By Brian Kettell
Brian Kettell has a wealth of sensible event within the zone of Islamic banking and finance. he's presently 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 valuable financial institution of Bahrain the place he had a variety of Islamic banking duties, 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), worldwide funding residence (Kuwait), Noor Islamic financial institution (UAE), the united kingdom Treasury, the critical financial institution of. �Read more...
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Extra info for Frequently Asked Questions in Islamic Finance
Conventional banks open Islamic branches Islamic accounting Founding of Dubai standards organisation Islamic Bank, Kuwait (forms) (AAOIFI) Finance House, First Gulf Bank Founding of Perbadanan Wang Simpanan Bakal-Bakal Haji (PBSBH) in Malaysia 1950 1960 First attempts to form Islamic banks 1970 1900–1930 1930–1950 1990 2000 2010 Bank Misr opens Islamic branches Founding of Mit Ghamr Savings Bank in Egypt 1890s 1980 Islamisation of banking in Pakistan, Iran, Sudan Number of banks offering Islamic products expands Barclays Bank opens its Cairo branch to process the ﬁnancial transactions related to the construction of the Suez Canal.
Chapter 2: Frequently Asked Questions 25 What Is the Sunnah? Answer Literally, Sunnah means a clear path or a beaten track but it is also used to imply normative practice, or an established course of conduct. 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 and the Sunnah are the gifts given to the entire Ummah. Therefore the Ummah as a whole is collec tively responsible for the administration of Justice. The other important point in this regard is that under the Sharia’a, Justice is administered in the name of Allah. 20 Frequently Asked Questions in Islamic Finance What Are the Sources of the Sharia’a? Answer The ideal code of conduct, or a pure way of life as the Sharia’a is thought of by Muslims, has much wider scope and purpose than an ordinary legal system in the western sense of the term.