Conventional credit card transactions are not consistent with Islamic principles, as exemplified by the Islamic banking system and the ‘Murabaha sale’. On the other hand, EMV-compliant IC (Integrated Circuit) cards have been developed to secure traditional Point of Sale (POS) transactions. Thus, if Islamic principles are to be applied to card payments, a new and secure card payment process is r...

A fund manager has to abide by a set of business and financial parameters before selecting and including a particular stock in an Islamic fund portfolio. There are various Islamic screening methods followed by stock indices and banks, namely Dow Jones Islamic Market Index (DJIMI), FTSE Global Islamic Index Series, S&P 500, MSCI (Morgan Stanley Capital International) and Accounting and Auditing ...

The early models of Islamic banks are based on partnership of mudharaba and musharaka (profit-loss sharing) structure. Such equitybased financing are perceived to be superior to conventional financing from the standpoint of robustness to external shocks and from the standpoint of ethics, fairness and social justice. Where profit-loss sharing mechanisms cannot be used, Islamic banks provide othe...

There is a vast literature on regulatory, monetary and institutional aspects of traditional banking system. This is not true for the interest-free Islamic banking framework. In this paper, the functions and tools of central banking in an Islamic framework are evaluated, and suggestions for adapting and revising the currently used tools of central banking for the Islamic central banking are made...

Micro Takaful is an affordable alternative protection policy for those who cannot afford a high-end level policy. However, many in the low-income group do not own personal or family because they monthly premium rates. Zakat and wakaf could become source of funds developing micro takaful. This qualitative study intends to explain need integrate zakat order develop Data were collected through sem...

although the subject of amending was reffered to in the draft constitution ,but due to revolution time circumstances,this principle was not approved.ten years of islamic state (1358 – 68 ) revealed some problems of the constitution like multiple decision making centers and existence of parallel organisations at administrative, legislative and judicial levels. after the war and considering appro...

This exchange represents a follow-up to an article on the effects of state high school exit examinations that previously appeared in this journal (Warren, Grodsky, & Kalogrides 2009). That 2009 was article featured prominently in a report by the National Research Council (NRC) that evaluated the efficacy of test-based accountability systems. Hanushek (2012) was highly critical of the NRC’s inte...

The role of entrepreneurs in generating the economy is very important. Thus, nurturing entrepreneurship skills among society is very crucial and should start from the early age. One of the methods is to teach through game such as board game. Game provides a fun and interactive platform for players to learn and play. Besides that as today’s world is moving towards Islamic approach in terms of fi...

Replacement of the traditional interest based credit system with an Islamic credit system was one of the fundamental changes in Iran since 1979. The Islamic credit system, offers the prospect of risk sharing between the borrower and the lender. Small farmers are likely to be risk averse and they are reluctant to go heavily into debt in order to finance investments in new technology and capital ...