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...

A fund manager has to abide by a set of business and financial parameters before selecting and including a particular stock in an Islamic fund portfolio. There are various Islamic screening methods followed by stock indices and banks, namely Dow Jones Islamic Market Index (DJIMI), FTSE Global Islamic Index Series, S&P 500, MSCI (Morgan Stanley Capital International) and Accounting and Auditing ...

The early models of Islamic banks are based on partnership of mudharaba and musharaka (profit-loss sharing) structure. Such equitybased financing are perceived to be superior to conventional financing from the standpoint of robustness to external shocks and from the standpoint of ethics, fairness and social justice. Where profit-loss sharing mechanisms cannot be used, Islamic banks provide othe...

There is a vast literature on regulatory, monetary and institutional aspects of traditional banking system. This is not true for the interest-free Islamic banking framework. In this paper, the functions and tools of central banking in an Islamic framework are evaluated, and suggestions for adapting and revising the currently used tools of central banking for the Islamic central banking are made...

Three laws of architectural order are obtained by analogy from basic physical principles. They apply to both natural and man-made structures. These laws may be used to create buildings that match the emotional comfort and beauty of the world's great historical buildings. The laws are consistent with Classical, Byzantine, Gothic, Islamic, Eastern, and Art Nouveau architectures; but not with the ...

as mystics make relationships to god in different ways, they consider different aspects of his (god) characters. in this article, it is tried to verify distinct ways of mystics, relation to allah according to their conscience sentience (receipt) of gods traits (specifications). the main purpose of this article is surveying mystics’s relations and their inference to allah based on holly quran an...

This article studies whether the Islamic world's geopolitics has enough capacity and capability to compete in the power game and world leadership. The results of this article indicate that Islamic world's geopolitics with a lot of economic, military, strategic and ideological capacities is capable enough to compete with great powers in the track to achieve world leadership; on the condition tha...

In the wake of the September 11, 2001, terrorist attacks on the United States, the UN Security Council passed a resolution targeting transnational sources of terrorist funds. At least one offshore Islamic bank was shut down, and American officials, ignorant about Islamic finance, viewed any “Islamic” bank with heightened suspicion. The Bush Administration targeted Al-Baraka in particular, confu...

The universe has an exterior known as the material world and an interior called the “hereafter.” So are the Qur’an and mankind. In other words, the universe, mankind and the Qur’an have hierarchical stages. The universe and mankind comprise the physical world, but the Qur’an constitutes the Divine Law. Since the origin of all three is one single source, one can say the former matches t...