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...

Muslim-majority countries do not use formal financial services (Honohon 2007).1 Even when financial services are available, some people view conventional products as incompatible with the financial principles set forth in Islamic law. In recent years, some microfinance institutions (MFIs) have stepped in to service low-income Muslim clients who demand products consistent with Islamic financial ...

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)...

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...

The rule of law entails government accountability, equal access to justice and the political process, efficient judicial and political systems, clear laws, generally stable laws, and the protection of fundamental human rights. This paper explores whether Islamic law conforms to these principles in theory and in practice. Three conclusions are reached. First, various early Islamic institutions w...

There is considerable debate on the meaning of Islamic Medicine, and its relationship to other medical doctrines, especially Western medicine. Previous definitions of Islamic Medicine affirm that it is any practice of medicine which does not contradict the basic tenets of the Islamic doctrine. In this article the author suggests that Islamic Medicine should adhere to the theoretical and philoso...

Conventional credit card transactions are not consistent with Islamic principles, as exemplified by the Islamic banking system and the ‘Murabaha sale’. Thus, if Islamic principles are to be applied to e-commerce, where credit card transactions are the norm, a new and secure electronic payment process is required. In this paper we present a method for secure electronic Murabaha transactions. Aft...

A number of states have proposed initiatives or implemented laws that prohibit state courts from applying, considering, or interpreting foreign law, and in particular, Islamic law. The constitutionality of anti-Sharia legislation is in question. Its proponents claim that the Sharia ban protects state and federal constitutional rights, whereas its opponents claim that the ban infringes on the re...

Sleep has preoccupied and fascinated many civilizations since the dawn of mankind. Here, we critically review the various elements pertaining to sleep in the context of early Islamic religion and culture. The many principles of sleep hygiene, wellbeing and health associated with adequate sleep, and the understanding of sleep as a dynamic state are all apparent from such explorative process of I...

F several centuries, the world, and particularly Europe has benefited from the great contributions brought about by Muslim physicians in the field of medicine. These contributions were not only based on technical skills but also on the role of eminent Muslim physicians in establishing medical ethics. Many prominent physicians of the Islamic civilization involved themselves with professional eth...