For Muslims religion Islam is more than a religion. Muslims believe that Islam is actually a complete ‘way of life,’ with the Holy Quran and the life traditions or Sunnah of the Prophet Muhammad (PBUH) providing a solutions and guidance for daily life. From childhood to marriage and family life to lawful food items and drink, from modesty and simplicity in dress and excellence behaviour in social manners to ethics in finance and trade, religion Islam covers all minor and major aspects of our existence on this earth. Among all, topic of Islamic finance is getting more and more interest from Muslims and non-Muslims. The most basic difference between Islamic banking and conventional banking is that the Islamic bank does not charge usury or interest. The Holy Quran expressly and strictly forbids trading in interest in many places. With ethics and justice as its chief and most important means, Islamic finance has the power and potential to not only streamline for today’s erratic trend of banking but also to eradicate and remove poverty across the globe. As a matter of fact, these are the characteristics which are drawing the great attention of financial institutions that are traditionally working in society and are eager to earn more and more profit; they learn their lessons after the recent banking meltdown. We just can hope that the world at large will adopt this moral and honest system of banking in the coming future, affirming divine wisdom and foresight. In fact, nowadays so many economic downturns were excessively triggered by banks dealing in credit-default swaps and mortgage-backed securities, two of the practices that Islamic banking on principle does not transact. We can say that Islamic finance is an alternative approach to lending that is based strongly around religious belief and morals and it this there is no concept of interest and usury. Islamic trade finance is a trade finance that is performed in a way that complies with the principles and laws from the Islamic book, the Holy Quran. The idea of setting the rules of Islamic finance was initially introduced around 1950 to 1970 as a solution and a great response to the increasing influence of this in western economies. There are some significant differences when a person engaging in Islamic finance, the major one is Shariah. Shariah is a complete set of laws that have been taken and derived from the Holy Quran and which completely forbid the payment of ‘usury or riba’; which translates to interest. It is a unique form of socially responsible investment; it also refers to those types of investments that are allowed and permissible under the form of Islamic shariah or law. It’s a need of recent Muslim era to apply the Islamic banking largely. Lowcostumrah.co.uk is one of the authorized Hajj and Umrah travel agent based in UK offers a range of Ramadan Umrah Packages 2017 from UK.
0 Comments
Leave a Reply. |
Low Cost and Cheap Hajj Packages UK
|