Does Faith Constrain Progress and Use of Science — Islamic Economics Project

Salman Ahmed Shaikh Does faith require abandoning reason, reflecting on the matter, searching for physical answers and finding physical solutions? As per religion, using material means, experimentally proven knowledge and medication is not problematic. For instance, in psychological disorders and problems, the cure needs to be searched in medication rather than spiritual exercises alone. Religion […] … Continue reading Does Faith Constrain Progress and Use of Science — Islamic Economics Project

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The All New Shariah Advisory Council BNM Website — Islamic Bankers Resource Centre

THE ONE-STOP SHARIAH ADVISORY PAGE OF BANK NEGARA MALAYSIA Finally it is here, the website dedicated to the works and reference regarding the Shariah Advisory Council (SAC) of Bank Negara Malaysia. There is a wealth of information on the decisions and fatwa of the SAC, and this will provide valuable reference point on how a […] … Continue reading The All New Shariah Advisory Council BNM Website — Islamic Bankers Resource Centre

The All New Shariah Advisory Council BNM Website — Islamic Bankers Resource Centre

THE ONE-STOP SHARIAH ADVISORY PAGE OF BANK NEGARA MALAYSIA Finally it is here, the website dedicated to the works and reference regarding the Shariah Advisory Council (SAC) of Bank Negara Malaysia. There is a wealth of information on the decisions and fatwa of the SAC, and this will provide valuable reference point on how a […] … Continue reading The All New Shariah Advisory Council BNM Website — Islamic Bankers Resource Centre

Insurance Roundup, May 28, 2018 — InsuranceCanvas

Global Risk Insights Will clashes in the Israeli-Palestinian conflict escalate further? by Sehr Nawaz on 2018-05-27 at 17:46Palestinian protests calling for a right of return to the Palestinian homeland resulted in the murder of over 100 Palestinians and wounded a further 12,000 by Israeli armed forces. What is the risk of these clashes escalating further […] … Continue reading Insurance Roundup, May 28, 2018 — InsuranceCanvas

Business Valuation 102.4 – Methods of valuing a firm Contingent Methods of Valuation

The Black and Scholes option pricing theory (OPT) offers a clue as to how the equity in a firm may be valued.  If we recognise the fact, that an equity investor in a geared firm with limited liability has a call option on the underlying assets of the firm then we have, potentially, a method for … Continue reading Business Valuation 102.4 – Methods of valuing a firm Contingent Methods of Valuation

Shari’a Compliance Decision Tree

Practical Islamic Finance

I often feel there is a prevailing notion that Sharia compliance is akin to neurosurgery or rocket science in its complexity. I disagree. I think it’s pretty easy to understand and comply with Sharia. To prove this, I constructed a decision tree that hits on the main points of prohibition for Islamic business activity. I don’t claim that this decision tree covers %100 of cases, but i do claim that it is more accurate than any of the Sharia boards (costing their companies millions of dollars) that have authorized things like Murabaha, Ijarah Muntahiya Bittamleek and Musharakah Mutanaqisa.

I encourage readers to let me know if they can think of a product for which the decision tree below comes out with the wrong result. Let’s make this a pseudo-open source project where readers are in charge of improving the algorithm.

Shari'a Compliance Decision Tree Shari’a Compliance Decision Tree

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Vlog Episode # 3: How to tell if something is Islamic or just “Islamic”

Practical Islamic Finance

A touchstone is a piece of fine-grained dark schist or jasper formerly used for testing alloys of gold by observing the color of the mark that they made on it.

The two main touchstones of Islamic compliance in Islam are the Quran and the tradition and sayings of the prophet Muhammad – peace be upon him (known as Al-Sunnah in Arabic).

Scholars in the Quran and Sunnah can readily refer to these touchstones when making a judgement on the level of Islamic compliance for a particular product or investment.

It would be useful if there were a set of mental touchstones the average consumer could readily use to know if they are truly dealing with an “Islamic” investment or just one that advertises itself as such.

In this article, I propose 3 simple touchstones in the form of questions that anyone can answer about any financial product without knowing anything…

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