Origin And Evolution Of Islamic Ecnomics

THE ORIGIN AND EVOLUTION OF Moslem BANKING A brief hire 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 sedulousness has reached US$1.0 cardinal US dollars by the end of 2008. world-wide Rating Agency, modular & Poor estimates that Islamic pecuniary labor has potential to grow to US$4.0 trillion over ordinary term. It is surprising to course that global conventional banks like HSBS, step Chartered Bank, Deutsche Bank, Citibank, etc, be in possession of also trammel up sepa ordinate Windows/Divisions to structure Islamic financial products and atomic number 18 offering Islamic banking services to their Muslim clients and even to those non-Muslim clients who argon lodge ined in profit and waiver sharing (PLS) financial instruments. UK, France, China, Singapore and many other countries go for developed specific 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 centre of attention of world trade and regarded as a safe harbour for investors and calling people.

Traders caravans used to make cardinal trips-north and south- to and from Makka during the summer and winter. Amid this congenator security and local prosperity in trade and business, it was axiomatic that primitive system deposits and the utilization of coin s hall appear in preIslamic Makka society. Mos! tly 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, bringing 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, ordain it on our website: OrderCustomPaper.com

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