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an essay on Islamic banking
an essay on Islamic banking
an essay on Islamic banking
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Baitulmal means the Treasury, Baitulmal according to Fiqh is the exchequer of an Islamic state. Being public property, all the citizens of an Islamic state have some beneficial right over the Baitulmal, yet, nobody can claim to be its owner.
The institutions of Islamic finance in Baitulmal form have exist informally since the time of prophet Muhammad saw and continue to Rashidun Caliphate. However, Baitulmal in that time not exist fully because of the state income not growth so much. At that time, the income of state come from two sources, which are zakat and property that being obtained from war like ghanimah, jizyah and fai. The income that have be gather immediately divided for needy person like poor, orphan and else. This factor lead the role of Baitulmal easy.
Additionally, the existence of institutions of Baitulmal start on the reign of caliph Umar bin Al-Khattab. On that time, Islamic government success in conquest many state and place, this help the Islamic region to growth from this the effect from this conquest, many possessions that be collected and take a time to divide it. Khalifah Umar accept the idea from Khalid bin Al-Walid to build the national treasury followed to Al-Quran and Sunnah including ijtihad of sahabat. The early of establishment, known by Diwa. The institutions of Baitulmal have continually growth to the reign of Bani Umayyah
The establishment of Baitulmal is very important in help to development of Islamic economy. The most importantly, to help needy like poor and unlucky person. Beside that, Baitulmal is the one of source to reinforce the army of Islam that can protect the state from the threat of enemy. For example, in the reign of Khalifah Uthman, the source of Baitulmal used to strengthen...
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...tion to e-Bayanat dan e-Wakaf system. this also help main to give the information to their client and work more systematically. This is one from the method that Malaysia has done to growth the socioeconomic Muslim and to make the Baitulmal institutions be known as a institutions that give a chance to Muslim get a proper life. Baitulmal play a main role in develop and growth the economic system to be better.
Furthermore, main should provide some strategy to make the practices of Baitulmal be a reality. By analyze back the sources from zakat and Baitulmal should be combined to get the better revenue. The government also scan back the tax that be given is not breach the shariah principle. Most importantly, the government has to ensure that Baitulmal role not only small entity in MAIN but one institution that manages the national treasury expenses and expenditure.
Document C: Fred Donner explains how “… conquest period of granting of gifts, which had been practices by Muhammad, became more regularized and eventually institutionalized.” People who revolted against these “…regimes now did so at the cost of losing the stipends that the regime provided.” This is some of the common knowledge of the Early Islamic Expansion.
The Fatimid dynasty used its strategic geographical location to control trade activities. “The Fatimid dynasty prospered and surpassed the Abbasid Caliphate as the dynamic center of Islam… thy played a major role in the regional trade passing from the Mediterranean to the Red Sea and beyond” (295, Spielvogel). They did not care for different religion beliefs and built a strong army. “They were tolarent in matters of religion and created a strong army by using nonnative peoples as mercenaries” (295, Spielvogel). Seljuk Turks were among these people, “the Seljuk Turks were nomadic people from Central Asia who had been converted to Islam and flourished as military mercenaries for the Abbasid caliphate” (295, Spielvogel).
The Muslim empire expanded vastly from 622 CE to 750 CE. This empire could be compared to the Holy Roman Empire, one of the greatest in the world. There are three main reasons to explain how the Muslim empire reached its height; battling for land, signing peace treaties, and granting stipends. Every Muslim who were in the military fought against other civilizations for land. After that, they made an agreement, or a peace treaty, to the people of the land they conquered. The Muslims would also give gifts called stipends to conquered people who helped the Islam’s. The next paragraph will be explaining how Muslims fought for land and how that was important.
16[16] “Aurangzeb Alamgir’s Reign.” The Story of Pakistan [online]. 2003- [cited 17 November 2003]. Available on World Wide Web: (http://www.storyofpakistan.com/articletext.asp?artid=A019)
In Islamic history, various events have occurred in different time periods that have led to the rise and fall of Muslim empires. Muslim kingdoms flourished in a cultural, social, religious, political, and intellectual aspect in their time periods, due to Thanks in large part to religious and political conflict between Muslims, whether they be Sunni or Shia,
This paper contends the view that the so-called ‘Constitution of Medina’ has purported significance insofar as providing political prescription or provision for the creation of a Muslim state or government. This approach posits that a contextual understanding of the conditions underpinning the document’s creation, support the argument that the Qur’an omits overt provisions for any such form of government or state. This paper will first examine the context of the debate, whilst alluding to the nature of Mohammad’s prophetic mission in order to principally establish the inherent lack of overt political ambition and position of Mohammad, thus dismissing claims of overt political prescription being present in the earliest formation of Islam. This approach will then examine the contextual significance of the ‘Constitution of Medina’, in order to discharge the notion that the community established in Medina reflects an Islamic ideal of which Muslims can, or should, aspire towards. This paper will then finally examine the nature of the Quran as it relates to issues of governance and political concerns, in order to fully illuminate the inherent lack of political ethos within, and the lack of overt provisions for the creation of a Muslim state or government.
This was an incredible feat in Islamic history, because by attaining secularization, a part of the state that held religious power had to be completely removed. Kemal’s driving force in implementing secularism was his strive to decrease the need and significance of values and to extinguish institutions that were stamped with Islam. He used the concept of a Grand National Assembly to gain political legitimization and because he used Islam in his favor he also gained the sultan-caliph leadership. The concept millet, which was once used to describe religious subdivisions, was reconstructed to give attribute to a ‘nation’. This shows the blurred lines and slowly widening the gap between an Islamic state and a secular nation that was taking place. (mahalle MARDIN pg.
The Middle East historically has been a region fundamentally built around the concept of religion. The Ottoman Empire dominated this region for 600 years of which they would utilize Islam as a way to justify the leadership of the sultan to create the most power of all Islamic states. The Ottomans exhibited the most power as an empire prior to the concept of nationalism. The Sultan Sulayman the Great became synonymous with the height of Ottoman power by fully establishing an imperial empire in the Middle East during 1520 to 1566. (Perry,111). Despite other sultans attempting to follow in his footsteps the death of Sulayman marked the beginning of the decline of the Ottomans as an empire. As leadership in the Middle East grew worse and worse
Lastly, in term of services and management of the Islamic institutions. The Islamic needs to have a training process for all theirs staff who works under the Islamic institutions. They needs to provide a huge knowledge of Islamic and important of Islamic financing to our life. From this, it would increase the awareness of Islamic finance. The workers also can deal with their customers or investors more effectively and effeciently when it goes to the Islamic financing. It also would create customers loyalty on their products and services. The information also would spread accordingly based on the shariah principles.
The Arabian Peninsula was a changing land in the early seventh century. With the foundation of Islam, the Prophet Muhammad (c. 570-632 CE) began to consolidate his rule in the Hijaz region around his center of power in Madinah. With the young Islamic rule gaining momentum, it seemed as if there would be no stopping it from gaining more power and spreading, that is until Muhammad's death in 632 CE. With his passing, we see the tribes once ruled by Muhammad and the Banu Quraysh try to break off and return to their own rule now that there was no leader for the community of believers (umma). Despite some initial scramble, it was Abu Bakr (r. 632-34 CE) who was named the first Caliph, or Deputy of God, and began to lead the Islamic community. Though his reign as caliph was short, we find it had a great impact on the early development of Islam. Through close examination of his relationship with Muhammad and his actions as caliph, this work will claim that Muhammad greatly influenced Abu Bakr's decision making as a leader and how Islam began to be shaped.
The Mosque is the symbol of the great of Islamic. The development of the mosque was grown base of adifferent culture and country, but still have a same function and goals. The demise of development of the mosque was started during Prophet Muhammad (peace upon to him) through to four main Islam dynasties. There are included Ummayad dynasties, Abbasid dynasties, Fatimid dynasties, Safavids dynasties and Ottoman dynasties. In this chapter, the researcher will explain the development, function, component and facilities of Mosque among the Muslim.
Jalal-ud-Din Muhammad Akbar was born on October 14, 1542 in Sindh. In 1540, his father Humayun was forced into exile by Afghan leader Sher Shah and Akbar had to spend his childhood in Afghanistan with his uncle. His childhood was spent in fighting and running instead of learning how to read and write, though he was very interested in art, architecture, music and literature. His father, Humayun, died when Akbar was very young and Akbar was crowned a Mughal emperor around the age of thirteen or fourteen. He was a Mughal emperor from 1556 to 1605. Under his rule the Mughal’s had most of the Indian subcontinent under their power. Akbar did not consolidate his power until he successfully won two battles, one which was with the descendants of Sher Shah Suri and the other one was with the Hindu King Hemu of Panipat. Before he consolidated his power Akbar was assisted and advised by Bahram Khan in running the affairs of the country. Bahram Khan was soon removed and Akbar freed himself from external influences and ruled supreme. In order to preserve unity of the Mughal Empire, he had adopted many programs that won the hearts and loyalty of the Muslims and non-Muslim people of his realm. Along with his numerous military conquests, he had introduced a sequence of reforms to help consolidate his power. One of the great known reforms of Akbar was his religious tolerance aimed at Hindu-Muslim unification through the introduction of a new religion known as Din-i-Ilahi. His tolerance is said to be influenced by a great Sufi leaders and his surrounding of people with liberal views, which this paper is going to explore how Akbar’s religious tolerant policies were a direct result of his influence by Sufism and the concept of Solh-...
First of all, let us outline how Islamic banks actually work and what their main differences are in comparison with conventional banks. In this banking system, banks are operated by Islamic laws (known as Sharia), so Islamic economic principles are considered as primary guidance. Two basic doctrines behind Islamic banking are the sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest . Hence unlike conventional commercial banks, Islamic banks do not pay or charge interest on lending or borrowing of money. This is because the Sharia’s strictly prohibits, among other things, the receipt and payment of riba (interest) /. The interpretations to clarify the meaning behind this restriction suggests that earning or charging extra amount of money from debtor has to be seen something as immoral behavior, because making pressure on your borrower is actually unfair from the view point of Islam. To make it clear, the religion of Islam basically promote the principle of justic...
During Muhammad’s time, he united many areas in Arabia and was able to establish a religious communi...