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Money changers would assess a foreign coin for its type, wear and tear, and validity, then accept it as deposit, recording its value in local currency. The merchant could then withdraw the money in local currency to conduct trade or, more likely, keep it deposited: the money changer would act as a clearing facility .
Modernism/Reformism in the Indonesian context is defined by its pure adherence toward the Qur'an and Hadith, promotion of ijtihad (individual reasoning), rejection of madh'hab (Islamic schools of jurisprudence) and as well as criticism against taqlid (imitation of judicial precedence) to religious scholars, Sufism, and vernacular traditions based on syncretism with local practices.
Between the 9th and 14th centuries, the Muslim world developed many advanced economic concepts, techniques and usages. These ranged from areas of production, investment, finance, economic development, taxation, property use such as Hawala: an early informal value transfer system, Islamic trusts, known as waqf, systems of contract relied upon by merchants, a widely circulated common currency ...
As the items mentioned in hadith, therefore, also known as Sunnah money. Paper money or electronic money can be used, as long as, it is backed by one of these commodities at a fixed exchange rate (in other words the paper is just a contract stipulating that the bearer can redeem the paper for a fixed measure (weight) of that particular ...
Bahasa Indonesia; עברית ... (Encyclopedia of Islam and the Muslim World, ... The Islamic Interbank Money Market was established by Bank Negara Malaysia on 3 ...
[14] But not all trade is allowed in Islam. The Qur'an prohibits gambling ( maisir , games of chance involving money). While the Quran does not specifically mention gharar (risk), several hadith prohibit selling products like "the birds in the sky or the fish in the water", "the catch of the diver", or an "unborn calf in its mother's womb". [ 15 ]
Indonesian traditional Quranic school. The spread of Islam in Indonesia was a slow, gradual and relatively peaceful process. One theory suggests it arrived directly from Arabia before the 9th century, while another credits Sufi merchants and preachers for bringing Islam to Indonesian islands in the 12th or 13th century either from Gujarat in India or directly from the Middle East. [4]
Sharia prohibits riba, or usury, defined as interest paid on all loans of money (although some Muslims dispute whether there is a consensus that interest is equivalent to riba). [4] [5] Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haraam ("sinful and prohibited").