Islamic Banking and Finance | Current Developments in Theory and Practice: Islamic Finance Principles & Shariah Compliant Banking

Islamic Banking and Finance | Current Developments in Theory and Practice offers an insightful exploration of the theories, principles, and practical applications of Islamic financial systems. As interest in ethical and Shariah-based finance continues to grow worldwide, this book provides a detailed explanation of Islamic finance principles and how they shape financial transactions and banking structures.

The book discusses key concepts such as risk sharing, the prohibition of interest (riba), ethical investment, and financial dealings that align with Islamic law. It also explains how Shariah compliant banking differs from conventional banking by promoting fairness, transparency, and socially responsible investment.

From Author:

Kube Publishing

• Munawwar Iqbal

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Islamic Banking and Finance: Current Developments in
Theory and Practice
Edited by
Dr. Munawar Iqbal
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WHAT EVERY CHRISTIAN SHOULD KNOW ABOUT ISLAM
After the time of Ali the Shi'ites continued to follow their own leaders, who were all descendants of the Prophet through Fatimah and Ali, and who were known as Imams. In Sunni Islam an Imam is merely a respected man who leads the prayers. However, in Shi'ite Islam the name applies to the original Shi'ite supreme leaders. The Shi'ites soon divided into two major branches, according to whether they believed in seven or twelve of these Imams. In each group, it is claimed that the last Imam mysteriously disappeared without dying, and lives on in a mystical way, guiding the faithful in their times of need, and preparing to reappear one day to establish righteous rule just before the End of the World.
Are Muslims always fighting?
Since the Second World War it has become almost fashionable in the west to be a pacifist. In earlier times the notion of fighting for a good cause, and being a warrior for God against the forces of evil, was considered a noble ideal. In Islam these principles still apply.
Muslims are not always fighting; the very word "Islam' implies peace. What Islam does do is insist that it is a good and honourable thing to fight in the defence of that which matters and to a Muslim, God matters most. Jihad, which is usually interpreted in the West to mean "holy war" or military action for the sake of Allah, actually means striving or struggle for Allah. It
MISCELLANEOUS QUESTIONS
has a much wider meaning than the military action, mainly as the struggle against temptation to stray from Allah's way in this life. When Jihad does imply military action, it is only justified against oppressive or corrupt tyrants, or those who deliberately seek to stamp out Islam. In other words, Muslims are provoked by injustice, and regard it as cowardice to turn a blind eye.
The decision to declare Jihad is taken very seriously. As the British chose to fight in defence of their nation and on behalf of the Jews against the tyranny of Hitler, so Muslims would regard it as their moral duty to fight for what they considered right, even if it meant the sacrifice of their own lives. There can be no just peace if people still live without security from harm.
The state of military Jihad can only be declared for two valid reasons - the first is defence, and the second is the undoing of injustice. When an Islamic State is attacked, it is the Muslim's duty to defend its land and people at all costs. As regards injustice, Muslims are the vice regents of God Himself, and regard it as a religious duty to rise up and end it. They have the responsibility to redress tyranny and evil wherever it occurs. A war entered into to restore the balance of justice is holy.
The rules of Jihad require that once the enemy surrenders, all hostility is to cease. There should be no reprisals, all prisoners should be treated humanely, and if possible, returned safely to their own families.