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A comprehensive guide to current issues and practices in governance for Takaful and re-Takaful operations As the global demand for Islamic insurance products increases, a thorough understanding of Takaful principles is vital for accountants, auditors, and leaders of companies offering these products. This book covers the basic accounting principles and practices of Takaful operations, including the segregation of assets, liabilities, income, and expenditures between the Takaful operator and participants; the setting aside of cash reserves for meeting outstanding claims and future claims; and the management of revenue and expenditure. Featuring extensive case studies from real-world situation...
Islamic finance distinguishes itself from conventional finance with its strong emphasis on the moral consequences of financial transactions; prohibiting interest, excessive uncertainty, and finance of harmful business. When it comes to risk mitigation, it is unique in its risk sharing approach.
This book provides an original account detailing the origins and components of a faith-based accounting system that was founded around 629 CE. By examining the historical development that the accounting systems underwent within the context of faith-based rules and values, the book explains what is meant by the term “faith-based accounting”, together with a discussion of its characteristics in relation to various product structures and the underlying Islamic finance principles. It provides important theoretical and practical contributions by explaining accounting as a value-based science rather than a value-free object or abstract. This book explores the way in which religious rules act a...
A comprehensive guide to current issues and practices in governance for Takaful and re-Takaful operations. As the global demand for Islamic insurance products increases, a thorough understanding of Takaful principles is vital for accountants, auditors, and leaders of companies offering these products. This book covers the basic accounting principles and practices of Takaful operations, including the segregation of assets, liabilities, income, and expenditures between the Takaful operator and participants; the setting aside of cash reserves for meeting outstanding claims and future claims; and the management of revenue and expenditure. Featuring extensive case studies from real-world situatio...
The author attempts to spell out the Islamic principles on which business enterprise should be based specially in the area of partnership. He displays a strikingly acute awareness of Islamic laws on the subject, matched by an equally striking awareness of the forms of business organization in vogue in the contemporary world. The work represents a serious scholarly effort to sort out complicated questions such as those mentioned above, to enunciate Islamic principles relative to business enterprise, and to apply them in the changed context of present-day business.
Islam prides itself on being "the religion of facility". Muslim sources are unanimous in assigning to Judaism the role of counterweight in this regard, pronouncing it a system of "burdens and shackles" by which the Jews "oppressed their souls". This neat polarity both fueled, and was the product of, a fascinating reciprocal process: at the same time that sharī'a was being created in the negative image of halakha, halakha was being retroactively re-imagined by Muslim jurists and exegetes as the antipode of sharī'a . Although scholarly studies of the intertexture of Islam and Judaism abound, few have touched upon the Muslim tradition's perception and utilization of Jewish law, and none has done so in depth. This book aims to fill that lacuna and further our understanding of the age-old embrace and grapple between the two faiths.
Authors Rifaat, Archer and Volker bring an international perspective to the growing Islamic Insurance industry. Drawing on contributions from leading experts around the world, they present a comprehensive view of the very issues governing the industry and its future direction. As top financial institutes around the world seem to enter the lucrative Takaful markets, this timely book offers crucial background information and advice, invaluable for any serious player in the market.
The Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field. From its origins thirty years ago, Islamic banking has expanded rapidly to become a distinctive and fast growing segment of the international banking and capital markets. Despite this expansion, Islamic banking still remains poorly understood in many parts of the Muslim world and continues to be a mystery in much of the West. This comprehensive Handbook provides a succinct analysis of the workings of Islamic banking and finance, accessible to a wide range of readers. At the same t...
This is the only book to deal with classical Islamic cosmology as it was formulated by the Ikhwan al-S'afa al Biruni and Ibn Sina during the tenth and eleventh centuries. These figures influenced all the later centuries of Islamic history and in fact created the cosmological framework within which all later scientific activity in the Islamic world was carried out--the enduring image of the cosmos within which Muslims have lived during the past millennium. Nasr writes from within the Islamic tradition and demonstrates how, based on the teachings of the Quran and the Prophet, the figures treated in this work integrated elements drawn from various ancient schools of philosophy and the sciences. This book is unique in its treatment of classical Islamic cosmology as seen from within the Islamic world-view and provides a key for understanding of traditional Islamic thought.