#Islamic Banking

[msn-technology]

The Definition and Prohibition of Riba (Interest) in Islam

In Islamic terminology, the word “riba” (interest) refers to a conditional increase or profit on a loan. It also involves one party receiving an excess from the other in the exchange of a measured or weighed item. The other party receives less. This increase or excess is free from consideration and is conditional in the contract. This practice is strictly forbidden in Islam due to its moral and…

[kazifatagar]

audax and AWS Appointed to Drive Maybank Islamic’s Digital Transformation

KUALA LUMPUR, 21 Jan 2025 – audax Financial Technology (audax), a comprehensive digital banking technology solutions provider backed by Standard Chartered, has been appointed by Maybank Islamic Bhd, the Islamic banking arm of the Maybank Group and the leading provider of Islamic financial products and services in ASEAN, as its strategic partner to spearhead the digital transformation of its…

[shagufttaparveen]

Unlock Islamic Finance Mastery in Kuala Lumpur!

✈️ Jan 24-29, 2024 Dive deeper into Islamic Finance with AlHuda CIBE's unique program. Gain practical knowledge & network with industry leaders through immersive exposure visits & expert training. Limited seats! For registration and more details email us: shaguftta.perveen@alhudacibe.com or visit: https://www.alhudacibe.com/evif24/ or WhatsApp at 00971 52 865 5523

[kashif-14]

How Do Islamic Banks Work?

Islamic Banking refers to a system of Banking or Banking activity that is based on the principles of the Shari’ah (Islamic rulings). According to the principles of Shari’ah the bank is not allowed to enter into or any act that involves (give and take of) interest. The prohibition on paying or receiving fixed interest is based on the Islamic tenet that money is only a medium of exchange; it has no value in itself, and therefore should not be allowed to give rise to more money, via fixed interest payments, simply by being put in a bank or by lending to someone else. 

Hence, a frequently asked question is – how do Islamic banks make money if they cannot charge interests? The principal means of Islamic finance are based on trading, hence, banks can profit from the buying and selling of Shari’ah Compliant goods and services. Islamic financial institutions trade in Shari’ah-compliant investments with the money deposited by customers, sharing the risks and the profits between them. 

Several structures that help Islamic Banks make profit are:

IJARA

Here, the bank buys an asset on behalf of the customer and leases it out to the same customer. Ownership of the asset remains with the bank, which is also responsible for its maintenance. The lease agreement is made for a certain period and after the time period gets over (and all the lease is paid off); the asset is transferred to the customer.

Murabaha:

Here the bank acts as an intermediary and buys an asset like motor vehicle. This property is then sold to the customer at cost plus profit which is known and agreed. The customer pays back the value in deferred payments. 

Wakala:

The term wakala is used in Islamic finance to describe a contract of agency or delegated authority pursuant to which the principal (muwakkil) appoints an agent (wakeel) to carry out a specific task on its behalf. Here, the bank works like an individual agent. The bank lends its expertise and manages investments of the customer on behalf of the customer for a particular duration, in order to generate an agreed upon profit return.

Salam:

As per the Salam structure, the Bank pays a purchase price to the customer for an upfront purchase of a fungible commodity which will be delivered on a deferred basis by the customer.  The commodity that is to be delivered to the Bank will be purchased by customer through a commodity broker and the Bank in turn, will assign another commodity broker to sell the commodity.

The above-mentioned points help a bank generate revenue through Islamic Banking. These days, more and more people are moving towards Islamic Banking and consumers worldwide are appreciating the principles of Islamic Banking. 

[munaeem]

Islamic banking really Islamic? How is Islamic banking is done?

Is Islamic banking truly Islamic? How is it conducted? Islamic banking is a financial system that operates in accordance with the principles of Islamic law, also known as Shariah. It is designed to provide financial services and products that align with the ethical and moral values of the Islamic faith. Unlike conventional banking, which mainly focuses on interest-based transactions, Islamic…

[cavalierzee]

All Colonized People

All Colonized People

See Themselves

In Palestine.

They See Same Aspect Of What Was Done To Them In Palestine.

All Colonizers

See Themselves

In Israel.

[vyorei]

Live coverage of the 20th of February 2024 is now closed.

Here is a recap of today's major events.

It is 12am in Ireland now so I have to go to bed.

I'll be back to resume live updates on Thursday.

For continuous updates while I'm gone, click the link below:

[la7ma-mafrooma]

I wanted to share something personal because I don't think a lot of you understand the influence of the West and its atrocities on an Arab child's upbringing. English is not my first language; I learnt it initially due to my interest in the language and Western cultures. However, seeing the true face of the West motivated me to continue learning the language to dismantle the false image of Arabs and Muslims which was portrayed by the West. I also talk about how this impacted my standing with the Palestinian cause. Bear with me as this post is long and a little messy, but I need to try and give everyone a clear and full image as much as I can.

I grew up consuming Western media due to my fascination with the English language. However I noticed the lack of Muslim and Arab representation.

When I started seeing representation later on, it was mostly Arabs and Muslims being depicted as 'terrorists' and 'barbarics'.

When a Muslim woman is depicted, she is depicted as 'oppressed' and in need of 'saving'.

I was on social media starting from a very young age. Seeing people online describe my people as 'terrorists' was not only scary, but also confusing. Why am I as an Arab Muslim child -who's living a normal childhood as everyone else- being labelled as a 'terrorist' by the West? Why are people claiming all Arab and Muslim children are trained to use guns by ISIS or/and Hamas? I remember asking my parents as a kid "Is this a real gun with the police officer?" Because I only saw weapons in movies.

I asked questions such as "Why do they think Arabs = Muslims?" The lack of acknowledgment of Christian and Jewish Arabs and non-Arab Muslims confused me.

Why were Muslim women always 'oppressed' in these movies and TV shows I saw? This is not as common as they make it seem. Why are they using the struggle of some Muslim women to demonize an entire religion? Why are they pretending to be saviours when they're actually contributing to further oppression of Muslim women? Why are they weaponizing the awful struggle of some Muslim women against the vast majority of Muslim women? (White feminism is not saving us. It's actually a form of oppression of Muslim women)

Misrepresentation bothered me and made me angry and disappointed. I couldn't finish watching a movie or an episode of a TV show if I saw any mentions of Muslims or/and Arabs, because I knew what would happen next.

When it comes to the Palestinian cause, every Arab grew up watching endless footage of Palestinians being brutally murdered LIVE. Everything and all the footage all of you are surprised to see during this genocide, were a part of our upbringing.

When I was a kid I stumbled upon a newspaper in the house with a headline about a Palestinian father who returned to his house and found all his children shot. And I remember the image very well. The father was holding a prayer mat with people holding him as he broke down on his knees. His dead children were on the floor next to each other. Seeing this image of children my age murdered by the Israeli occupation shocked me. I remember my parents having to hide the newspaper from me because of the impact this image had on me.

I had to start reading into politics at a young age, and I realized that everything that Western media was trying to portray about the West being 'civilized' was a lie. How can you be civilized if you're a murderer or/and contribute to the murder of the innocent?

When I learnt about the history of imperialism, colonialism, slavery,...etc. growing up, I recognized the pattern that colonialists use and I saw that the colonizers of yesterday, are the same as today, except Western media is doing a great job covering for them nowadays, and a lot of people only started noticing that recently.

The West seemed fascinating to me as a child, but after seeing the horrendous false images that're being portrayed of my people in the West, all of my fascination turned into anger and motivation to fight against it.

The real terrorists in the world are not the brown and bearded men, veiled women, or the innocent children. The real terrorists are the ones who set the stage for the murder of innocent people, the exploitation of their resources, using propaganda and painting an image of the innocent that cannot be more false and racist, and the fascists that put on a 'civilized' mask.

I will forever stand with my Palestinian brothers and sisters. I will forever defend my Arab and Muslim brothers and sisters, and I won't give room to any misrepresentation. Enough is enough.

Edit: I wanted to add that growing up, I was scared of telling people about where I'm from, my religion, and what language I speak due to the microaggression and discrimination I was subjected to. Not to mention the amount of times I saw on the news Arabs or/and Muslims getting killed in Western countries (aka hate crimes).

[the-red-planet-mars]

4 Days Until May 14 1948

This date marks the 76th year of the Israeli oppression against Palestine. This date marks the day Israel drove out over 750, 000 people from their homeland to establish its "state".

This heinous event was called al-Nakba (the catastrophe, the disaster). This heinous event was the start of this genocide.

It did not start on October 7th 2023. It stared on May 14 1948. It. has. still. not. ended.

The Nakba did not end in 1948. It is still happening today, right at this very second.

The numbers are growing. Every. Second.

This is the day you remember the corporations that fund the genocide. This is the day you remember the governments that cheer-on the genocide. This is the day you remember how the west instigated hate-crimes towards Arabs. This is the day you remember how the west and Israel are the terrorists. This is the day you remember the millions of people who had been killed for ethnic cleansing.

This is the day you always remember. This is the day you never forget.

This is the day you cry for Palestine. This is the day you scream for Palestine.

This is the day you remind everyone of the country of Palestine. You must never stop talking about Palestine. Never.

Palestinian lives matter. Stand up for the ones that died and the ones that live. Show us you care.

Do not dare forget:

May 14 1948

If you want to help Palestine with financial aid, but don't have any money, there's a website called arab.org that donates for you with just one click of a button.

Please, do your part for Palestine.

[kaapstadgirly]

I have no words. Israel is cruel and inhumane.

via eye.on.palestine on insta

[kazifatagar]

65% of Malaysian Muslims prefer Shariah-compliant banking

A recent survey by Hong Leong Islamic Bank (HLISB) reveals that 65% of Malaysian Muslims exclusively prefer Shariah-compliant banking and investment products. The survey, which sampled 690 individuals aged 18 to 77, also highlighted a strong interest in Islamic wealth management solutions. Despite a median monthly household income below RM10,000, 47% of respondents are actively investing,…

[emaadsidiki]

Doha, Qatar. ˚ ༘✶ ⋆｡˚ ⁀➷

[azeemarahman]

It is the first night of Ramadan. Ali makes the same journey that he has for the past 22 years. He walks down the same streets, once filled with the night sounds of children laughing and women chatting, the scent of coffee wafting from cafes that stay open for suhoor, the sight of streetlights and dainty lamps and scattered stars, the feeling of moving along with the hustle and bustle of men rushing towards the call of the adhan. The same streets are now eerily silent, whispers of du’a barely audible, no sound of women or children, not enough men to form a crowd, no electricity to fuel the lights, the cafes and buildings crumbled to rubble and dust, the graveyard of a city that once came to life at night.

Ali prays Tarawih on the ruins of the mosque he grew up in.

It is the fifth night of Ramadan. Ali thinks back to the time he first entered this mosque. At four years old, he walked through the doors, his excitement contained within four stone walls. Rays of sun bounced off of tall windows, casting light onto Ali, running around in circles as his father prayed Asr. Ali remembers climbing onto his father’s back as he went down into sujood; he remembers his father putting his head down slower the second time; he remembers standing in front of his father, poking his head and waiting for him to finish; he remembers his father smiling at him and taking Ali into his arms as he completed his du’a; he remembers his father blowing the barakah of his du’as into his hands and blanketing Ali in that same barakah. He remembers his laughter as he did the same back to his father. He remembers the laughter of the other children ringing through the mosque’s four walls.

There are no longer walls to contain the sound, no longer children with any laughter.

It is the 12th night of Ramadan. Ali remembers being 15, in a circle of his friends as they learned the Qur’an. He remembers the giggles and whispers that passed when the teacher’s head was down. He remembers his cheeks flushing as the teacher caught him talking to his friends. He remembers every mistake he made when he first recited Surah Mulk by memory. He remembers his teacher’s sigh when he gave the same lecture for the hundredth time that day. He remembers seeing his teacher smile for the first time when he recited the Surah with no mistakes.

Ali attended the Janazah prayer of his teacher in this very mosque only three Ramadan’s ago.

It is the 14th night of Ramadan. Ali remembers being only 21 when he had his Nikkah. He remembers his cousin sisters decorating the entrance of the mosque. He remembers his mother cooking enough to feed an entire masjid full of worshippers. He remembers his father sitting him down and lecturing him on the responsibilities to come. He remembers the laugh that came after as he told him the blessings that were to follow. Ali remembers the smile that broke as his father told him how proud he was of him. He remembers his father blowing the breath of his du’as on him once more, just like the day he first entered the mosque. He remembers Fatima entering the mosque and thinking they were destined for one another, right down to their names. He remembers lifting her veil the moment they were officially wedded. He remembers their first hug, shy and small and sweet; he remembers wrapping his thobe around her; he remembers the first Salah he led her in and taking her by the hand to lead her out of the mosque, together this time.

Fatima hasn’t entered the mosque since she witnessed her sister being shot on the musallah that their mum gifted her.

It is the 17th night of Ramadan. Ali remembers being 23, rushing into the mosque with a smile just before Isha, exclaiming how Fatima had blessed him with a daughter. He remembers that despite the ongoing attacks, the hugs and smiles and tears and du’as were abundant among the brothers he prayed beside. He remembers looking forward to the day he could bring his daughter into the mosque and she could climb on his back the same way Ali used to climb on his father’s.

Ali’s daughter went missing from the mosque only two nights ago.

It is the 20th night of Ramadan. Ali remembers being 24 and opening his fast with his brother-in-law beside him. He remembers not having much for iftar, but at least having enough dates and bread to feed all of the worshippers that day.

The worshippers lessen as the genocide continues, and yet there is not enough bread to go around.

It is the 27th night of Ramadan. Ali remembers being 25, watching and being part of all the brothers immersed in their prayers and du’as during what may have been Laylatul Qadr. He remembers brothers praying for safe returns, for the healing of loved ones, for the protection of their Lord.

Ali was reluctant to lift his head from the rubble as he prayed for his daughter to come home.

It is Eid day. Ali enters the mosque to pray Eid Salah. He remembers how Ramadan always passes in the blink of an eye. He contemplates the first Ramadan he spent praying on the ruins of his local mosque instead of within its four walls. He ruminates over how the worshippers lessened and lessened from that first night of Tarawih. He remembers attending the Janazah of the ones who were at least blessed enough to be found. He dreads how this Eid prayer will be followed by Janazah prayer, after Janazah prayer, after Janazah prayer.

Ali begs Allah that none of those prayers are reserved for his daughter.

-azeemarahman

*please note this story is fiction.

[Translations:

Ramadan - the month when Muslims fast from the time of the dawn prayer to sunset.

Suhoor - the pre-dawn meal.

Adhan - the call to prayer.

Dư'a - supplication.

Tarawih - Sunnah prayer performed in Ramadan.

Asr - afternoon prayer.

Sujood - an action during prayer whereby the forehead is lowered to the ground.

Barakah - blessings.

Quran - the Holy Book of Islam.

Surah Mulk - 67th chapter of the Qur'an, meaning 'The Sovereignty'.

Surah - a chapter of the Qur'an.

Janazah - funeral.

Nikkah - Islamic marriage ceremony.

Masjid - mosque.

Thobe - traditional garment.

Salah - prayer.

Musallah - prayer mat.

Isha - night prayer.

Iftar - the meal in which Muslims open their fast.

Laylatul Qadr - the Night of Power.

Eid (ul-Fitr) - celebration at the end of Ramadan.]

[cavalierzee]

Hunger Or Bombs

Palestinians in Gaza are given a stark choice.

“I’ll Give You 2 Options: Hinger Or Bombs!”

Artist: Carlos Latuff

[vyorei]

Timestamp: 22:52pm on the 11th of November 2023.

Here is a recap of today's latest developments