Search results
Results From The WOW.Com Content Network
The Ministry of Finance is a Cabinet-level ministry of the Government of Pakistan in charge of government finance, physical policy and financial regulation. It is headed by a Finance Minister, an executive or cabinet position. The Minister is responsible each year for presenting the federal government's budget to the Parliament of Pakistan.
Profit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Muslims subscribe to. Mudarabah (مضاربة) refers to "trustee finance" or passive partnership contract ...
Islamic banking, Islamic finance ( Arabic: مصرفية إسلامية masrifiyya 'islamia ), or Sharia-compliant finance [1] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing ...
Taqi Usmani. Muhammad Taqi Usmani ( Urdu: محمد تقی عثمانی; born 3 October 1943) SI, OI, is a Pakistani jurist and a leading scholar in the fields of Qur'an, Hadith, Islamic law, Islamic economics, and comparative religion. [2] He was a member of the Council of Islamic Ideology from 1977 to 1981, a judge of the Federal Shariat Court ...
Sukuk ( Arabic: صكوك, romanized : ṣukūk; plural [a] of Arabic: صك, romanized: ṣakk, lit. 'legal instrument, deed, cheque') is the Arabic name for financial certificates, also commonly referred to as " sharia compliant" bonds . Sukuk are defined by the AAOIFI ( Accounting and Auditing Organization for Islamic Financial Institutions ...
In Islamic jurisprudence, qiyas ( Arabic: قياس, qiyās [qɪˈjæːs], lit. ' analogy ') is the process of deductive analogy in which the teachings of the hadith are compared and contrasted with those of the Quran, in order to apply a known injunction ( nass) to a new circumstance and create a new injunction. Here the ruling of the sunnah ...
An Introduction to Islamic Finance is a book written by Pakistani scholar Taqi Usmani on Islamic banking and finance. The book remains one of the gateway publications on Islamic finance. Most of the focus of the book is on banking rather than fund management. [1] The author urges Islamic banks to develop their own culture, as ultimately it is ...
While the original Islamic banking proponents hoped profit-loss sharing (PLS) would be the primary mode of finance replacing interest-based loans, long-term financing with profit-and-loss-sharing mechanisms is "far riskier and costlier" than the long term or medium-term lending of the conventional banks, according to critics such as economist Tarik M. Yousef.