Origin And Evolution Of Islamic Ecnomics

THE ORIGIN AND EVOLUTION OF Muslim BANKING A brief speculate Submitted to: Ustad Zaid Alavi Hudawi M.phil. By: Muhammed Thufail Pk Ad no: 1245 0 INTRODUCTION Muslim 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. multinational Rating Agency, modular & Poor estimates that Islamic fiscal labor has potential to grow to US$4.0 trillion over mean(a) term. It is surprising to course that global conventional banks like HSBS, exemplar Chartered Bank, Deutsche Bank, Citibank, etc, be in possession of also set apart up sepa grade 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 ar filled in profit and waiver sharing (PLS) financial instruments. UK, Fr ance, China, Singapore and many other countries go for developed peculiar(prenominal) 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 pump of world trade and regarded as a safe haven for investors and affair people.

Traders caravans used to make cardinal trips-north and south- to and from Makka during the summer and winter. Amid this telling security and local prosperity in trade and business, it was limpid that primitive system deposits and the utilization of coin shall appear in preIslamic Makka society. Mostly goods are e! xchanged on bartered basis spot 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, giveing 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, couch it on our website: OrderCustomPaper.com

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