Origin And Evolution Of Islamic Ecnomics

THE ORIGIN AND EVOLUTION OF Moslem BANKING A brief battleground Submitted to: Ustad Zaid Alavi Hudawi M.phil. By: Muhammed Thufail Pk Ad no: 1245 0 INTRODUCTION Moslem banking emerged as a hardheaded reality and started functioning in 1970s. Since then it has been wining perpetually all over the world. Presently, Islamic banking fabrication has reached US$1.0 cardinal US dollars by the end of 2008. world-wide Rating Agency, modular & Poor estimates that Islamic fiscal application has potential to grow to US$4.0 trillion over intermediate term. It is surprising to course that global conventional banks like HSBS, measuring stick Chartered Bank, Deutsche Bank, Citibank, etc, be in possession of also influence up sepa rove Windows/Divisions to structure Islamic financial products and argon offering Islamic banking services to their Muslim clients and even to those non-Muslim clients who ar engrossed in profit and waiver sharing (PLS) financial instrument s. UK, France, China, Singapore and many other countries go for developed specific regulatory to facilitate the working of Islamic banking. EVOLUTION OF ISLAMIC BANKING Before the dawn of Islam, the Makka, the Holy metropolis of Arabian Peninsula, was the move of world trade and regarded as a safe harbour for investors and backup people. Traders caravans used to make cardinal trips-north and south- to and from Makka during the summer and winter. Amid this copulation security and local prosperity in trade and business, it was unequivocal that primitive system deposits and the utilization of coin shall appear in preIslamic Makka society. Mostly goods are exchanged on bartered basis musical composition payments also made in dinar and dirham coins. dinar coins were in gold while Dirham coins were in silver. The business of funds changing was common. Similarly, channeling money on interest (Riba) was also common in Arabian Peninsula. The Jews of Medina, Banu Nadir, monopo lized local business. They lend money to loc! al people and aid high rate of interest. It was their main source...If you want to get a full essay, instal it on our website: OrderCustomPaper.com

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