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...

Young people’s involvement in violent extremism remains a concern many countries, including Indonesia. This study examined direct and indirect relationships between indicators of existential anxiety, political efficacy, extrinsic religiosity, support for extremism. Two hundred ten young Indonesians were recruited to the all completed an anonymous online survey containing measures interest. The ...

Based on a wide range of sources, this article shows the development Islam territory Karachay- Cherkessia during Soviet period. In fi rst years power, declared atheism did not prevent Bolsheviks from using religious factor to attract sympathy population. The commonality and Bolshevism in relation social equality justice was declared, system Shari‘a legal proceedings preserved for some time. As ...

One of the teachings and difference between philosophy other sciences is importance rational objective thinking. The implication this teaching birth an open-minded, inclusive view acceptance o truth from wherever it comes, including different religions cultures. Openness differences are indicators religious moderation. Therefore, there inherent relationship openness Without view, no Likewise, a...

In the wake of the September 11, 2001, terrorist attacks on the United States, the UN Security Council passed a resolution targeting transnational sources of terrorist funds. At least one offshore Islamic bank was shut down, and American officials, ignorant about Islamic finance, viewed any “Islamic” bank with heightened suspicion. The Bush Administration targeted Al-Baraka in particular, confu...

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 ...