Origin And Evolution Of Islamic Ecnomics

THE ORIGIN AND EVOLUTION OF Muslim BANKING A brief matter 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 industriousness has reached US$1.0 cardinal US dollars by the end of 2008. planetary Rating Agency, modular & Poor estimates that Islamic pecuniary attention has potential to grow to US$4.0 trillion over middling term. It is surprising to course that global conventional banks like HSBS, specimen Chartered Bank, Deutsche Bank, Citibank, etc, be in possession of also tag up sepa evaluate 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 argon concerned in profit and waiver sharing (PLS) financial instruments. UK, France, China, Singapore and many other countries go for developed finical 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 center field of world trade and regarded as a safe oasis for investors and byplay people.

Traders caravans used to make cardinal trips-north and south- to and from Makka during the summer and winter. Amid this copulation security and local prosperity in trade and business, it was axiomatic that primitive system deposits and the utilization of coin shall appear in preIs lamic Makka society. Mostly goods are exchan! ged on bartered basis turn 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, kick ining 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, separate it on our website: OrderCustomPaper.com

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