islam is ………

November 2, 2008

Islamic Banking: Steady in Shaky Times

Filed under: Islam,Opinion,Religion — WhyIslam @ 11:46 pm
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Washington Post writes:

As big Western financial institutions have teetered one after the other in the crisis of recent weeks, another financial sector is gaining new confidence: Islamic banking.

Proponents of the ancient practice, which looks to sharia law for guidance and bans interest and trading in debt, have been promoting Islamic finance as a cure for the global financial meltdown.

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November 1, 2008

Islamic Economics

Filed under: Islam,Opinion,Religion — WhyIslam @ 12:55 pm
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Amongst this economic crises, a lot of experts are indiretcly highlighting the economic system in Islam. I really would like to discuss this topic more throroughly, unfortunately, I am not an economist and I know very little about it. As I am interested in the topic of ‘Islamic Discussions’, I will focus on a different aspect. In a previous post, I have mentioned that the economic system of Islam is one of the proofs that it is the religion of truth. How can a man 1400 hundred years ago set up the fundamentals for such an economy!

If there is a benefit to this economic crises, it is that it forced people to focus on alternatives and what has succeeded and what has not.

The Sydney Morning Herlad writes:

A thriving financial sector sounds like an oxymoron these days. Even Australia’s banks – among the most profitable in the world – kept a fifth of this week’s interest rate cut to cushion their margins. But there is one sector that has tongues wagging in the hubs of commerce: Islamic finance.

Washington Post writes:

The mortgage industry may be in meltdown, but at least one class of lender appears to be flourishing: Islamic finance companies that offer Muslim home buyers alternative arrangements such as lease-to-own deals so they can avoid making the sort of interest payments that many believe their religion forbids.

Officials at Guidance Residential, a Reston company that has financed more than 5,000 home purchases since it began in 2002, said the company is having its best year yet, with business up 7 percent in the first quarter of 2008 from the first quarter of 2007.

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