This work is based on the religion of Islam and the fundamental Muslims who live by Islamic Sharia law and associate themselves with Sunni Islam, or the Shia philosophy of the 6th imam. Islam's Mandate separates 80 % of the Muslim ummah (family) who live in Third World countries who cannot read or write from the radical world of Islam, as well as others who continue to associate themselves with the Muslim family, but have strayed from the teachings of Muhammad and are less than Islam's Muslim in their way of life. In the book, the author deals with 1500 year old beliefs of the fundamentalist, Islams true Muslim. The questions asked and answered are, what is the true nature of Islam, and who are the real Islam Muslims in the mosques who stay hidden behind closed doors. Those who must defend against radical Islam must take them time to understand the Jihadist. It is time America pulls its head out of Muslim sand that is soaked with blood from 1500 years of Islamic aggression, and deals with the reality of what was once an oppressed tribal cult in the Arabian Desert, but is now a dominating, brutal, and repressive theocracy spreading to every corner of this planet.
The assessment provides evidence of market segmentation across Islamic and conventional banks in the Gulf Cooperation Council (GCC), leading to excess liquidity, and an uneven playing field for Islamic banks that might affect their growth. Liquidiy management has been a long-standing concern in the global Islamic finance industry as there is a general lack of Shari’ah compliant instruments than can serve as high-quality short-term liquid assets. The degree of segmentation and bank behavior varies across countries depending on Shari’ah permissibility and the availability of Shari’ah-compliant instruments. A partial response would be to support efforts to build Islamic liquid interbank and money markets, which are crucial for monetary policy transmission through the Islamic financial system.This can be achieved, to a large extent, by deepening Islamic government securities and developing Shari’ah-compliant money market instruments.
The rapid growth of Islamic banking has attracted much attention lately in the economic literature. At the same time, a mature body of the literature has shown that financial development is broadly conducive to economic growth, which raises the question as to whether a similar conclusion holds for Islamic banking. Against this backdrop, this paper investigates the relationship between Islamic banking development and economic growth in a sample of low and middle income countries, using data over the period 1990-2010. The results show that, notwithstanding its relatively small size compared to the economy and the overall size of the financial system, Islamic banking is positively associated with economic growth even after controlling for various determinants, including the level of financial depth. The results are robust across across different specifications, sample composition and time periods.
This study was prepared by Zubair Iqbal of the Middle Eastern Department and Abbas Mirakhor of the Research Department. To collect information and views for the study, the authors held discussions with the authorities and representatives of commercial banks in the Islamic Republic of Iran and in Pakistan.
The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of some Islamic finance products; and (ii) the nature of the relationship between the institutions and their clients. The limited capacity and experience in the supervision of Islamic finance, especially in jurisdictions that face higher ML/TF risk factors represents an additional vulnerability. The Financial Action Task Force (FATF) standards are implemented without any form of tailoring to the specificities of Islamic finance. The FATF, the Islamic finance standard-setters, and the national regulators should seek a greater understanding of the specific ML/TF risks that may arise in Islamic finance and develop an appropriate response.
This work is based on the religion of Islam and the fundamental Muslims who live by Islamic Sharia law and associate themselves with Sunni Islam, or the Shia philosophy of the 6th imam. Islam's Mandate separates 80 % of the Muslim ummah (family) who live in Third World countries who cannot read or write from the radical world of Islam, as well as others who continue to associate themselves with the Muslim family, but have strayed from the teachings of Muhammad and are less than Islam's Muslim in their way of life. In the book, the author deals with 1500 year old beliefs of the fundamentalist, Islams true Muslim. The questions asked and answered are, what is the true nature of Islam, and who are the real Islam Muslims in the mosques who stay hidden behind closed doors. Those who must defend against radical Islam must take them time to understand the Jihadist. It is time America pulls its head out of Muslim sand that is soaked with blood from 1500 years of Islamic aggression, and deals with the reality of what was once an oppressed tribal cult in the Arabian Desert, but is now a dominating, brutal, and repressive theocracy spreading to every corner of this planet.
Fear God and the Shadow of the Muslim Sword is a study of Islam and the men leading it in the twenty-first century. I am neither a preacher nor a politician. I am an author caught up in a sensitive subject most secular societies are unfamiliar with. This book is a rational explanation without bias. It is based on both historical fact and books written by modern Muslim leaders themselves, it is not an attack on the religion based on personal agenda. My research told a different story than what has become common on the editorial pages of American newspapers and contradictory to what the leaders of the American Muslim community are saying. The fact however is, that, with limited exceptions, the term moderate is not compatible when used in a sentence with the word Islam, except to describe what Islam is not! Challenge me if you will, but put rhetoric aside and research your own beliefs first. "Islam is a revolutionary doctrine and system that overturns governments. It seeks to overturn the whole universal social order and to establish its structure anew. Islam seeks the world. It is not satisfied by a piece of land but demands the whole universe Jihad is at the same time offensive and defensive The Islamic party does not hesitate to utilize the means of war to implement its goal." Sayyid Abdul-Ala Mawdudi - Jihad in Islam – This Pakistani / Islamic Leader / Teacher / Author died in Buffalo, New York.
In the past two decades, Muslim countries across the globe have been faced with a crisis in governance. Starting with a summary of Islamic Law (Sharia) and its implications for law enforcement, this book will highlight the unique needs and challenges of law enforcement, and particularly policing, in these communities. It will provide a scholarly exposition of Sharia law and how it is compatible (or not) with policing in a modern context. The role and contribution of Sharia Law towards conceptualizing law enforcement in a modern context is certainly worth looking forward to, especially understanding its co-existence with civil law in countries with minority Muslim communities. Featuring case studies from throughout the Muslim world, this volume will highlight key qualities of Sharia law and Muslim culture that play a role in law enforcement, including: case processing, community policing, police administration, human rights, and the influence of globalization. Taking a comprehensive approach, this work provides a historical context for colonization events in Muslim countries and their influence on current law enforcement systems, as well as providing key insights into the particular norms that make up the bases for Muslim societies, and their unique needs. Looking into the future, it provides guidelines for how community policing can play a proactive role in law enforcement and crime prevention.
Basic Principles of Islam can be listed as universal harmony, fraternity, equality, welfare, humbleness and most importantly respect of the human beings. Islam does not force its ideology upon others. In Islamic history, most of the rulers under Islam tried to comprehend the religious feelings of others. Tolerance is something to be listed among the above-said qualities. However some people with vested ideology tried to malign Islamic ideology as fundamental. In this book author with his deep knowledge in Islam bring the truth to the light. He explains true meaning of Islam, mission of the prophet, faith and belief fundamental of Islam. He goes on explaining science in Islam, Authority on Science, Scope of Learning Quran and Science. This will be useful for knowledge seekers.
In this book, "The Fast of Ramadan...", M. R. Bawa Muhaiyaddeen explores the inner dimensions of fasting in a special collection of discourses given during the holy month of Ramadan."When we attain the wisdom, abilities, qualities and actions to bring peace and comfort to all lives -- that will be the grace and blessings of the fast." - M. R. Bawa Muhaiyaddeen
Based on groundbreaking new ideas, this treatise signals a return to a rebuilding and reshaping of the curriculum as the primary tool for education This book presents a new definition of "curriculum" and what it should consist of, with a view toward creating a more ethical, educated, and thinking person. Rather than treating students as "products" for society, this approach returns to a view of the curriculum as a tool for educating students to reason through problems, be bold in creating new solutions, and contribute to a more vibrant, just world. The university curriculum introduced in the post-Renaissance era, dominated by doctrinal philosophy, is based on "learning" or "skill development," suitable for creating a "learned" society that would eventually serve the establishment. This curriculum has been promoted as the only form suitable for the modern education system. It has introduced a tremendous amount of tangible advancement in all fields of the structured education system. These tangible gains are often promoted as "knowledge." This has created confusion between education (acquiring knowledge) and learning, training or skill development. This book seeks to clarify the difference between these two divergent views of education. It has been shown that the current curriculum is not conducive to increasing a student's knowledge because it is based on consolidating preconceived ideas that have been either passed on from previous generations or gained through personal experience. In most cases, this mode of cognition will not create a pathway for gaining knowledge that brings one closer to discovery. The term "education," on the other hand, is always meant to be a process of "bringing forth" one's inherent qualities and unique traits, necessary and sufficient for increasing one's knowledge.
Islamic banks are prohibited from charging or paying interest, and thus can operate only on the basis of profit-sharing arrangements. This paper provides a brief survey of the theory and practice of Islamic banking. It covers developments in Islamic banking since the mid-1970s, how such banks operate, and the analytical underpinnings of a financial system based on Islamic principles. Finally, the future of Islamic banking is assessed.
Co-written by a pioneer of the sustainability movement, this groundbreaking volume offers a new way of thinking about the economics of sustainable energy, a goal that has eluded scientists and economists for decades. Every year, as soon as reports on global economic inequality remind us about the direction our civilization is heading, there is a hysterical reaction, but hysteria dies down within weeks and we go back to the lifestyle that brought us here today. Often the blame is laid on the Millennial generation for their "apathy," "lust for comfort," and "bratty" attitude. Yet, business insider surveys indicate it's the same Millennial generation that overwhelmingly cares for the state of the world and the direction in which our civilization is heading. Nearly 50% of them ranked climate change and destruction of nature as their primary concern. This is followed by concern for war and global conflict, and then global economic inequality. The vast majority of those surveyed are willing and eager to make lifestyle changes. This book breaks open the hypocrisy of our civilization and stops the blame game in its tracks and identifies the root causes of today's world economy, ecology, and global politics. The book demonstrates that changes in lifestyle are necessary but not sufficient. No economic policy or technology development mode has a chance to survive, let alone thrive unless supported by the political establishment. In this process, the government plays a pivotal role. The challenge is to change the attitude of the government from a 'self-serving' controlling mode to a representative philanthropic mode. This new system of economic development and political governance is inspired by a long-forgotten understanding of political economics: medieval Islamic economics. In reviewing the history of economics from trade, currencies, and interest, the strengths and weaknesses of various economic developments over our centuries are evaluated. Based on the historical analysis, a step by step procedure is outlined for this fundamental change in our society today. As a whole, this book is the first in the modern era to offer such a comprehensive analysis, complete with solutions to the entire crisis of today's civilization.
This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers. Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries. The 9/11 attacks were not important to the diffusion of Islamic banking; but they coincided with rising oil prices, which are a significant factor in the diffusion of Islamic banking. Islamic banks also appear to be complements to, rather than substitutes for, conventional banks.
Christians Under Siege, is a comprehensive study of the war on Christian values that started in the Arabian Desert, and which now reaches into America’s schools and workplace. Barrack Hussein Obama declared that the United States is not a Christian Nation. Historian Patrick Roelle disagrees. To deal with Islam’s terrorist we must understand Islam’s Terrorist. Islam rose out of the Arabia Desert because the strong oppressed the weak. The world of Islam is not just a religion, it’s a form of government. We are at a crossroads. Some wish to cancel God from the equation, enslave us to a future of debt we cannot repay, place our energy dependence on the Muslim world while we lock our resources in the ground, and transfer our wealth in exchange for government subsidies that will keep us subdued, and we are falling for it. Joseph Goebbels, propaganda expert and Reich Minister of Public Enlightenment and Education, for Nazi Germany once said: “If you tell a lie big enough and keep repeating it, people will eventually come to believe it.” The American Muslim community has successfully employed these methods these past fifty years to indoctrinate our elected officials and the mainstream press in this country. Christians Under Siege paints the true picture.
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.
Derivatives are few and far between in countries where the compatibility of financial transactions with Islamic law requires the development of shari'ah-compliant structures. Islamic finance is governed by the shari'ah, which bans speculation and gambling, and stipulates that income must be derived as profits from the shared generation of goods and services between counterparties rather than interest or a guaranteed return. The paper explains the fundamental legal principles underpinning Islamic finance with a view towards developing a cohesive theory of derivatives subject to shari'ahprinciples. After critically reviewing accepted contracts and the scholastic debate surrounding existing financial innovation in this area, the paper offers an axiomatic perspective on a principle-based permissibility of derivatives under Islamic law.
A collection of nearly 1000 parables and maxims. Open at random and each will inspire you to pause and reflect. With poignant humor, subtle wisdom and piercing truth, each will enrich your faith, open your heart, and challenge you to grow. This new edition includes new material and a more comprehensive index.
Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.
Islamic and cooperative banks such as credit unions are broadly similar in that they both share some risk with savers. However, risk sharing goes along with ownership control in cooperatives, whilst Islamic banks share risk with borrowers and downside risk with depositors. Islamic banking is consistent with mutual ownership, which may ease some of the governance and efficiency concerns implied by Shari’ah constraints. Greater risk sharing among cooperative bank stakeholders, using mechanisms embedded in Islamic financial products, may strengthen cooperatives’ financial resilience.
Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and microfinance. While not yet significant in most Sub-Saharan countries, several features make Islamic finance instruments relevant to the region, in particular the ability to foster SMEs and micro-credit activtities. As a first step, policy makers could introduce Islamic financing windows within the conventional system and facilitate sukuk issuance to tap foreign investors. The entrance of full-fleged Islamic banks require addressing systemic issues, and adapting the crisis management and resolution frameworks. The IMF can play a role by sharing international experiences and providing advice on supervisory and regulatory frameworks as needed.
The rapid growth of Islamic banking has attracted much attention lately in the economic literature. At the same time, a mature body of the literature has shown that financial development is broadly conducive to economic growth, which raises the question as to whether a similar conclusion holds for Islamic banking. Against this backdrop, this paper investigates the relationship between Islamic banking development and economic growth in a sample of low and middle income countries, using data over the period 1990-2010. The results show that, notwithstanding its relatively small size compared to the economy and the overall size of the financial system, Islamic banking is positively associated with economic growth even after controlling for various determinants, including the level of financial depth. The results are robust across across different specifications, sample composition and time periods.
Islamic finance is a fast growing activity in world markets. This paper provides a survey on Islamic Finance in SSA. Ongoing activities include Islamic banking, sukuk issuances (to finance infrastructure projects), Takaful (insurance), and microfinance. While not yet significant in most Sub-Saharan countries, several features make Islamic finance instruments relevant to the region, in particular the ability to foster SMEs and micro-credit activtities. As a first step, policy makers could introduce Islamic financing windows within the conventional system and facilitate sukuk issuance to tap foreign investors. The entrance of full-fleged Islamic banks require addressing systemic issues, and adapting the crisis management and resolution frameworks. The IMF can play a role by sharing international experiences and providing advice on supervisory and regulatory frameworks as needed.
The SDN discusses the main policy issues and challenges in building an inclusive and safe Islamic finance industry, with emphasis on Islamic banking and Sukuk markets. To this end, it discuses why Islamic finance matters, taking into account its recent and prospective growth; and, its potential contributions in terms of financial inclusion, support for small- and medium-sized enterprises and investment in public infrastructure and, in principle, reduced systemic risk. It then covers a range of regulatory and other challenges, and offers policy advice, to address factors that hamper the development of the industry and, more generally, the delivery of its potential benefits. The paper covers regulatory and supervisory issues, safety nets and resolution frameworks, access to finance, Sukuk markets, and macroeconomic policies.
It has long been recognized that science is the pursuit of knowledge, knowledge is power, and power is political. However, the fantasy of science being apolitical is a hallmark legacy of the enlightenment era, an era that romanticized pursuit of knowledge, disconnected from the baggage of power, politics, and dogmatic assertions. Yet, while the age of information has exponentially increased our access to knowledge, we can see, as clearly as ever, that scientific knowledge is neither apolitical nor dogma-free, and it certainly is not disconnected from power. It is hard to imagine another era when the separation between science and politics has been this blurred as it is today. At the same time, it is true that no other topic than climate change has been so politically charged, with one side dominating the scientific narration and branding anyone opposing the mainstream as a “climate change denier,” and the other standing in staunch defiance that climate change exists. In an age of political and scientific turmoil, how can we navigate out way to coming towards a more objective understanding of the scientific issues surrounding the climate change debate? This book presents the current debate of climate change as scientifically futile, on both sides of the scientific, and often, political, spectrum. The climate change debate has become like obesity, cancer, diabetes or opioid addiction, which is to say that the debate should not be if these maladies exist, but rather, what causes them. Instead of looking for the cause and making adjustments to remove those causes from our lifestyle, a combination of the capitalist drive towards mass production and a lack of identifying the roots of the problems, new solutions, or substitutes, have been proposed as "quick fixes" to the problems. This book identifies the root causes of climate change and shows that climate change is real and it is also preventable, but that it can be reversed only if we stop introducing pollutants in the ensuing greenhouse gases. The book brings back common sense and grounds scientists to the fundamentals of heat and mass transfer, while at the same time disconnecting politicking and hysteria from true scientific analysis of the phenomenon of global climate.
This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers. Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries. The 9/11 attacks were not important to the diffusion of Islamic banking; but they coincided with rising oil prices, which are a significant factor in the diffusion of Islamic banking. Islamic banks also appear to be complements to, rather than substitutes for, conventional banks.
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.
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