By Brian Kettell
Brian Kettell has a wealth of useful event within the zone of Islamic banking and finance. he's at present established in London and works as a consultant coach and advisor in Islamic banking and finance. He labored for numerous years as an financial consultant for the critical financial institution of Bahrain the place he had a variety of Islamic banking obligations, and has taught classes on Islamic banking and finance at a spread of monetary associations together with the area financial institution, nationwide advertisement financial institution (Saudi Arabia), international funding residence (Kuwait), Noor Islamic financial institution (UAE), the united kingdom Treasury, the significant financial institution of. �Read more...
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Extra resources for Frequently Asked Questions in Islamic Finance
18 Frequently Asked Questions in Islamic Finance What Is the Sharia’a? Answer Sharia’a is an Arabic word meaning the Path to be followed. ’ It is the path not only leading to Allah, the Arabic word for God, but also believed by all Muslims to be the path shown by Allah, the Creator Himself through His Messenger, the Prophet Mohammed. In Islam, Allah alone is sovereign and it is He who has the right to ordain a path for the guidance of mankind. Thus it is only Sharia’a that liberates man from servitude to anyone other than Allah.
In pre-Islamic Arabia, the Arabs used the word Sunnah in reference to the ancient and continuous practices of the com munity that they inherited from their forefathers. In the Qur’an, the word Sunnah has been used to imply an established practice or course of conduct. The prime source of the religion of Islam is the Qur’an. The Qur’an is the word of Allah to all Muslims. The Prophet did not have anything to do with its words; it was revealed to him as it is now read. Whilst the Qur’an gives the Muslims a primary rule of life, there are many matters where guidance for practical living is necessary but about which the Qur’an says nothing.
Islamic ﬁnancial products are offered by more than 50 conventional banks around the globe. Other major banks followed by the 1990s. International Islamic accounting standards organisation, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), is established in Bahrain by the IDB. Public policy interest in the Islamic ﬁnancial system grows in several countries. The ﬁrst AAOIFI standards were issued. The development of Islamic banking products intensiﬁed. Interest in Islamic ﬁnance increased in Western academic circles, and the Harvard Islamic Finance Forum was established.