|
Ahmad Elnaggar
Ahmad Elnaggar ( ar, أحمد ألنجّار ) is the economist who pioneered the formation of the Islamic Banking system by setting up the Mit Ghamr Savings Bank in Egypt in 1963. This took the form of a savings bank based on profit-sharing in the Egyptian town of Mit Ghamr. The experiment lasted until 1967, by which time there were nine such banks in the country. These banks, which neither charged nor paid interest (or '' riba'' in Islamic terminology), invested mostly by engaging in trade and industry, directly or in partnership with others, and shared the profits with their depositors. Thus they functioned in essence as saving-investment institutions rather than as commercial banks. Subsequently, The Nasir Social Bank, established in Egypt in 1971, was declared an interest-free commercial bank, although its charter and title made no reference to Islam or Sharia Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Banking
Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include ''Mudarabah'' (profit-sharing and loss-bearing), ''Wadiah'' (safekeeping), ''Musharaka'' (joint venture), ''Murabahah'' (cost-plus), and ''Ijara'' ( leasing). Sharia prohibits ''riba'', or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to ''riba''). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also ''haram'' ("sinful and prohibited"). These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices. In the late 20th century, as part of the revi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Wiley & Sons
John Wiley & Sons, Inc., commonly known as Wiley (), is an American multinational publishing company founded in 1807 that focuses on academic publishing and instructional materials. The company produces books, journals, and encyclopedias, in print and electronically, as well as online products and services, training materials, and educational materials for undergraduate, graduate, and continuing education students. History The company was established in 1807 when Charles Wiley opened a print shop in Manhattan. The company was the publisher of 19th century American literary figures like James Fenimore Cooper, Washington Irving, Herman Melville, and Edgar Allan Poe, as well as of legal, religious, and other non-fiction titles. The firm took its current name in 1865. Wiley later shifted its focus to scientific, technical, and engineering subject areas, abandoning its literary interests. Wiley's son John (born in Flatbush, New York, October 4, 1808; died in East Orange, New Je ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Egypt
Egypt ( ar, مصر , ), officially the Arab Republic of Egypt, is a transcontinental country spanning the northeast corner of Africa and southwest corner of Asia via a land bridge formed by the Sinai Peninsula. It is bordered by the Mediterranean Sea to the north, the Gaza Strip of Palestine and Israel to the northeast, the Red Sea to the east, Sudan to the south, and Libya to the west. The Gulf of Aqaba in the northeast separates Egypt from Jordan and Saudi Arabia. Cairo is the capital and largest city of Egypt, while Alexandria, the second-largest city, is an important industrial and tourist hub at the Mediterranean coast. At approximately 100 million inhabitants, Egypt is the 14th-most populated country in the world. Egypt has one of the longest histories of any country, tracing its heritage along the Nile Delta back to the 6th–4th millennia BCE. Considered a cradle of civilisation, Ancient Egypt saw some of the earliest developments of writing, agriculture, ur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings Bank
A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits. History of banking, They originated in Europe during the 18th century with the aim of providing access to Wealth, savings products to all levels in the population. Often associated with social good, these early banks were often designed to encourage low-income people to Saving, save money and have access to banking services. They were set up by governments or by socially committed groups or organisations such as with credit unions. The structure and legislation took many different forms in different countries over the 20th century. Savings banks and Savings and loan association, savings-and-loans are often confused. The original function of savings banks to service consumers was limited to savings. Savings banks invested in Government debt, government and Corporate bond, corporate debt. Savings and loan associations had a dual p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit-sharing
Profit sharing is various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses. In publicly traded companies these plans typically amount to allocation of shares to employees. The profit sharing plans are based on predetermined economic sharing rules that define the split of gains between the company as a principal and the employee as an agent.Moffatt, Mike. (2008) About.com Sharing Rule' Economics Glossary; Terms Beginning with S. Accessed June 19, 2008. For example, suppose the profits are x, which might be a random variable. Before knowing the profits, the principal and agent might agree on a sharing rule s(x). Here, the agent will receive s(x) and the principal will receive the residual gain x-s(x). Profit-sharing tends to lead to less conflict and more cooperation between labor and their employers. History Profit sharing has been common a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mit Ghamr
Mit Ghamr ( ar, ميت غمر, ) is an Egyptian center producing aluminium accounting for more than 70% of Egypt's total production, especially aluminum utensils. It is a city in Dakahlia Governorate, where it is second only to Al Mansurah in population and importance. Geography Mit Ghamr is located on Damietta branch of the Nile, and just on the opposite side of the Nile located another city called Zifta which belongs to Gharbia Governorate. Mit Ghamr is located in the middle of four governorates, Dakahlia to the north, Al Qaliobiah to the south, Al Sharqiah to the east and Al Gharbiah to the west. It is about 43 kilometers away from Al Mansurah and 28 kilometers away from Zagazig, the capital of Sharqia, also about 35 kilometers from Banha, the capital of Qalyubia, and 29 kilometers from Tanta, the capital of Al Gharbiah. Villages Mit Ghamr includes many villages such as Mit Yaeish, Mit El Faramawi, Mit Nagy, Dundait, Masara, Simbo Maqam, Makkam, Kafr Serenga, Sant Mai, and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest diff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Riba
The Royal Institute of British Architects (RIBA) is a professional body for architects primarily in the United Kingdom, but also internationally, founded for the advancement of architecture under its royal charter granted in 1837, three supplemental charters and a new charter granted in 1971. Founded as the Institute of British Architects in London in 1834, the RIBA retains a central London headquarters at 66 Portland Place as well as a network of regional offices. Its members played a leading part in promotion of architectural education in the United Kingdom; the RIBA Library, also established in 1834, is one of the three largest architectural libraries in the world and the largest in Europe. The RIBA also played a prominent role in the development of UK architects' registration bodies. The institute administers some of the oldest architectural awards in the world, including RIBA President's Medals Students Award, the Royal Gold Medal, and the Stirling Prize. It also manages ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Banks
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with corporations or a large/middle-sized business to differentiate it from a retail bank and an investment bank. Commercial banks include private sector banks and public sector banks. History The name ''bank'' derives from the Italian word ''banco'' "desk/bench", used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression, through the Glass–Steagall Act, the U.S. Congress required that commercial banks only engage in ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islam
Islam (; ar, ۘالِإسلَام, , ) is an Abrahamic religions, Abrahamic Monotheism#Islam, monotheistic religion centred primarily around the Quran, a religious text considered by Muslims to be the direct word of God in Islam, God (or ''Allah'') as it was revealed to Muhammad, the Muhammad in Islam, main and final Islamic prophet.Peters, F. E. 2009. "Allāh." In , edited by J. L. Esposito. Oxford: Oxford University Press. . (See alsoquick reference) "[T]he Muslims' understanding of Allāh is based...on the Qurʿān's public witness. Allāh is Unique, the Creator, Sovereign, and Judge of mankind. It is Allāh who directs the universe through his direct action on nature and who has guided human history through his prophets, Abraham, with whom he made his covenant, Moses/Moosa, Jesus/Eesa, and Muḥammad, through all of whom he founded his chosen communities, the 'Peoples of the Book.'" It is the Major religious groups, world's second-largest religion behind Christianity, w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sharia
Sharia (; ar, شريعة, sharīʿa ) is a body of religious law that forms a part of the Islamic tradition. It is derived from the religious precepts of Islam and is based on the sacred scriptures of Islam, particularly the Quran and the Hadith. In Arabic, the term ''sharīʿah'' refers to God's immutable divine law and is contrasted with ''fiqh'', which refers to its human scholarly interpretations. In the historical course, fiqh sects have emerged that reflect the preferences of certain societies and state administrations on behalf of people who are interested in the theoretical (method) and practical application (Ahkam / fatwa) studies of laws and rules, but sharia has never been a valid legal system on its own. It has been used together with " customary (Urf) law" since Omar or the Umayyads. It may also be wrong to think that the Sharia, as a religious argument or belief, is entirely within or related to Allah's commands and prohibitions. Several non-graded crimes are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Islamic Fundamentalism
Islamic fundamentalism has been defined as a puritanical, revivalist, and reform movement of Muslims who aim to return to the founding scriptures of Islam. Islamic fundamentalists are of the view that Muslim-majority countries should return to the fundamentals of an Islamic state that truly shows the essence of the system of Islam, in terms of its socio-politico-economic system. Islamic fundamentalists favor a literal and originalist interpretation of the primary sources of Islam (the Quran, Hadith, and Sunnah), seek to eliminate corrupting non-Islamic influences from every part of their lives, Roy, ''Failure of Political Islam'', 1994: p. 215 and see "Islamic fundamentalism" as a pejorative term used by outsiders for Islamic revivalism and Islamic activism. Definitions and descriptions Definitions vary as to what Islamic fundamentalism exactly is and how, if at all, it differs from Islamism (or political Islam) or Islamic revivalism. The term fundamentalism has been deemed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Islam")
