Islamic Finance

 Muslims worldwide have come to the realisation that the prevailing capitalist economic system does not serve us ethically. With its interest-based banking and casino-style financial instruments, a devout believer has no choice but to attempt to escape its haram, even if that hinders the progress and prosperity of our daily lives. In recent years, Islamic finance has been touted …

​Islamic finance is a way of doing financial transactions and banking while respecting Islamic law or sharia. Islamic finance hardly existed 30 years ago yet today is a $4 trillion industry with hundreds of financial institutions located in more than 80 countries. Islamic banks are by far the biggest players in the Islamic finance industry and account for $1.75 trillion or 70% of …

The Riyadh skyline. In Saudi Arabia, the implementation of Vision 2030 and continued growth in mortgage lending supported the Islamic finance industry’s growth, S&P said. EPA The global Islamic finance industry is expected to grow by around 10 per cent in 2023-2024 despite the economic slowdown, after posting a similar expansion in 2022 mainly led by the GCC countries, according to S&P Global …

For many Australian Muslims like Reem and Fouad Alameddine, the dream of home ownership has been beyond reach.  Paying or receiving interest is prohibited in Islam, so taking out a mortgage is off the table.  With no other option, the couple face the prospect of becoming lifelong renters. “The hardest thing is the uncertainty of [renting],” Ms Alameddine said.  “And also not being …

The special import levy imposed on per kg of dates has been reduced by Rs. 199 with effect from today (28), the Finance Ministry announced. Accordingly, the new levy would be Rs.1.00.  “The tax has been reduced as a relief measure for Muslims during the upcoming Ramadan fasting period,” the Ministry said. The Ministry also refuted the reports which state …