Holy Book Banking is an extension of Islamic finance, however, it is based on the teachings of Prophet Moses (PBUH), Prophet Jesus (PBUH), and Prophet Muhammad (PBUH). The Basis for Holy Book Banking: (Quran, 3:84) states: “Say: “We believe in Allah and in what has been revealed to us and what was revealed to Abraham, Ismail; Isaac,…
The Quran is full of references to the People of the Book including Christians and Jewish as well as the Bible and the Torah as the Prophet Muhammad (PBUH) confirmed what had been sent down before him. The importance of Prophet Jesus (PBUH) and Prophet Moses (PBUH) is confirmed in the Quran. (4:136) “O ye…
Surah Baqarah is full of references to the concept of Holy Book Banking, or banking based on the revelations in the Quran, Torah, and Bible. (2:30) states: Behold, thy Lord said to the angels, “I will create a vicegerent on earth.” They said: “Wilt Thou place therein one who will make mischief therein and…
Howard Thurman, Jesus and the Disinherited, and Capitalism This book addresses the disinherited peoples of the earth in the chapters Jesus-An Interpretation, Fear, Deception, Hate, and Love. Thurman says, “The masses of men live with their backs constantly against the wall. They are the poor, the disinherited, the dispossessed.” (Thurman, 3) In Jesus-An Interpretation,…
IntroductionThe aim of this paper is to explore the risks involved in Islamic banking and determine whether or not this leads an Islamic bank to hold more regulatory capital. A bank’s capital provides a cushion for firms to absorb losses and remain solvent. In addition, it provides ready access to financial markets and thus guards…
Usury In Judaism Exodus 22: 24 (Torah) [24] “If you lend money to my people, to the afflicted-one (who lives) beside you, you are not to be to him like a creditor, you are not to place on him excessive interest.” Leviticus 25: 35-38 (Torah) 35] “Now when your brother sinks down (in poverty) and…
Gharar Gharar (uncertainty) originates from the Arabic verb gharra, which means to deceive. The word for gambling in Arabic, maysir, comes from the word yasira, which means to be easy and yassara, which means lucky chance or easy success at getting something of value without earning it (Kamali, 2000: 151). Various classifications of gharar (uncertainty)…
In the Bible, Jesus enters the Temple of God and smashes the moneylenders stalls. St. Matthew 21: 12-13 “And Jesus went into the temple of God, and cast out all the that sold and bought in the temple, and overthrew the tables of the money changers, and the seats of them that sold doves, And…
Introduction The modern day economic system is built upon and around interest-based lending, which allows one class of people to grow rich at the expense of the majority of the population. Interest has been prohibited in all Abrahamic religions for essentially the same reasons, which includes the well-being of humanity, the avoidance of segregating society…