Origin And Evolution Of Islamic Ecnomics

THE ORIGIN AND EVOLUTION OF Islamic BANKING A brief theater Submitted to: Ustad Zaid Alavi Hudawi M.phil. By: Muhammed Thufail Pk Ad no: 1245 0 INTRODUCTION Islamic banking emerged as a hardheaded reality and started functioning in 1970s. Since then it has been wining perpetually all over the world. Presently, Islamic banking persistence has reached US$1.0 cardinal US dollars by the end of 2008. world(prenominal) Rating Agency, modular & Poor estimates that Islamic financial intentness has potential to grow to US$4.0 trillion over medium term. It is surprising to course that global conventional banks like HSBS, normal Chartered Bank, Deutsche Bank, Citibank, etc, be in possession of also rotary up sepa sum up Windows/Divisions to structure Islamic financial products and be offering Islamic banking services to their Muslim clients and even to those non-Muslim clients who atomic number 18 pertained in profit and waiver sharing (PLS) financial instrum ents. UK, France, China, Singapore and many other countries go for developed supererogatory regulatory to facilitate the working of Islamic banking. EVOLUTION OF ISLAMIC BANKING Before the dawn of Islam, the Makka, the Holy metropolis of Arabian Peninsula, was the mettle of world trade and regarded as a safe harbour for investors and crease people.

Traders caravans used to make cardinal trips-north and south- to and from Makka during the summer and winter. Amid this relation security and local prosperity in trade and business, it was obvious that primitive system deposits and the utilization of coin shal l appear in preIslamic Makka society. Mostly! goods are exchanged on bartered basis succession payments also made in dinar and dirham coins. dinar coins were in gold while Dirham coins were in silver. The business of funds changing was common. Similarly, conducting money on interest (Riba) was also common in Arabian Peninsula. The Jews of Medina, Banu Nadir, monopolized local business. They lend money to local people and aid high rate of interest. It was their main source...If you want to get a full essay, decree it on our website: OrderCustomPaper.com

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