This paper reviews the progress of Islamic banking from both theoretical and practical aspects. It highlights the basic principles on which Islamic banking is based and describes the operational details of Islamic banks. It mentions some of the misgivings with respect to the viability of Islamic banking and evaluates them objectively. It highlights the effects of Islamic banking on savings, inv...

Three decades after their discovery, the unique long-range structure of quasicrystals still poses a perplexing puzzle. The fact that some ancient Islamic patterns share similar quasi-periodic symmetries has prompted several scientists to investigate their underlying geometry and construction methods. However, available structural models depend heavily on local rules and hence they were unable t...

Four options for assigning a meaning to Islamic Logic are surveyed including a new proposal for an option named Real Islamic Logic (RIL). That approach to Islamic Logic should serve modern Islamic objectives in a way comparable to the functionality of Islamic Finance. The prospective role of RIL is analyzed from several perspectives: (i) parallel distributed systems design, (ii) reception by a ...

This article examines the unique risks associated with Islamic financial institutions and the secular state’s reticence to directly regulate their religious dimension. It argues that the state’s method of regulating the Islamic financial industry ignores special reputational risks associated with the religious and cultural distinctiveness of Islamic banks. The Financial Services Authority (FSA)...

Eighty percent of the population in the developing world relies on traditional medicine, and 70-80% of the population in developed countries utilized complementary therapies. Though a vibrant healing tradition pervades modern life in the Arab and Muslim world, no clear definition or model exists to organize it's multiple and intertwined elements . We define Traditional Arabic and Islamic Medici...

Islamic banking is currently one of the fastest growing segments of the financial market industry, operating in over 75 countries through 300 institutions. While past literature has established the development of financial institutions as a determinant of economic growth, research on the correlation of the diffusion of Islamic banking with economic growth is limited. This study seeks to add to ...