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Influence of the Muslims throughout the World

It is documented fact that 60% of the world’s wealth is under control of the Christian countries which is only 10% of the population. In Muslim countries the population earns merely $1145 annually whereas Christian population earns $28,033.

 Influence of the Muslims throughout the World

In the finance world Muslim nations merely account for 1% of the total value of the global equity. This influence of the Muslims therefore does not permit them to rule other societies where they have no money. It is a misleading conception that Muslims own that portion of the world that actually requires high level monetary conditions.

Muslims, due to extreme poverty, migrate to the developed countries hoping for a proper reward of their labour. That is the main reason behind their immigration, although there may be many others, such as persecution of their race or religion.. The developed countries want to send them back on the plea that the Muslims are influencing their society, and not for the good, according to some. This idea has been spread by the media without any real justification or proof. All 35 nations of America in the north and south have their roots in the Roman European culture and principles which still speak the language of the old world. Besides this, 53 nations of Africa, which were created by Europeans powers, work under these principles and laws.

At one time, Asia was subdued by European powers and maybe today’s Afghanistan also. Hong Kong and Singapore are still with the English as the dominant language and continue trading with the pound sterling. Australia has always been a part of the Commonwealth, and until the late 60’s, only Europeans were allowed to immigrate. For many years it was utilised for prison and the so-called criminals of Europe were sent there. European influence over the five continents is quite evident with these historical references and it is ground reality that Europeans dominate these regions now, but mostly in name only. So it is hard to believe that Muslims influence, dominate and infiltrate other nations where it is a fact that they have not sufficient ability to speak their own language properly.

Maybe the most fabulous endowment Muslims have presented to the world is Islam’s logic of using the information of the Qur’an, pureness in heart and clearness in the brain, for trying to influence all the world’s nations to serve God better, raise the principles of living, and elevate brotherhood and justice for all.

The standards illustrating the mission of the Prophet Muhammad, which have made a worldwide impact in the scientific realm, and social, profound society that framed the Golden Time period characterised by Islam, continued unsullied up to the 15th century. Accompanied by constant deliberation to incorporate confidence with explanation and learning with the material, Muslim and Islamic society of the Golden Age developed a persistent bond among science and ethics in the East & West. This adaptation would not be able to have been in the event that if it had not been for the vehicle of Islam, and the help of its wisdom.

Know the fundamental Philosophical principles of Islamic Economics

Those people who think they know the Islamic world are motivated by its economical philosophy and theoretical analysis, combined with its cosmic sense of its place in the world. All living and nonliving things are sentenced to obey and follow the inviolable laws of the creator of this universe, Allah Almighty.

coins Know the fundamental Philosophical principles of Islamic Economics

Islam’s nutshell is defined as the practicing of Allah Almighty’s laws, and then living a life of freedom under them. Islam is the only religion of this world so far which has introduced a socio-political and economic precept. This Islamic Economics symbolizes the status of a human being and their place in the world.

Islam says that no human being in this universe forms any part in their own property. He comes alone in this world at time of birth and they will die only along with their deeds. Wealth, property and all other things will remain here in this world. The real and absolute owner of property and wealth is only Allah Almighty who is the creator of this divine universe. Human beings represent the divine supreme Lord in their property and wealth.

Every human being and individual is responsible for obeying and complying with the laws and rules of Allah Almighty in every fundamental and rational precepts of Islamic economics.

To the extent that property is concerned according to the principles of Islam every person or community is collectively responsible. According to economic law of Islam and Islamic economics everything is abundant and rich in this world. Every human and individual is the epicenter among millions of other species in this world. The concept of Zakat in Islam is broad and dynamic. Zakat in Islam complies with charity.

According to the fundamental philosophical teachings of Islamic Economics, every human being is capable of paying Zakat on his wealth and property. This Zakat, which is a percentage of his or her wealth, and charity are distributed among the poor and needy of society. Zakat is a process which purifies one’s property and wealth from evil thoughts, adversity and jealousy.

According to philosophical precepts of Islamic economics, Zakat regulates the wealth and property in a balanced and smooth way. The word Zakat means purification in Arabic. It purifies the wealth and property from all aspects of greed and curses.

Zakat concept on land helps in eliminating the feudalism that still reigns in some areas. Zakat tries to help mankind to avoid the dearth of food. Study of basic philosophical precepts of Islamic Economy is very clear and simple. Precepts of Islamic Economics balance the disparity of wealth and property.  Islam is against the Muslims to be self centered and prescribes centralization of property and wealth. Balance is the key towards happiness and earning of a purified life.

Difference between Islamic Banking and Conventional Banking

The functions of conventional banks rely on manmade principles, while the Islamic banks rely on the Islamic Shariah principles. The transactions, dealing, product features, business approach, responsibilities, investment focus and various other features are Shariah law leading to significant difference in regular operations in comparison to the conventional banking system.

islamicfinance Difference between Islamic Banking and Conventional Banking

The Islamic foundation is based on Islamic faith and is restricted within the Islamic law in its actions and deeds. ‘Shariah’ is an Arabic word and its actual meaning is ‘way to source of life’. This is now employed to legal system keeping the behavior code in respect to the Holly Quran.

The Islamic bank governing principles are the interest (riba) transactions absence. The economic activities (zulm) including cruelty are avoided, the economic activities (gharar) including speculation are avoided, the tax introduction (zakat) and goods and services contradicting Islamic value is discouraged (haram).

On the contrary, conventional banking is based on creditor-debtor relationship that comprises of depositors and bank and dealings go with borrowers and bank. Interest reflects the cost of money.

Islamic law offers loan free of charge to meet contingencies aiming that creditors do not take advantage from borrowers in lean times. In fact, money lent on interest is viewed as injustice.

Principles relating to financial transactions are that the capital is not rewarded unless it is exposed to risks in businesses. Financial intermediation is followed as per the Islamic framework.

The investor in conventional banking is given priority and is seen with great respect, besides is assured of rate of interest as per the predetermined reports. In contrast, the Islamic banking promotes risk between investor of the capital and its users.

Conventional banking focuses on maximizing profits and does that with full force to gain best profits without any sort of restrictions. Islamic banking aim only at maximizing profit, but restricts its activities to Shariah restrictions.

Islamic banking system is service oriented and has tax (Zakat) collection and pay out center, while the conventional banking refrain dealing with Zakat. The conventional banking system lend and get money with compounding interest and is the key function, while the Islamic banking participates in the business in the form of partnership.

The conventional banking system approves charging penalty and additional money from defaulters. The Islamic banks have maintained no such provisions to charge penalty from defaulters. They take small amounts as compensation and the same is given to charity. In fact, rebates are issued for early settlements.

Conventional banks are based on clients’ credit-worthiness, while Islamic banks emphasis on the projects viability. The relation of conventional banks with its clients is as debtors or creditors, while the Islamic bank client relations is as partners such as investors and trader, seller and buyer.

What Is Islamic Takaful?

Takaful What Is Islamic Takaful?

The Islamic laws are strict and one needs to make sure they abide on all the rules if they follow this religion. It mainly relies on the teachings of the prophet Mohammed and the message is found through the Islamic holy book called the Quran. Here, the followers get the daily teachings as well as find the laws they need to follow. When it comes to matters of insurance, one need to be very careful since this is supposed take care of matters that arise.

When one dies, all the money and property they have is sent to the family members if they have not left a will. When they die and they have left any form of debt, the total amount is given to the people they owe. This is the major rule in Islam that no one should die, leaving any debts and they need to make sure they have cleared all debts when they are alive or when they die, their families will take care of clearing the debt. This follows the pattern in most of the Western world, whereby the survivors of the person assume responsibility for any remaining debts.


How does Islamic Takaful apply?

Long ago, when the Arabs were trading, they decided to combine the funds in a mutual fund for insurance reasons. This was to benefit the people, who had difficulties in clearing the debts and they use the chance from the fund. Every member had the chance to take part in this trust and when they have passed on, the family gets the benefit. When people are trading, they end up taking loans and this mutual trust helped the traders in acquisition of capital. Through this fund, they would get all the assistance they need but when they have debts, the cash is deducted from their fund.

The work Takaful means to compensate each other and this made it easier for the traders to work along well together. This cut down on the lending costs and it built trust among the traders. When one takes time to invest in the fund, it makes it easier for them to deal with the other traders who are in the same mutual trust. This lead to the term insurance and compensation and one discovered who was safe to deal with amongst the other traders.

The Takaful made the Islamic traders close since they had to meet occasionally when they were dealing with an issue of compensation. When it comes to matters of trade and interest in the Islamic society, they are very strict and take time to deliberate on the issue. This method led to the emergence of trade in the Arabic world since it was easy for them to access the funds.


Takaful and insurance

Currently, this method is still going on in the Islamic countries but it has two pillars, which include the Mudarabah and Waqalah. They revolve around profit sharing and loss sharing especially in these days, where most of the Islamic countries are tied down to terrorism.

How to Choose an Islamic Forex Broker

An Islamic forex broker

Islamic Forex Broker How to Choose an Islamic Forex Broker

Many people are of the assumption that an Islamic forex broker deals with people who fall under this religion. This is not an actual reason and when you are opening a forex account, you are free to settle with any trading company you want and end up choosing the ideal and authoritative brokers.

When you decide on opening an account, you need specify if you want the Islamic account and this means you will operate under the no Riba trading account. This means that there are no interests from other parties, and the ideal channel of transacting the Islamic account is honored. In the Islamic laws, there are numerous rules when it comes to profits and interests. Many prefer to honor this pledge, hence the reason why there are specific Islamic banks and forex trading bureaus.

Well learned

When it comes to operating the forex account, the owner needs to learn and master all the details that pertains the duties of trading. Luckily, one does not need to go all through this sweat all thanks to the brokers. The broker has the capacity to understand the rules of operating the account. They also have the knowledge to know when the currency is declining. This means that the broker has the relevant information in honoring the rules of the Islamic code of conduct and is aware of the operational procedures.


When taking on the investment approach, you need to make sure that you are dealing with fair and just brokers, justas you should with any type of broker. Some do not follow the rules to the letter and end up channeling the funds for other projects, which is probably not what you had in mind. Others use quite a lot of cunning and trade when the currency is at the competitive stage and there are higher chances of making huge losses. It is important to settle with the ones who are registered and give them the opportunity to transact this business. When you take the time to understand the different companies that offer the Islamic broker, they end up getting the efficient results which is your main aim in trading.

Settling with some of the recommended Islamic brokers gives you the opportunity to deal with some of the best traders in the industry. This is because many previous clients have used the services and have learned from experience that they will do a good job. This makes it much easier for one to have faith in investing the cash and end up settling with the best option without trial and error.

A Political Framework Of The Islam

picofsalafi120216740pk 480x417 A Political Framework Of The Islam

The Islamic politics system is dependent on the three rules of towhid (Oneness associated with Allah), risala (Prophethood) as well as Khilifa (Caliphate).

The Towhid:

Towhid signifies that one Allah only is the Master Creator, plus Sustainer of the universe along with of all, which exists in this – organic or even inorganic. He only has the rights to command or prohibit. Worship and obedience tend to be due to Him only. No aspect of existence in all of the its multifarious forms your own organs plus faculties the apparent manage which people have above physical objects or even the objects themselves are created or a obtained by people in the right. They’re the bountiful commissariat of Allah along with have been bestowed upon people by Him alone.

Therefore, it isn’t for people to decide the goal together with purpose of the existence in order to set the limitations of the worldly authority not does anyone else possess the right to create these decisions for people. This right rests exclusively with Allah. This rule of the Oneness associated with Allah creates meaningless the idea of the legal plus political sovereignty of humans. No individual, family members, class or race could set themselves over Allah. Allah only is the Ruler plus His commandments comprise the laws of Islam.

The Risalah:

Risalah is a medium through which people receive the laws of Allah. You have received two points from this resource: the Holy Quran, a book into that Allah has expounded the law plus the authoritative interpretation with exemplification of which Book through the Prophet Muhammad (PBUH), by word and deed, within his capacity like the representative of Almighty Allah. The Holy Quran laid down all the broad principles which human being life should be dependent plus the Allah’s Prophet, in accordance with such principles, established the model system of the Islamic life. The mixture of these two components is named the sharia (which means law).

The Khilifah:

Khilafah means the representation. Person in accordance with Islam is a representative of Almighty Allah on the planet, His vice-gerent that is to say through virtue of the strengths delegated to him through Allah plus within the limits recommended he’s required to practice Divine authority. In order to illustrate what it signifies, let’s consider the case of the estate of yours that another person has been appointed in order to manage on your behalf.

The four states of affairs invariably obtain. Initial, the actual ownership of any estate remains vested within you and not within the administrator; subsequent, he administers the property directly according to your instructions; third, he practices is authority in the limits prescribed with you; plus fourthly, within the administration of believe in the executes your will as well as fulfils your intentions not his own.
In conclusion, this is just what Islam means once this affirms that humankind is the representative (or khalifa) of Allah in the world. Therefore, these four conditions tend to be involved in the idea of Khalifah. The state that’s organized in accordance with such political theory will actually be a caliphate underneath the sovereignty of the Allah.

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