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How many pillars has the islam?
1. Shahada (Testimony of God)
2. Salat (5 daily prayers)
3. Sawn (fasting - Ramadam)
4. Hajj (pilgrimage: visit Mecca)
5. Zacket (charity = donation, fixed amount of income)
Do not charge interest, Torah and Talmus encourage lending money without interest.
Ursury can be translated as?
Riba and ribbit in Hebrew
What does qiyas (in jurisprudence) mean?
analogical reasoning = use knowledge and reasoning then you do not know a law
What is the Shariah law?
Basis law of Islamic banking and finance.
What are the primary sources of Shariah Law?
Koran (Basis: what is permissible and lawful) and Sunnah (traditions of prophet Mohammed + morality traditions)
What are the fundamentals of Islam (6)?
Riba, Gharar, Maysir, Tahqiq al-khidma, Hilah, Al adiu war tawazun
What does "Contractum Trinius" mean?
Bankers in the Middle-age circumvented charging interest via a set of three contracts known as "Contractum Trinius" (investment, sales, insurance contract)
What was the fist bank that has incorporated all practices of Islamic finance?
Dubai Islamic Bank 1975
What is another name for scholars?
How many scholars usually sit on a scholorboard?
7-8 (can hamper innovation)
Fundamental 1: Riba?
Riba (ursury) implies "extra" and is prohibited under sharia law as money is only seen as medium of exchange.
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