IBP Essay Competition will serve as a healthy motivational activity; fostering creative thinking, boosting analytical skills and inviting innovative ideas to further develop and contribute significantly in the financial sector of the country.
Digital vs. Essay should be of minimum and maximum words. Essay should be in Microsoft Word format.
Any content found Plagiarised by IBP will be immediately disqualified. Content should be relevant to the Essay Topic selected by participant. Islamic rules on transactions are called Fiqh al-Muamalat.
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Typically, financial transactions within Islamic banking are a culturally distinct form of ethical investing. For example, investments involving alcohol, gambling, pork, and other forbidden items is prohibited. There are over Islamic banks in over 51 countries, including the United States. The principles of Islamic banking follow Sharia law, which is based on the Quran and the Hadith, the recorded sayings, and actions of the Prophet Muhammad.
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When more information or guidance is necessary, Islamic bankers turn to learned scholars or use independent reasoning based on scholarship and customs. The origin of Islamic banking dates back to the beginning of Islam in the seventh century. He acted as an agent for her business, using many of the same principles used in contemporary Islamic banking.
In the Middle Ages, trade and business activity in the Muslim world relied on Islamic banking principles. These banking principles spread throughout Spain, the Mediterranean, and the Baltic states, arguably providing some of the basis for western banking principles.
From the s to the s, Islamic banking resurfaced in the modern world. Equity participation means if a bank loans money to a business, the business will pay back the loan without interest, but instead gives the bank a share in its profits.
If the business defaults or does not earn a profit, then the bank also does not benefit. For example, in , Egyptians formed an Islamic bank in Mit Ghmar. When the bank loaned money to businesses, it did so on a profit-sharing model.
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