Islamic economicsIslamic economics (الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems.
RibaRiba (ربا ,الربا، الربٰوة ALA, ˈrɪbæː) is an Arabic word that can be roughly translated as "usury", or unjust, exploitative gains made in trade or business under Islamic law. Riba is mentioned and condemned in several different verses in the Qur'an (3:130, 4:161, 30:39 and perhaps most commonly in 2:275-2:280). It is also mentioned in many hadith (reports describing the words, actions, or habits of the Islamic prophet Muhammad). While Muslims agree that riba is prohibited, not all agree on what precisely it is.
IslamIslam (ˈɪslɑːm; ۘالِإسْلَام, al-ʾIslām ʔɪsˈlæːm, ) is an Abrahamic monotheistic religion centered on the Quran and the teachings of Muhammad. Adherents of Islam, called Muslims, number approximately 2 billion globally and are the world's second-largest religious population after Christians. Muslims believe that Islam is the complete and universal version of a primordial faith that was revealed many times through earlier prophets such as Adam (believed to be the first man), Ibrahim, Moses, and Isa (Jesus), among others.
ContractA contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more mutually agreeing parties. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. A binding agreement between actors in international law is known as a treaty.
Islamic dietary lawsIslamic dietary laws are laws that Muslims follow in their diet. Islamic jurisprudence specifies which foods are ALA (حَلَال, "lawful") and which are ALA (حَرَامْ, "unlawful"). The dietary laws are found in the Quran, the holy book of Islam, as well as in collections of traditions attributed to Islamic prophet Muhammad ("Sunnah"). Herbivores, cud-chewing animals like cattle, deer, sheep, goats, and antelope are some examples of animals that are halal only if they are treated like sentient beings and slaughtered painlessly while reciting the Bismillah and Takbir.
BankA bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Whereby banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities.
Islamic modernismIslamic modernism is a movement that has been described as "the first Muslim ideological response to the Western cultural challenge," attempting to reconcile the Islamic faith with modern values such as democracy, civil rights, rationality, equality, and progress. It featured a "critical reexamination of the classical conceptions and methods of jurisprudence", and a new approach to Islamic theology and Quranic exegesis (Tafsir).
UsuryUsury (ˈjuːʒəri) is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. The term may be used in a moral sense—condemning taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law. A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by the laws of a state. Someone who practices usury can be called a usurer, but in modern colloquial English may be called a loan shark.
Bahrain'Bahrain (bɑːˈreɪn ; bæxˈreɪn; al-Baḥrayn, locally æl baħˈreːn), officially the Kingdom of Bahrain', is an island country in West Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an additional 33 artificial islands, centered on Bahrain Island which makes up around 83 per cent of the country's landmass. Bahrain is situated between Qatar and the northeastern coast of Saudi Arabia, to which it is connected by the King Fahd Causeway.
Islamic studiesIslamic studies refers to the academic study of Islam, and generally to academic multidisciplinary "studies" programs—programs similar to others that focus on the history, texts and theologies of other religious traditions, such as Eastern Christian Studies or Jewish Studies but also fields such as (environmental studies, Middle East studies, race studies, urban studies, etc.)—where scholars from diverse disciplines (history, culture, literature, art) participate and exchange ideas pertaining to the particular field of study.
Islamic finance products, services and contractsBanking or banking activity that complies with Sharia (Islamic law)—known as Islamic banking and finance, or Sharia-compliant finance—has its own products, services and contracts that differ from conventional banking. Some of these include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus finance), Ijar (leasing), Hawala (an international fund transfer system), Takaful (Islamic insurance), and Sukuk (Islamic bonds).
HSBCHSBC Holdings plc (in full: Hong Kong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with unique historical and business links to East Asia and a highly multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US2.953trillionasofDecember2021.In2021,HSBChad10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA). Mortgage loanA mortgage loan or simply mortgage (ˈmɔɹɡɪdʒ), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination.
Islamic revivalIslamic revival (تجديد , lit., "regeneration, renewal"; also الصحوة الإسلامية , "Islamic awakening") refers to a revival of the Islamic religion, usually centered around enforcing sharia. A leader of a revival is known in Islam as a mujaddid. Within the Islamic tradition, tajdid is an important religious concept, called for periodically throughout Islamic history and according to a sahih hadith occurring every century.
DebtDebt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity.
History of bankingThe history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities. This was around 2000 BCE in Assyria, India and Sumeria. Later, in ancient Greece and during the Roman Empire, lenders based in temples gave loans, while accepting deposits and performing the change of money. Archaeology from this period in ancient China and India also shows evidence of money lending.
