پايگاه خبري سلام پرس

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Islamic banking

Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. Shariah is the Islamic legal framework covering all aspects of lives of Muslims – private and public – including trade, commerce and business. In particular, Islamic law prohibits usury (charging exorbitant rates of interest when lending money), the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values).
PRINCIPLES OF ISLAMIC FINANCE
Islamic banking has the same purpose as conventional banking except that it operates in accordance with the rules of Shariah (Islamic Rules on Transactions). The basic
principles that need to be adhered to are:
1. Prohibition of riba (interest)
Riba is prohibited in Islam as it appears explicitly in the Holy Qur‘an. To charge
interest from someone who is constrained to borrow to meet his essential consumption
requirement is considered an exploitative practice in Islam.
2. Mudharabah: the profit sharing principle It is an agreement between two parties, one provides 100% of the capital for a venture and the other, known as mudarib, manages the venture using his/her skills. Profits are distributed according to a pre-agreed ratio. Losses are borne only by the provider of the capital while the mudarib looses his/her time, effort, and the chance for a reward. Management is provided by the mudarib only. The mudarib doesn‘t share the loss for the simple reason being in Islam that ‗one cannot lose what one did not contribute’.
3. Wadiah: the safekeeping principle In Wadiah, a bank is deemed as a keeper and trustee of funds. The depositor, at the bank’s discretion, may be rewarded with a hibah (gift) as a form of appreciation for the use of funds by the bank. In this case, the bank compensates depositors for the time-value of their money (i.e. pays interest) but refers to it as a gift because it does not officially guarantee payment of the gift.
4 . Mushara-kah: the j o i n t – v e n t u r e principle Musharakah is a relationship established under a contract by the mutual consent of the parties for sharing of profits and losses in the joint business. All providers of capital are entitled to
participate in management, but not necessarily required to do so. The profit is distributed among the partners in pre-agreed ratios, while the loss is borne by each partner strictly in proportion to respective capital contributions.
5. Murabahah: the cost-plus principle This concept refers to the sale of goods at a price, which includes a profit margin agreed to by both parties. The purchase and selling price, other costs, and the profit margin must be clearly stated at the time of the sale agreement. The bank is compensated for the time value of its money in the form of the profit margin.

ROADMAP FOR ISLAMIC BANKING IN INDIA
For a conventional bank to offer Islamic banking services, the following conditions need to be complied with:
1. Complete Segregation of Funds The funds of the Islamic investment product and of the financial institution, in which Sharia provisions are not observed, must be completely segregated. Therefore, there should be separate accounts, books and computer programs evidencing this complete segregation of funds.
2. Shariah Supervisory Board There should be a Shariah Supervisory Board for any institutional Islamic investment body, and that the Board‘s fatwas and resolutions should be binding upon the financial institution‘s management.
3. Management Fully Convinced of Islamic Concepts Unless the entire management is committed and convinced, the business activities and the enterprise will not be foul-free or will escape irregularities and deviation.
4. Safeguarding Muslim Investors’ Funds against Negligence, Trespass and Fraud
It is an established principle in Shariah that the Mudarib (person managing the venture) does not guarantee the Mudarabah (profit-sharing principle) capital for the capital provider. Hence, investment accounts in Islamic financial institutions are not guaranteed by the Mudarib. However, this does not prevent that a stipulation should be laid down requiring the parent conventional financial institution (the original ompany) to guarantee Muslim investor‘s funds against trespass, negligence and
fraud.
ISLAMIC INVESTMENTS AND FINANCIAL MARKETS
1. Setting up an Islamic Equity Index A corporation desirous of providing a medium for linking Islamic investments with the financial markets must first set up an index of Islam-acceptable companies.

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دسته‌بندی شده در: Egypt, Iran, Iraq, Islam, Islamic countries, Middle East, palestine,

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