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Sharia Investments
Islamic finance products, services and contracts are financial products and services and related contracts that conform with Sharia (Islamic law). Islamic banking and finance has its own products and services that differ from conventional banking. These include ''Mudharabah'' (profit sharing), ''Wadiah'' (safekeeping), ''Musharakah'' (joint venture), ''Murabahah'' (cost plus finance), ''Ijar'' (leasing), ''Hawala'' (an international fund transfer system), ''Takaful'' (Islamic insurance), and ''Sukuk'' (Islamic bonds). Sharia prohibits ''riba'', or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to ''riba''). Farooq, ''Riba-Interest Equation and Islam'', 2005: pp. 3–6 Khan, ''What Is Wrong with Islamic Economics?'', 2013: pp. 216–226 Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also ''haraam'' ("sinful and p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sharia
Sharia, Sharī'ah, Shari'a, or Shariah () is a body of religious law that forms a part of the Islamic tradition based on Islamic holy books, scriptures of Islam, particularly the Quran, Qur'an and hadith. In Islamic terminology ''sharīʿah'' refers to immutable, intangible divine law; contrary to ''fiqh'', which refers to its interpretations by Ulama, Islamic scholars. Sharia, or fiqh as traditionally known, has always been used alongside urf, customary law from the very beginning in Islamic history; has been elaborated and developed over the centuries by fatwa, legal opinions issued by mufti, qualified jurists – reflecting the tendencies of Schools of Fiqh, different schools – and integrated and with various economic, penal and administrative laws issued by Muslims, Muslim rulers; and implemented for centuries by Qadi, judges in the courts until recent times, when secularism was widely adopted in Islamic societies. Traditional Principles of Islamic jurisprudence, theory o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shariah
Sharia, Sharī'ah, Shari'a, or Shariah () is a body of religious law that forms a part of the Islamic tradition based on scriptures of Islam, particularly the Qur'an and hadith. In Islamic terminology ''sharīʿah'' refers to immutable, intangible divine law; contrary to ''fiqh'', which refers to its interpretations by Islamic scholars. Sharia, or fiqh as traditionally known, has always been used alongside customary law from the very beginning in Islamic history; has been elaborated and developed over the centuries by legal opinions issued by qualified jurists – reflecting the tendencies of different schools – and integrated and with various economic, penal and administrative laws issued by Muslim rulers; and implemented for centuries by judges in the courts until recent times, when secularism was widely adopted in Islamic societies. Traditional theory of Islamic jurisprudence recognizes four sources for Ahkam al-sharia: the Qur'an, ''sunnah'' (or authentic ahadith) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Socially Responsible Investing
Socially responsible investing (SRI) is any investment strategy which seeks to consider financial return alongside ethical, social or environmental goals. The areas of concern recognized by SRI practitioners are often linked to environmental, social and governance (ESG) topics. '' Impact investing'' can be considered a subset of SRI that is generally more proactive and focused on the conscious creation of social or environmental impact through investment. '' Eco-investing'' (or ''green investing'') is SRI with a focus on environmentalism. In general, socially responsible investors encourage corporate practices that they believe promote environmental stewardship, consumer protection, human rights, and racial or gender diversity. Some SRIs avoid investing in businesses perceived to have negative social effects such as alcohol, tobacco, fast food, gambling, pornography, weapons, fossil fuel production or the military. Socially responsible investing is one of several related con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saleh Abdullah Kamel
Saleh Abdullah Kamel (1941 – 18 May 2020) ( ''Ṣaleḥ 'Abdullāh Kamel'') was a Saudi billionaire businessman. He had a net worth estimated at US$2.3 billion, as of March 2017. He was the chairman and founder of the Dallah al Baraka Group (DBHC), one of the Middle East's largest conglomerates. He was also the chairman of the General Council for Islamic Banks and the Jeddah Chamber of Commerce. He was arrested by the Saudi authorities on 4 November 2017, among other businessmen such as Al-Waleed bin Talal. Early life Kamel was born in Mecca in 1941. He was educated in Mecca, Taif, and Jeddah. He earned a bachelor’s degree in commerce from the University of Riyadh in 1963. Wealth As of March 2017, ''Forbes'' estimated his net worth at US$2.3 billion. In 2018, he was removed from its list of billionaires, as it was no longer clear what assets he owned. Saleh Kamel was the founder and chairman of Dallah Albaraka, a multi-national holding company with investments includin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gharar
''Gharar'' () literally means uncertainty, hazard, chance or risk. It is a negative element in ''mu'amalat'' ''fiqh'' (transactional Islamic jurisprudence), like ''riba'' (usury) and '' maisir'' (gambling). One Islamic dictionary (''A Concise Dictionary of Islamic Terms'') describes it as "the sale of what is not present" — such as fish not yet caught, crops not yet harvested. Similarly, author Muhammad Ayub says that "in the legal terminology of jurists", ''gharar'' is "the sale of a thing which is not present at hand, or the sale of a thing whose ''aqibah'' (consequence) is not known, or a sale involving hazard in which one does not know whether it will come to be or not". Definitions, fiqh According to Sami Al-Suwailem, "researchers in Islamic finance" do not agree on the "precise meaning" of gharar, although there is not necessarily great difference among the Islamic schools of jurisprudence ( madhab) in the term's definition. The ''Hanafi'' legal school defines ''gharar'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maisir
In Islam, gambling ( or ''qimâr'') is forbidden (). ''Maisir'' is totally prohibited by Islamic law () on the grounds that "the agreement between participants is based on immoral inducement provided by entirely wishful hopes in the participants' minds that they will gain by mere chance, with no consideration for the possibility of loss". Definitions Both ''qimar'' and ''maisir'' refer to games of chance, but ''qimar'' is a kind (or subset) of ''maisir''. Author Muhammad Ayub defines ''maisir'' as "wishing something valuable with ease and without paying an equivalent compensation for it or without working for it, or without undertaking any liability against it by way of a game of chance", Another source, Faleel Jamaldeen, defines it as "the acquisition of wealth by chance (not by effort)". Ayub defines ''qimar'' as "also mean ngreceipt of money, benefit or usufruct at the cost of others, having entitlement to that money or benefit by resorting to chance"; Jamaldeen as "any game ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Murabahah
''Murabaḥah'', ''murabaḥa'', or ''murâbaḥah'' (, derived from ''ribh'' , meaning profit) was originally a term of ''fiqh'' (Islamic jurisprudence) for a sales contract where the buyer and seller agree on the markup (profit) or " cost-plus" price for the item(s) being sold. In recent decades it has become a term for a very common form of Islamic (i.e., " shariah compliant") financing, where the price is marked up in exchange for allowing the buyer to pay over time—for example with monthly payments (a contract with deferred payment being known as ''bai-muajjal''). ''Murabaha'' financing is basically the same as a rent-to-own arrangement in the non-Muslim world, with the intermediary (e.g., the lending bank) retaining ownership of the item being sold until the loan is paid in full. There are also Islamic investment funds and ''sukuk'' (Islamic bonds) that use ''murabahah'' contracts. Jamaldeen, ''Islamic Finance For Dummies'', 2012:188-9, 220-1 The purpose of ''murabaha' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Dietary Laws
Islamic dietary laws are laws that Muslims follow in their diet. Islamic jurisprudence specifies which foods are halal () and which are haram (). The dietary laws are found in the Quran, the holy book of Islam, as well as in hadith, collections of traditions attributed to the Islamic prophet Muhammad. Herbivores, cud-chewing animals like cattle, deer, sheep, goats, and antelope are some examples of animals that are halal only if they are treated like sentient beings and slaughtered painlessly while reciting the ''basmala'' and ''takbir''. If the animal is treated poorly or tortured while being slaughtered, the meat is haram. Forbidden food substances include alcohol, pork, frog, carrion, the meat of carnivores, and animals that died due to illness, injury, stunning, poisoning, or slaughtering not in the name of God. Regulations of food Halal (permissible, lawful) Quranic verses that have information regarding halal foods include: Q2:173, Q5:5, and Q6:118–119, 121. Permissibl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
