The term Musharakah comes from Arabic origin of word which literally means sharing. According to Ibn Arfa (1984), Musharakah is defined as: “An agreement between two or more persons to carry out a particular business with the view of sharing profits by joint investment”. Meanwhile, The Mejella (1329) defines it as an “Agreement for association on the condition that the capital and its benefit be common between two or more persons”. Another Muslim jurist, Mohammad Akram Khan (1990) defines a partnership or musharakah as: “A contract between two persons who launch a business of financial enterprise to make profit”. Based on the latest BNM parameter on musharakah contract, the parameter covers capital, management, profit sharing, loss sharing and joint ventures. An article written by Noraziah Che Arshad and Abdul Ghafar Ismail on October 2010 had discussing on several comment on the Musharakah shariah parameter. The discussion of each parameter in focusing on the capital contribution by all partners, management of musharakah venture, profit sharing rights, loss sharing, and partnership ...
Partnership – “A legal entity formed by two or more co-owners to operate a business for profit.” (Longenecker, Petty, Palich, Hoy, Pg. 202) In a partnership, the advantage for the owners is the capability to reduce the workload and the financial burden, especially if each partner has management skills that enhances the business. The disadvantages of a partnership such as personal conflicts and leadership expectations, therefore this organizational form should only be chosen once all other options have been considered.
During the Taliban, many officials were able to manipulate the system and abuse their power. Malala recalls Maulana Fazlullah as “a 28-year-old who used to operate the pulley chair to cross the Swat River and whose right leg dragged because of childhood polio (Yousafzai 112).” Fazlullah reminds me of the famous German exploiter, Adolf Hitler, who belonged to the Nazi’s. The Nazis had a strong hatred towards Jews, just as the Taliban did towards non-Muslims. The Nazis wanted to kill the people who they thought weren't as superior as them. The Nazi’s seized the rights and dignity of many Jews in Germany. Just like Hitler, Fazlullah was able to adopt a very prudent strategy which aided him in getting followers throughout the land of Swat. At first, Fazlullah introduced himself as an Islamic reformer and interpreter of the Quran (Yousafzai 112). His station was able to provide wise statements by which enabled him to persuade the listeners into following his beliefs. After spreading the wise words to the people of the valley, he began to exploit ignorance throughout the
In 1961 James Baldwin met Elijah Muhammad, the leader of the Nation of Islam movement at the time. Baldwin’s experience within the Christian Church prior to his meeting with Elijah helped him analyze the Nation of Islam. This also allowed him to draw parallels between the Nation of Islam movement and the Christian Church. How James Baldwin understood the way the Christian Church worked, and a close look at the Nation of Islam, brings to light the credibility of organized religions.
A Critical Review of Naheed Mustafa, “My Body is My Own Business”, 1993, part of a novel that’s from The Globe and Mail.
There are two declarations of faith in Islam: That there is only one God and that Muhammad is the Messenger of God. In Memories of Muhammad, Omid Safi explores the ways in which Muhammad – both the historical and spiritual Muhammad – is remembered, commemorated, and contested by Muslims throughout the centuries. Safi focuses on the movements and moments in Muhammad’s life and after his death that for many Muslims best exemplify the teachings of Islam. He succeeds in opening up the dialogue to correct the negative portrayals of Muhammad and the religion of Islam, calling it a “Muhammad problem” in his introduction. Furthermore, he provides a book that is accessible and intelligible to both Muslims and non-Muslims, drawing from historical and spiritual sources, and addresses relevant issues contested between Muslims in relation to other religions, presenting Muhammad as a historical figure and one who is beloved by the Umma.
symbolizes blatant racism. To others, it is seen as a savior of the black community.
Islam is one of the largest religions existing today, with a total of about 1.6 billion1 followers, according to Pew Research Center. The sheer immensity of people following this religion is staggering, but the influence that Islam has had on world history is even more important. Without Muslim advances in areas such as math, science, and medicine, the western world wouldn’t have existed.
Muslims believe Muhammed to be the last prophet, told by God in the early 600s to spread Islam. Starting from his small hometown in Mecca, Muhammed eventually succeeded in popularizing Islam throughout the whole Arabian Peninsula. Muslims believe that he was chosen by God because he represented the simple traditional values of life that all humans should follow. Muhammed was a persuasive religious leader because of his family, his beliefs of equality with women, and his relationship with God.
Democracy and Islam, an article written by Irfan Ahmad1 strives to show that there is a possibility that Islam can move towards democracy. On the other hand, Islam and Liberal Democracy: A Historical Overview, an article written by Bernard Lewis2 discusses how a democracy is unable to work in Islamic States. In this essay, I will be comparing and contrasting the two articles. Both Bernard and Irfan carry weight in their arguments and have certain strong points, as well as weaknesses. The major difference between the two articles is the variation of the core definition of democracy that the writers have, and their distinct perspectives of the workings of a democracy. In addition, the articles also differ in their chosen format and the authors’ thoughts on the Catholic and Western influence. The fundamental dispute of democracy and Islam are strong in both articles, and they are resolved in a respective manner. Irfan was successful in formulating a more compelling case and was able to maintain better structure; however, I am a firm believer that Islam is a theocratic system and it is not compatible with democracy as a system of governance.
The Islamic tradition, as reflected in Naguib Mahfouz’s Zaabalawi, has over the course of history had an incredible impact on Arab culture. In Mahfouz’s time, Islamic practices combined with their political relevance proved a source of both great power and woe in Middle Eastern countries. As alluded to in Zaabalawi, Mahfouz asserts the fact that not all Muslims attain religious fulfillment through this common tradition, and other methods outside the scope of Islam may be necessary in true spiritual understanding.
Throughout human history it would be safe to say that nearly the entire population of the world would be religious and while there are many religions that are arguably unique the fact remains that religion has always been a massive part of our history even today a reported 84% of the world population is religious with 23% being Muslim. Islam is the fastest growing religion at the present as each family has many kids and those kids will likely have many kids as well. The Koran is the holy book of the Islamic population. While insisted by many as the religion of peace using Dawkins concepts I will prove that good Muslims are good in spite of the Koran’s teachings not because of it.
I grew up in a different world from most people. One would call it a different society if one wanted to. The name of this society is the United Nation of Islam; we called it the UNOI for short. Many people might wonder if I was part of a utopia. The answer depends on how one views the world. I viewed it from a whole different perspective. It was very different from how I am living my life today. Whenever I begin to tell people about my experiences with UNOI, they automatically think I’m a Muslim. This group originated from a Muslim Group, but I wasn’t considered a Muslim. Being a part of the Nation shaped me into the person I am today.
In Zainab Ali's book, "Unveiling Islam: What Muslims Believe," she explains the basic beliefs of a Muslim. She also elaborates on the images of Muslims in the media created by important leaders such as Saddam Hussein and Louis Farrakhan and how they contradict the Islamic belief. The writer then gives her explaination of these contradictions with respect to Islamic rules. She focuses on the rules of the faith - the five pillars of Islam - by provinding explanations, definitions, and examples. After an elaboration of each pillar, the writer explains the relevance of the pillars in life and the affects that the pillars have on the character of a true Muslim. She then compares this character to the characters of the Islamic leaders in the media to support her claim that people of the Islamic faith are not compatible with the images portrayed through the media. By making this claim, the author is trying to correct the misunderstandings of the Islamic faith and of the Muslim image by providing examples, explanations, and comparisons to define a "true" Muslim.
The modern Islamic Finance industry is young, its timeline begin only a few decades ago. However, islamic finance is involving rapidly and continues to expend to serve a growing population of muslims as well as conventional.
Islam does not define only the spiritual side of the life, but also material side.