Islam is a religion focusing on benevolence and well-being of mankind. In the very beginning of the Holy Quran, Allah, the Almighty, teaches man to ask Him for the straight path-a path which is free of extremes, because going to the extreme is always injurious and harmful. Similarly, scarcity of any thing creates problems in life. Keeping this in view, Islam talks of a middle path.
Islamic banking refers to a banking activity consistent with the rules and regulations of Islamic law and its practical application through the development of Islamic economics, according to which sale of such goods as are prohibited by Islamic doctrine is not allowed. Islamic banking also prohibits such investments as are contrary to the tenets of Islam.
Islamic banking also puts restrictions on risky bidding of any kind Basically, bidding includes such operations which, by chance or for exploitive purposes, involve money. There is a similar restriction on 'trading in risk,' technically called bayu al-gharar. However, there is some difference of opinion as to what exactly gharar is.
There are a number of books on this subject, dealing with one aspect or another of Islamic banking. This work attempts to explain Islamic banking in a comprehensive and precise manner that would add to the existing literature on the subject. Hopefully, it would win the appreciation of readers.
ABOUT THE AUTHOR M H Syed
Dr. M.H. Syed, an academic and scholar in his own right, is basically a political scientist. He has further diversified his interests into research and serious studies in subjects like History, International Relations, Human Rights etc. An M.A., M.Phil., Ph.D. in Political Science, M.A. in English Literature, diploma in International Relations and Diploma in Journalism. He began his career as a feature writer in All India Radio and Press Information Bureau. Later, he was associated with United News of India and Times of India. He has also edited several periodicals and penned dozens of articles for esteemed dailies and weeklies., apart from participating in various seminars and symposia. As an author, he has several books to his credit, in addition to dozens edited by him for reputed publishers. An established name in literary circles, Dr. Syed is totally devoted to research and writing.
ABOUT THE AUTHOR Muhammad Moinuddin Khan
Muhammad Moinuddin Khan, an authority on Islamic Law, is an AMU product. He is an author and scholar in his own right. He has earned his M.A. and L.L.B. (Hons.) degrees from Aligarh Muslim University. Completing his studies, he devoted himself to research and serious writing, particularly engaged in working on Islamic Law.
Recently, he has diversified into Islamic Jurisprudence and unearthed many hidden facts. Based in Aligarh, as a full time academic, he is currently busy with his project on Fundamental Aspects of Islamic Law. He has several books to his credit. This is his new work on the subject.
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