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“O ye who believe! When you deal with each other, in transactions involving future obligations in a fixed period of time, reduce them to writing” and “Let a scribe write down faithfully as between the parties” (Al-Quran 2:282) |
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The Islamic Banking market is one of the most powerful sectors of the banking market in the world today, with a majority of the estimated $700 billion in assets of Islamic banks concentrated in the Middle Eastern region.(1) |
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Considering the facts that the Islamic injunction against riba is fourteen hundred years old and that Islamic banks have emerged only in the last fifteen years, a question which may legitimately be asked by any observer of Islamic banking is why the Islamic world took so long to come up with an alternative to interest-based banking. |
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The condition of Muslims in most non Muslim countries is not very encouraging. They are educationally and economically backward and unable to play a leading role in their societies. While this may be due partly to discrimination against them, it is also due partly to inadequate organisation on their own part to uplift their condition. |
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Finance is very important for the economic welfare of people, next only to division of labor. It is finance that enables one to produce what one expects others to buy, thus enabling one to earn a living. With greater specialization, longer periods of production and larger markets, finance grows in importance. |
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