When in the early 19th century the Ottoman governor of Egypt, Mehmet Ali Pasha, introduced water faucets at the Mehmet Ali Mosque in Cairo, the Egyptian ‘ulema debated whether this new fangled contraption was permissible in performing one’s ablutions before the prayer.  The only scholars who ruled this innocent fixture to be permissible were from the Hanafi school, and hence taps came to be known as hanafiyah.For centuries, the use of the printing press by Muslims in the Ottoman Empire was banned on penalty of death, perhaps partly because this form of mass communication c...

Competitive value proposition of BBA home financing By Dr Hanudin Amin Bay bithaman ajil (BBA) home financing refers to a house sale agreement involving an Islamic bank and a homebuyer in which the latter sells the house to the former at cost, later the former will resell it to the latter at premium. The gap between premium and cost is the bank’s profit. The homebuyer will service the instalment on a monthly basis or deferred payment until the completion.      XBC Bank (not real name) in Malaysia, for instance, has reported a small dimi...

UK Islamic FinTech panel launched with leading Islamic Finance and FinTech practitioners aiming to position London as a leading global centre for Islamic FinTechChaired by Harris Irfan, MD Cordoba Capital, a recognised authority on Islamic FinanceLaunched in London with a quarterly schedule of meetings London, January 22nd, 2018:  An independent group of Islamic Finance and FinTech practitioners will this week convene the inaugural meeting of the UK Islamic FinTech panel. The panel aims to create momentum in the Islamic FinTech sector by building on London’s leading positio...

the lack of corporate governance in banks which led to the financial crises from Asian crises in 1997 to the 2008 crises, and why Islamic banks are immune from such crises when they apply the true principal of Islamic financial system.Ard, Islam, Mal, Sales

A Glance on Shariah Basis of Takaful (Islamic Insurance)Ard, Gharar , Hadith, Islam, Mal, Shariah , Sunnah, Takaful , Ummah, Wakalah, Waqf, Illah, Rabb

Copy of an article published in the journal of the Institute for Advanced Islamic Studies. The article compares Islamic guidance on corporate governance to Catholic guidance as well as secular best practices. The overlap and consistency is high with Islam placing additional expectations on companies.Amanah, Ard, Islam

HOUSE ranks only next to food and clothing. It is so pivotal to define individual’s health, family expansion, privacy for ibadah, and happiness. Poor housing leads to psychological stress emanated from excessive noise, family breakdown that affects children’s well-being and lowly productivity stemmed from poor access to a workplace, among others.Despite its essential, many millennials find a difficulty to have houses at a young age. It is owing to the fact that a house is a large ticket item that could end up costing to homebuyers a lot more than other big items, taking many more...

Social Sukuk: A New Mechanism to Fund Social ServicesArd, Islam, Islamic banking, Mal, Maqasid , Riba, Shariah , Shariah compliant, Sukuk , Wakalah, Waqf, Zakat, Maslaha, Commenda, Participation, Rub

Effect of Islamic Insurance on the Growth of the Insurance Industry in KenyaArd, Islam, Islamic banking, Mal, Maysir, Riba, Shariah , Takaful , Commenda, General Takaful, Provision, Term Insurance