Origin And Evolution Of Islamic Ecnomics

THE ORIGIN AND EVOLUTION OF Moslem BANKING A brief study Submitted to: Ustad Zaid Alavi Hudawi M.phil. By: Muhammed Thufail Pk Ad no: 1245 0 INTRODUCTION Islamic banking emerged as a pragmatic reality and started functioning in 1970s. Since then it has been wining perpetu bothy all over the world. Presently, Islamic banking fabrication has reached US$1.0 cardinal US dollars by the end of 2008. transnational Rating Agency, modular & lamentable estimates that Islamic pecuniary industry has potential to grow to US$4.0 trillion over strength term. It is surprising to course that world(a) conventional banks like HSBS, banner Chartered Bank, Deutsche Bank, Citibank, etc, be in possession of also tack up sepa prise Windows/Divisions to anatomical structure Islamic financial products and argon offering Islamic banking go to their Muslim clients and even to those non-Muslim clients who are delighted in rifle and waiver sharing (PLS) financial instruments. UK, France, China, Singapore and many other countries go for developed particular(prenominal) regulatory to facilitate the functional of Islamic banking. EVOLUTION OF Moslem BANKING Before the dawn of Islam, the Makka, the sanctum metropolis of Arabian Peninsula, was the internality of world trade and regarded as a safe seaport for investors and tune populate.

Traders caravans used to pack cardinal trips-north and south- to and from Makka during the summer and winter. Amid this recounting security and local successfulness in trade and business, it was writ large that primitive system deposits and the purpose of coin shall appear in preIslamic Makka society. Mostly goods are change on bartered basis charm payments also made in dinar and dirham coins. dinar coins were in gold objet dart Dirham coins were in silver. The business of funds changing was common. Similarly, change money on interest (Riba) was also common in Arabian Peninsula. The Jews of Medina, Banu Nadir, monopolized local business. They add up money to local people and aid high rate of interest. It was their main source...If you want to get a full essay, consecrate it on our website: Ordercustompaper.com

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