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Commonly Used Terms

Basic Economic Principles

General Exhibitions

ISLAMIC FINANCIAL TERMINOLOGY

Islamic Banking refers to a system of banking or banking activity that is consistent with Shari'aor Islamic law. 

Shari'a:meaning the Way or the Path - Commonly known as Islamic Law.

PRIMARY SOURCES

THE QURA'AN:
Sets the framework on Islamic finance and economics. About 70- 100 verses concerning business relationships 

THE SUNNAH:
The Acts and Sayings of the Prophet PBUH -A large wealth of prohibitions and recommendations. The backbone of contracts -Found in 6 main collections

SECONDARY SOURCES

THE FIQH - Scholarly Interpretations in History
The largest body of contract law. Open to interpretation and dispute. 

Four (4) main schools of thought (all Sunni Schools):

  • Hanafi (Pakistan,...)
  • Shafii (Far East)
  • Maliki (North Africa,...)
  • Hanbali (Saudi,...)

IJMA - Community Consensus

IJTIHAD - Personal Judgement

QIYAS - Reasoning and Debate (Shari'a Scholars)

 

Islamic finance has been gaining momentum on a global scale for the last 10-15 years.

Many Islamic Banks & Financial Institutions have been established over these past few years. These institutions are expanding their products and services to meet the changing demands of the global trends, and offer a credible choice to their target markets, both in Muslim and Western Countries.

Due to its strong financial principles combined with religious ethical values, for maximum financial gains - the Islamic Financial products are being highly sought by Muslims and non-Muslims alike.

Financial institutions around the globe are trying to keep pace with the growing demand for Sharia’h compliant products and services.

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IBFC bridges the gap between the specialist Academic Institutions and the Organisations aspiring to offer Islamic Banking courses by offering specific Financial Training Courses and Products based on Islamic principles.

Our training packages are generally based on the overall holistic approach & understanding of the Islamic Banking & Finance and on the understanding of the needs of our clients.

Our close relationship with the industry worldwide gives us the opportunity to share knowledge and resources. We enjoy a strong network with local international authorities and financial institutions. Having assisted numerous governments, financial institutions, and other organisations in this arena, we are propelled to serve the need for further enhancement and development of the industry in years to come.

Islamic Banking and Finance

IBFC bridges the gap between specialist Academic Institutions and Financial Organisations aspiring to offer Islamic Banking courses or products by offering specific Financial Training Courses and Consultancy based on Islamic principles.