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Islamic Economy Theory and the Banking System

Insightinto Islamic Economics and Applications

In the troubled global economic environment, Islamic Banking is a dream of Muslims' faith that call for abolishing the assumed usury profits, e.g., banks interest rates, integrating small entrepreneurs into the official financing institutions and supporting national development. That requires an economic system that contains specific banking structure that cater for the mentioned targets. The so-called Islamic Banking in Sudan was introduced in the 1980's of the previous century. That banking system expanded with the Islamic National Salvation seizing of power in the country. However, its modus operandi seems similar to traditional banking in providing short term financing, less for national development projects, dubious poverty alleviation schemes and high rates of interests for financing customers. Most financing goes to big companies, importers and exporters and merchants. The case study is Omdurman National Bank which all the previously mentioned parameters typically applied for it operational mode. The study concludes that there were no visible differences between the banking rules carried out in both traditional and Islamic banks in Sudan. The financing modes are probably because of the country's instable economic performance and loose application of the Islamic finance. Moreover, it is probably of loose interpretations of the Islamic Sharia'a.

In the troubled global economic environment, Islamic Banking is a dream of Muslims' faith that call for abolishing the assumed usury profits, e.g., banks interest rates, integrating small entrepreneurs into the official financing ...

The Islamic Financial System

A Critical Analysis and Suggestions for Improving Its Efficiency

This study deals with the Islamic financial system and investigates the financial instruments utilized in it. Apart from the problems related to the prohibition of interest, the suggested concept for the Islamic financial system could not be applied in practice. Profit and Loss-Sharing instruments have been utilized on a small scale so far and it would be very difficult to increase the attractiveness of these financial instruments without easing Islamic legal restrictions or at least reconsidering relevant issues from both, the Islamic socio-economic and ethical viewpoint, as well as the position of conventional finance. An improvement of efficiency may not be possible without taking a fresh look at Islamic injunctions while considering at the same time contemporary financial realities and needs such as investment opportunities, risk diversification and regulatory issues.

This study deals with the Islamic financial system and investigates the financial instruments utilized in it.

Islamic Perspective for Sustainable Financial System

The firms that want to work with the Islamic financial industry would be constrained to observe the sustainability in their operations, along with the complying with the Shariah criteria and the financial ratios.viiiThe aim of this book is ...

Towards a Just Monetary System

Towards a Just Monetary System is the first comprehensive study of the goals, nature and operations of the monetary system of Islam, which has justice as one of its most indispensable objectives.For most people, including some Muslims, an interest-free economy is a mystery. Hence a number of questions are asked. Has Islam really prohibited interest and, if so, what is the purpose behind this? Can an economy run without interest? What will be the impact on resource allocation, savings and capital formation, economic stability and growth? Dr. Chapra takes the mystery out of the subject by answering these and a number of other questions by means of a thorough economic analysis. While he shows the rationale behind the prohibition of interest and the strengths of a purely equity-based Islamic economy, he also indicated the problems and gives a realistic proposal for solving them. Dr. Chapra also elaborates the changes that must be introduced in the nature and operations of commercial and central banks: the auxiliary institutions which must be established, and the new tools of monetary policy that must be developed to enable the Islamic money and banking system to function effectively. He however warns that the abolition of interest is not the only value of Islam and unless it is political institutions of Muslim countries, their economies cannot be transformed and socio-economic justice as well as a whole range of other important goals of Islam cannot be realized. This calls for a gradual transformation, but with a total commitment.The Islamic Foundation is an educational and research organization developed to make Islam a living reality in our age. For this purpose, it aims at improving human communication and developing a better understanding of Islam among all people of the world, Muslim and non-Muslim, so as to galvanize man to the message and ideal of One God and the unity of mankind. As brought by all Prophets of God throughout the ages, last of whom was the Prophet Muhammad (blessings of Allah and peace be upon him). An important aspect of the foundation’s multifarious activities is the publication of literature of Islam.

Towards a Just Monetary System is the first comprehensive study of the goals, nature and operations of the monetary system of Islam, which has justice as one of its most indispensable objectives.For most people, including some Muslims, an ...

Weaponized Marketing

Defeating Islamic Jihad with Marketing That Built the World's Top Brands

Islamic jihadists win with marketing. Terrorism is a form of marketing; an act of communication as much as it is an act of violence. While much has been written about the growing sophistication of marketing by Islamic jihadists, what is missing is a solution. Today, the Middle East is going through tectonic change with a promising new generation hungry for a different world. We need a better approach. We must fight back with a marketing battle plan. Weaponized Marketing: Defeating Islamic Jihad with Marketing That Built the World's Top Brands offers a blueprint for success in the marketplace of ideas. This book breaks new ground by applying proven business methods to intractable military and diplomatic problems. It provides a comprehensive understanding of how marketing works and how terrorists use it. Most importantly, it presents an effective alternative to the failing efforts to argue through a “counter-narrative” and spread through social media. Where bullets, bombs, policy papers, and press releases have failed, a marketing approach—radical for government—has a solid track record for businesses that built the world’s most successful brands.

This book breaks new ground by applying proven business methods to intractable military and diplomatic problems. It provides a comprehensive understanding of how marketing works and how terrorists use it.