Islam Economic

I came  across this video report on CNN.com about Islamic Financing. Take a look:

http://www.cnn.com/video/#/video/business/2008/12/15/lakhani.mme.islamic.finance.cnn

Source: islamonline.net

“By  Dr.Hussein Shehatah

Expert on the Islamic Financial Transactions

After World financial meltdown had dealt a severe blow to the free market system, economists rushed searching for alternatives that could avoid the pitfalls of Capitalism. Dr. Hussein Shehata, a prominent expert on Islamic financial transactions, argues that Islamic economic system can be a viable alternative. Dr. Hussein Shehata Received his PhD in administrative accounting from Bradford University, the United Kingdom. He works as a financial advisor for numerous financial institutions in the Muslim World.

Signs of the collapse of the world financial system have emerged, causing great panic to people all over the world. Many governments called upon economists and experts to find a way out.  Financial institutions and their agents began to think about rescue plans.
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Here is a link to the U.S dept. of treasury Islamic Finance 101.

http://www.treas.gov/press/releases/po3068.htm

Source: www.islamonline.net
“By Muzammil H. Siddiqi
President of Fiqh Council — North America
Almighty Allah says in the Glorious Qur’an,
(O children of Adam, look to your adornment at every place of worship and eat and drink but do not be extravagant; surely He does not love the extravagant.) (Al-A`raf 7:31)
(But seek the abode of the hereafter in that which Allah has given you and neglect not your portion of the world, and do good (to others) as Allah has done good to you, and seek not corruption in the earth; surely Allah does not love the corrupters.) (Al-Qasas 28:77). Read the rest of this entry »

Source: Asharq Al-Awsat

“By Mohammed Al-Hamzani

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Source: Reading Islam

“By Reading Islam Team

Islam seeks to guarantee the freedom of property owners to spend, give away, and invest it as he or she deems fit. With the exception of three general guidelines, set for the befit of society, such freedom of disposal is virtually unrestrained.

The first guideline is that earnings should not be based on cheating and swindling. Read the rest of this entry »

Source: The Birmingham Post.

Shariah = Islamic law

“Oct 3 2008 By Anna Blackaby, Business Staff

Growing numbers of non-Muslims are turning to Islamic banking as customers spooked by turmoil in the Western banking system increasingly see the sector as a safe haven.

The Birmingham-headquartered Islamic Bank of Britain said it had seen significant growth in non-Muslim customers since the onset of turbulence on financial markets as Islamic banks, bound by strict religious principles, are largely seen as insulated from the credit crisis.
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The prohibition of “Riba” is one of the fundamental rules of financial transactions in Islam. I brought this article from islamonline.net. Islamonline.net in turn cite this article from the very well known book of the eminent Muslim scholar Sheikh Yusuf Al-Qaradawi titled “The Lawful and the Prohibited in Islam“. Read the rest of this entry »

In the Name of Allah. Most Gracious, Most Merciful
Islam Economic would like to welcome you. We hope that you find this site useful and informative.

At this time of world-wide economic crisis, economists have different opinions on what brought us to this miserable economical situation and how to get out of this situation. The only thing on which economists agree is that the global economy is in a critical situation. Indeed, we don’t need economists to inform us about this crisis; it has already affected many of us in one way or another. Read the rest of this entry »