Islamic banking has been intensively developed over the past fifty years, although Islam has existed since the 7th century. It is a banking model that operates in accordance with Sharia regulations. Islamic banks, globally, have a growing share of assets and more and more clients. They operate in Muslim-majority countries, but also in non-Muslim Majority countries. It is well-known and most often confusing to people who do not know enough about the way these banks operate that Islamic banks are strictly forbidden to charge interest, however, doing business in accordance with Sharia regulations has some other specificities, but also some other prohibitions.

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To browse Academia. Skip to main content. By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. Log In Sign Up. Bankarstvo, , vol. UDK Although Islamic banking is only a segment or a "niche" of the overall banking industry and banking market, its significance is rising steadily, and it will play an important role in the near future.

Interest and gharar, which is a category in Islamic banking that is much broader, more comprehensive and more ambiguous than risk or speculation, are discussed in details. Kamata i garar u islamskom bankarstvu Koncept islamskog bankarstva od narednih potpoglavlja. Koncept islamskog bankarstva zasniva Kockanje je zabranjeno jer ne stvara nikakvu se na tzv. On na kraju poslovne godine, vrednosti sa gubitnika na dobitnike. Poreski prihodi koje transakcija, tj.

Iz svega navedenog proizilazi odnosno jednakosti , a u duhu solidarnosti. Interest and gharar in islamic banking 57 Bankarstvo, , Vol. The best way to achieve this is through division of risk gharar The concept of Islamic banking is based is explained in more detail in one of the on the so-called Islamic savings where subsequent subchapters.

What is wrong with gambling? In case wealth. Unlike new winning ones. Considering the conventional banking, which focuses primarily human resources consumed in the process, on the economic and financial aspects of the without generating new value, wealth transaction, i. They do not ethical, moral and social dimensions within serve any social purpose. The satisfaction the acceptable religious dimensions in order and thrill they provide to the players do not to achieve a socially acceptable distribution of justify the opportunity costs involved.

Other wealth i. Sharia Islamic law. Since in Islam there are Islamic law prohibits the above stated because some strictly prohibited categories — there is it can result in the accumulation of wealth at no room whatsoever for the activities that take the expense of another. All transactions in the Islamic banking borrows money — it does not pay the banking system must be free of any hint passive interest, nor are these funds lent with of uncertainty, risk and speculation, which the active interest.

Instead, the borrowed is the universal goal and target in Islamic money is invested in a particular project, religion and philosophy — to protect the poor and the lenders receive a share in the project.

To koncept islamskog bankarstva razlikuje od je ujedno i jedna od najstarijih ekonomskih konvencionalnog bankarstva predstavljene su istina, a i jedan od principa na kojima islamsko u tabeli 1.

Interest and gharar in islamic banking 59 Bankarstvo, , Vol. That is the traditional role of the concept of Islamic banking differs from money, which does not exist for itself but to conventional banking are presented in Table facilitate and accelerate the exchange. It is also 1. The table does not show that whether the one of the oldest economic truths, and one of loan will be approved or not in conventional the principles upon which the Islamic banking banking depends on the creditworthiness of principle stands and persists.

In contrast, Islamic banking The distinctive features of Islamic banking aspires to the ideal of financing those economic are the following Ali, , str. Debt, however, immeasurable number of loans that are also can be traded for goods or services; unrelated to the real economy. Populist, democracy of persons Source: based on Korten, , pp. Moglo bi se sa ili gubitka. Ciljevi finansijskog sistema je velika razlika. Pozajmiti nekome novac se u klijenta.

Dakle, kategorija kamate nije spojiva radom kroz poslovne aktivnosti proizvodnje, sa islamskim bankarstvom. Interest and gharar in islamic banking 61 Bankarstvo, , Vol. The lack of interest does not mean and real economic crisis. Islam research. One could rightfully say that the forbids interest "interest rate" , but allows and fundamentals, principles and models of Islamic encourages trade and commercial transactions economics have a broad practical application "rate of return" , which is a big difference.

In in the field of finance. The objectives of the the interest-free Islamic banking system, those financial system are identical to the goals of the who lend money can earn a "rate of return" on traditional financial systems.

These Europe there is a psychological aversion to the objectives are realized in the context of financial Islamic world, Islamic banking has also been institutions, by means of financial instruments regarded with revulsion for a long time. The and mechanisms. However, although they main reason is the simplified perception of have identical objectives, the principles of the the price of loan capital. The Islamic teaching institutions, instruments and mechanisms considers interest as immoral, which is why of realization of the Islamic finance goals are loans cannot be granted with interest.

However, this is not Islamic banking and interest true. Loan capital generates returns, although not in the form of interest, but in the form of Islamic banking, which is based on the a share in the profit achieved by investing the assumptions and principles of the Islamic law, borrowed capital. Therefore, in the Islamic completely prohibits all business activities that world loans are related to real economic involve any kind of interest.

Given that the very activity, which is, in fact, the healthy economic idea and principles of conventional banking are logic. Islamic banking derives from Islamic economics Probably the most striking prohibition and works within the limits which have been derived from Islam the same is, in fact, in the determined in all its activities.

Islamic banking original Christianity as well as in Judaism and does not accept and strictly forbids interest as in Hinduism , which is the dominant feature a safe, predetermined and fixed income and is of Islamic banking, is that it is unacceptable "to based on the business activities which include make money from money", i.

To lend money to create "money from money" because fiduciary somebody in Islam is considered an act of mercy, money does not represent any real value, i. If someone is the bookkeeping accounts. According to Islam, borrowing money, then he or she is probably money is only potential capital as long as it is forced to do it.

Therefore, it would be unethical not invested and associated with human labor to make money on someone else's misfortune. Islamski ubiranje. One time celokupni rizik prenose i Ghaazali, , str. Takvim plasmanom sredstava ona Pearson Professional Limited, London, , str. Interest and gharar in islamic banking 63 Bankarstvo, , Vol. Technically, Islamic banking. At least to pay or charge certain commissions instead. Islamic In theory, Keynes believes that saving is understanding of interest is similar to that of actually not the function of interest, but rather the ancient philosophers and classic economists, a function of income, which is determined by even Keynes as a prominent representative aggregate demand, including investments, which of the modern economy.

Islamic teachings are the reverse function of interest. This means indicate that interest discourages people from that interest does not directly encourage savings; being engaged in the production and exchange it could be said that it is indirectly reduced, of the manufactured goods.

If the interest is affecting aggregate demand components that are forbidden, people will lend to each other with sensitive to interest rate, including investments, pleasure and their good deeds will be rewarded demand for durable goods, etc.

High interest by Him-who-only-can-reward. Interest slows rates will reduce aggregate demand, which will down the process of investment and thus the affect the income and employment. This, in turn, overall economic and social development. Many will reduce the savings. Based on that, savings decide to save due to the expected and promised could be considered a reverse function via interest, withdrawing it from the investment variable interest income.

Thus, the elimination process, which is a socially harmful activity. On of interest should have a positive impact on the other hand, in traditional banking banks are savings in Islamic economy. Eliminating interest using interest and other instruments of ensuring rates will, in addition, cause more investments, loan repayment to hedge themselves against the which is a keystone of economic development risk.

Thus, banks transfer the entire risk on the Sadeq and Ghaazali, , p. In Islamic Durham University in Scotland, the author of banking risk is divided between the bank and numerous papers in the field of ethics in the the user of capital. Such placement of funds means that Pearson Professional Limited, London, , p. U novije vreme vremenske vrednosti novca. Naime, vezano obavlja neka ekonomska aktivnost. Interest and gharar in islamic banking 65 Bankarstvo, , Vol.

Depositor thus sacrifices value of money is simple and clear: money is a liquidity. This loss of liquidity and medium of exchange; time makes completion of transaction incommodation should be economic activity easier. Capital owner should recognized and compensated to the be compensated for any income rising from depositor; economic activity. Depositor is faced with a of mercy without any expectation of monetary potential risk of bank failures or unanticipated benefits Iqbal and Mirakhor, , p.

However, from prohibiting interest on loans, Islam challenges time to time, the notion of charging interest on the concept of time value of money. Islamic money is being challenged. The challenge has experts have always recognized the time come mainly from Islamic scholars. Sheikh value of money, but they also consider that Mahmud Ahmad, for example, studied several compensation for such value has its limitations.

According to Sharia, assets. The Islamic concept of opportunity belief that all of these writers held a reasonable cost of capital and the time value of money strong conviction that the existance of a fixed can be simply understood if we consider the and predeterminated rate of interest was an difference between investing and borrowing.

By the mids, economic it can contribute to the creation of value when and financial theory demonstrated that there economic activity occurs. A certain amount of were disadvantages in the fixed payoff contracts money can be invested in a business or can be that dominated interest-based banking. It was borrowed for a specified period of time. In case shown that Iqbal and Mirakhor, , p. On the other 2.

In response to conflict between the interests of borrowers the modern interpretation that the interest on and the lenders; the loan is an award for the opportunity cost 4.



Not even the strongest economies managed to ward off the crisis; however, those nations that based their economic and financial sector on Islamic financial principles and banking largely avoided it. This paper states the main reasons of the global economic crisis listing its causes and effects brought on by inefficiency of the existing banking system. Basic Islamic banking principles as well as the role and importance of its financial instruments are explained. Risk sharing and prohibition of interest represent the basic principles of Islamic banking while its financial instruments enable efficient connection between financial transactions and real economy. Islamic financial instruments that proved to be the most resilient to financial crisis are analysed in detail and presented in this paper. Moreover, the paper analyses and highlights the relationship between traditional and Islamic banking, principles on which they are based as well as the relationship between their most important financial instruments. Shibboleth authentication is only available to registered institutions.


Islamsko bankarstvo

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Islamic banking represents an attempt to organise contemporary trade according to principals of Islamic law Sharia, by which collecting interest on lent money is strictly forbidden. Sunnite moral codes as well as Islamic holy scripts as Koran, directly forbid every procedure which leads to rise of capital without doing any exchange of goods or services. In most Islamic communities, collecting interest Riba is a heavier felony than consuming pork, alcohol or committing adultery. It is considered that the basic existence of such a strict sanction is in fact the need to stop the exploitation of poor social classes. Rich must help less successful.

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