
Hazrat Abu Bakr occupies a unique and significant role in the history of Islam. He was the first adult male to accept Islam, and when he first accepted the new faith, he accepted it right away. The Prophet (S) said, “Whenever I offered Islam to any person, he showed some hesitation when embracing it. But Abu Bakr is an exception. He was the prophet’s closest companion. It was Abu Bakr, who traveled with the Prophet (S) to Madinah for the Hijra. When Prophet Muhammad (S), made the hijra from Makkah
between Islam and Iran The nexus between Islam and Iran is a complex one. Islam was brought to Iran via Arab-Islamic conquest in 650 AD and has played a shifting, anomalous role in this nation-state ever since. The ideas of nationalism, secularism, religion, and revolution are unique in this Muslim country. Iranians, unlike many of their neighbors, hold on very strongly to their pre-Islamic roots and achievements; sentiments of nationalism are apparent throughout Iranian history and in the everyday
5 Bank selection criteria Bank selection criteria mean the reasons on which basis customers will chose to do their banking transaction with any particular bank. The objective is to determine and establish the bank selection criteria of Islamic banking customers and conventional banking customers and a number of factors is include to determine this selection such as: Convenience, Lower risk of services fees and charges ,Recommendation from others, Quality and new products & services, Bank reputation
INTRODUCTION What is Islamic Finance? Islamic finance is a financial system that operates according to Islamic law (which is called sharia) and is, therefore, sharia-compliant. Just like conventional financial systems, Islamic finance features banks, capital markets, fund managers, investment firms, and insurance companies. However, these entities are governed both by Islamic law and the finance industry rules and regulations that apply to their conventional counterparts. Therefore, islamic finance is to
Askri Bank Introduction In October 9, 1991 Askari Bank was incorporated in Pakistan, as a public limited company. On April 1, 1992 it commenced operations, and is principally engaged in the business of banking, as defined in the Banking Companies Ordinance, 1962. The Bank is listed on Lahore, Karachi and Islamabad Stock Exchanges. Askari Bank has since expanded into including 34 dedicated Islamic banking branches, a network of 261 branches / sub branches, and a wholesale bank branch in Bahrain.
Conventional Banking and the Islamic Banking. Both of the banking systems are playing very important roles in the trade and business. The focus in this discussion is an evaluation about these two banking system. The chapters will address important bank characteristics that will be included in the regression models. The Ordinary Least Square method will be used to identify how bank characteristics impact bank profitability. The adopted methodology examines the sensitivity of internal bank characteristics on
on the topic above but in Islamic Banking perspectives. Therefore, before going any further, let us clarify definition of the Principles of Islamic Banking and clarify what are the elements involve in the Principles of Islamic Banking. Beside, we will also do some comparison of product or services offered by both banks which are conventional and Islamic banking. Apart from that, we will also clarify the problems or challenge faced by the agency which practices the Islamic banking in their agency.
Islamic banks offer financing which is backed by assets. Islamic banks cannot deal in documents and it is due to the asset backed nature results in dynamic economic activities. Additionally, Islamic banks need to comply with conventional regulatory standards as well as Shariah standards. Islamic banks do not conduct business with tobacco, alcohol and other dangerous toxic producing companies. Islamic banks are not merely interest-free. Islamic banking transactions need to avoid other elements of
USA with the banks’ collapsing, analysts are giving different opinions and making new economic hypothesizes about the origin of, as well as the process of different countries escaped from the crisis. Among all these new “theories”, the case of Islamic banks is interesting in terms of its nature and consequences. In my essay, I will try to highlight the basic principles of the Islamic finance, the reasons of the restriction of interest, the most important tools used by Islamic banks in economic activities
1.0 Introduction. According to Obaidullah Mohammed and Khan Tariqullah in The Islamic Research and Training Institute (IRTI) Saudi Arabia (2008) Microfinance is a powerful poverty alleviation tool. It implies provision of financial services to poor and low-income people. Their low economic standing excludes them from formal financial systems. It allows the poor to participate in services such as, credit, venture capital, savings, and insurance. The provision of financial services to the poor helps
1-INTRODUCTION 1.1 ISTISNA Al istisna is a principle in Islamic banking activities and also the one of muamalah in Islam which is the uses is now given a new breath after the existing of a few contracts that are already existed such as sales of share, murabaha, and many more. Nowadays, the contracts can’t anymore to cope the swiftly growth and also the request of funding from the customers like “mushroom growing after rain”. Sales in istisna also means the booking of some goods such as the booking