Objectives of Islami Banking:
1. Providing banking services of the highest standards according to Islamic Shari'ah without dealing in Riba by using the state of the art technology in computer, telecommunication and information system.
Showing posts with label Islamic Ideology. Show all posts
Showing posts with label Islamic Ideology. Show all posts
Difference between Profit and Interest
Difference between Profit and Interest:
1. When money is charged, its imposed positive and define result is Interest.
When money is used in trading, its uncertain result is profit.
1. When money is charged, its imposed positive and define result is Interest.
When money is used in trading, its uncertain result is profit.
Ijarah
Ijarah is a term which has originated from Islamic Fiqh. It is a derivative of the Arabic words Ajr and Ujrat which means consideration, return, wages or rent. This is really the exchange value or consideration, return, wages, rent of service of an asset. Generally,
Musharaka
Definition: Musharaka is a contract between two or more parites in which all the partners contribute capital, participate in the management, share the profit in proportion to their capital or as per pre-agreed ratio and bear the loss, if any in proportion to their capital/equity ratio.
Maqasid of Shariah-Objectives of Shariah
The Objectives (Maqasid) of Shariah can be divided into two parts:
A. Primary Objectives:
The primary objectives of Shariah tend to realize the protection and preservation of:
i) Religion: achieving the purpose of worship of Allah.
ii) Life: The protection and preservation of human life refers to the sanctity of life as emphasized in the Quran and Sunnah.
iii) Progeny-family unit: The protection of progeny or the family unit relates to marriage and the family institution, whose purposes are: procreation, protection against lack of chastity and the proper upbringing of children, enabling them to become good human beings and Muslims and to bring peace and tranquility to society.
iv) Property: The sanctity of the wealth of all members of society, with an emphasis on valid (Halal) earning and discouragement of a concentration of wealth leading to a vast gap between the poor and the rich and the inability of the former to meet their basic nees of food, health and fundamental education.
v) Intellect: Refers to acquiring knowledge, thus enabling people to differentiate between good and bad and to play their part in enhancing the welfare of human society as a whole.
vi) Honour: The protection of human honour and dignity refers to the prohibition of false accusations, the right to privacy and the sanctity of private life.
B. Secondary Objectives:
The above primary objectives of Shariah lead to a number of secondary objectives:
i) The establishment of justice and equity in society.
ii) The promotion of social security, mutual help and solidarity, particularly to help the poor and the needy in meeting their basic needs.
iii) The maintenance of peace and security.
iv) The promotion of cooperation in matters of goodness and prohibition of evil deeds and actions.
v) The promotion of supreme universal moral values and all actions necessary for the preservation and authority of nature.
source: Understanding Islamic Finance By Muhammad Ayub
A. Primary Objectives:
The primary objectives of Shariah tend to realize the protection and preservation of:
i) Religion: achieving the purpose of worship of Allah.
ii) Life: The protection and preservation of human life refers to the sanctity of life as emphasized in the Quran and Sunnah.
iii) Progeny-family unit: The protection of progeny or the family unit relates to marriage and the family institution, whose purposes are: procreation, protection against lack of chastity and the proper upbringing of children, enabling them to become good human beings and Muslims and to bring peace and tranquility to society.
iv) Property: The sanctity of the wealth of all members of society, with an emphasis on valid (Halal) earning and discouragement of a concentration of wealth leading to a vast gap between the poor and the rich and the inability of the former to meet their basic nees of food, health and fundamental education.
v) Intellect: Refers to acquiring knowledge, thus enabling people to differentiate between good and bad and to play their part in enhancing the welfare of human society as a whole.
vi) Honour: The protection of human honour and dignity refers to the prohibition of false accusations, the right to privacy and the sanctity of private life.
B. Secondary Objectives:
The above primary objectives of Shariah lead to a number of secondary objectives:
i) The establishment of justice and equity in society.
ii) The promotion of social security, mutual help and solidarity, particularly to help the poor and the needy in meeting their basic needs.
iii) The maintenance of peace and security.
iv) The promotion of cooperation in matters of goodness and prohibition of evil deeds and actions.
v) The promotion of supreme universal moral values and all actions necessary for the preservation and authority of nature.
source: Understanding Islamic Finance By Muhammad Ayub
Principles of Islamic Management
Principles of Islamic Management:
1. Honesty
2. Efficiency
3. Patriotism
4. Right man in the right place
5. Descipline
1. Honesty
2. Efficiency
3. Patriotism
4. Right man in the right place
5. Descipline
Characterstics of Islamic Management
Some characterstics of Islamic Management:
1. Basic foundation of Islamic Mangament is the Quran and Sunnah.
2. Original model of IM is Prophet Muhammad (SAW) and his companions.
3. Only economic development is not the final target of IM.
4. Activities aimed at welfare in the life hereafter.
5. Employees should maintain cordial relationship and team spirit.
6. Accountibility is two fold: i) to immediate boss and ii) Almighty Allah
7. Manager considers himself as a vicegerent of Allah.
8. Property is thought to be trusted by Allah to the users and the managers.
9. Decesions are made through consultation( Mashwara).
10. The manager does not have any greed to misuse the power of the post.
11. There must be prevail peach, development and other benefits.
12. IM is applicable to personal, familial and social, economic and political organizations.
13. Here hypocrisy, forgery, activities adverse to religion and morality are not tolerated.
14. Management is thought to be a universal concept.
15. There is freedom of thinking and expression.
16. Competition is a common strategy in good deeds.
1. Basic foundation of Islamic Mangament is the Quran and Sunnah.
2. Original model of IM is Prophet Muhammad (SAW) and his companions.
3. Only economic development is not the final target of IM.
4. Activities aimed at welfare in the life hereafter.
5. Employees should maintain cordial relationship and team spirit.
6. Accountibility is two fold: i) to immediate boss and ii) Almighty Allah
7. Manager considers himself as a vicegerent of Allah.
8. Property is thought to be trusted by Allah to the users and the managers.
9. Decesions are made through consultation( Mashwara).
10. The manager does not have any greed to misuse the power of the post.
11. There must be prevail peach, development and other benefits.
12. IM is applicable to personal, familial and social, economic and political organizations.
13. Here hypocrisy, forgery, activities adverse to religion and morality are not tolerated.
14. Management is thought to be a universal concept.
15. There is freedom of thinking and expression.
16. Competition is a common strategy in good deeds.
Major Sins in Islam
Major Sins: Major sins are difined as what is forbidden by Allah and His Messenger in the Quran and the Sunnah.
Ref: An Nisaa:31, Ash Shura: 37, An Najm:32
List of major sins:
1. Ascribing Associates to Allah, The Most High (Shirk)
2. Killing a human being
Ref: An Nisaa:31, Ash Shura: 37, An Najm:32
List of major sins:
1. Ascribing Associates to Allah, The Most High (Shirk)
2. Killing a human being
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