This book today in my hand is by Mufti Muhammad Taqi Usmani entitled “An Introduction to Islamic Finance” was published in The book is actually about. For those who have expressed interested in this book, here is an online pdf version that has redone the typesetting and font of the book to make. Fahad said: Main ThemeAn Introduction to Islamic Finance discusses economics in the lig flag · See 1 question about An Introduction to Islamic Finance . Mufti Muhammad Taqi Usmani is one of the leading Islamic scholars living today.
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Therefore, after acquiring political freedom, the masses are striving for the revival of their Islamic identity to organise their collective life in accordance with the Islamic teachings.
An Introduction to Islamic Finance by Mufti Muhammad Taqi Usmani
Yusuf Kazi rated it it was amazing May 25, However, if he wants to have a share in the profits of his debtor, it is necessary that he should also share him in his losses.
Profit is generated when something having intrinsic utility is sold for money or when different currencies are exchanged, one for another. Thus, conventional financing is not bound by any divine or religious restrictions. The author is a Hanafi Islamic Scholar and has remained the chairman and member of sharia supervisory boards of different Islamic banks in different parts of the world.
A gambling casino can borrow money from a bank to develop its gambling business. Excelldent Dent rated it really liked it Jul 19, Return to Book Finande.
Secondly, these institutions are passing through their age of infancy. He is an expert in the fields of Islamic Jurisprudence, economics, Tassawuf and Hadith. When a financier contributes money on the basis of these two instruments it is bound to be converted into the assets having intrinsic utility.
This is the basic philosophy which explains why Islam has suggested musharakah as an alternative to the interest based financing. The financier in the case of salam receives real goods and can make profit by selling them in the market. Usmmani the debtor suffers a loss, it is unjust on the part of the creditor to claim a fixed rate of return; and if the debtor earns a very high rate of profit, it is injustice to the creditor to give him only a small proportion of the profit leaving the rest for the debtor.
It rather contains guidance in every sphere of life including socio-economic fields. This discussion is aimed at introducing musharakah as a modern mode of financing without violating its basic principles in any way. Email required Address never made public. Penalty for Late Payment of Rent 7.
The instruments of leasing and murabahah are sometimes criticized on the ground that their net result finaance often the same as the net result of an interest- based borrowing.
This gap between the supply of money and production of real assets creates or fuels inflation. Unbridled profit making creates monopolies which paralyse the market forces or, at least, hinder their natural operation.
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In an interest bearing loan, the amount to be repaid by the borrower keeps on increasing with the passage of time. To ask other readers questions about An Introduction to Islamic Intoductionplease sign up. This is exactly what Islam does. Law, Economics, and Practice Mahmoud A. On the other hand, Islam has subjected human activities to a set of principles which have eternal application and cannot be violated on superficial grounds of expediency based on human assessment.
However, I might have it saved on my hard drive. Although a little convoluted to comprehend along with the Arabic terminology, an excellent intro to Islamic Finance.
A new form or procedure in musharakah cannot be rejected merely because it has no precedent in the past. Leave a Reply Cancel reply Enter your comment here Thus the returns of the financier in musharakah have been tied up with the haqi profits accrued through the enterprise.
An Introduction to Islamic Finance – Muhammad Taqi Uusmani, Muḥammad Taqī ʻUs̲mānī – Google Books
This criticism is not realistic, because it does not take into account the fact that, in proportion to the conventional banking, the Islamic banks and financial institutions are no more than a small drop in an ocean, and therefore, they usmanii be supposed to revolutionise the economy in a short period.
Mufti Muhammad Taqi Usmani is one of the leading Islamic scholars living today.
Refresh and try again. Mohamed Ahmed rated it it was amazing Jun 22, Nitroduction are no discussion topics on this book yet. Belief in Divine Guidance The foremost belief around which all the Islamic concepts revolve is that the whole universe is created and controlled by One, the only One God. The ratio of profit for each partner must be determined in proportion to the actual profit accrued to the business, and not in proportion to the capital invested by him.
This may not serve the basic purpose of establishing a true Islamic order, yet it may help one refrain from a glaring sin and save him from the evil fate of disobedience, which, in itself, is a cherished goal of a Muslim, though at individual level.