Search results
Results From The WOW.Com Content Network
Amana Mutual Funds Trust (Ticker symbols: AMANX, AMAGX, and AMDWX), headquartered in Bellingham, Washington, is a mutual fund company offering investment products consistent with Islamic banking principles.
[4] [5] Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haram ("sinful and prohibited"). [citation needed] These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices.
At least in one Muslim country with a strong Islamic banking sector (Malaysia), there are two main types of investment accounts offered by Islamic banks for those investing specifically in profit and loss sharing modes [171] [172] —restricted or unrestricted.
Money.ca explains how halal investing helps observant Muslims save for retirement and plan for financial goals.
Arabic terms should be translated into standard English wherever possible without compromising the meaning of the text. For example, "Allah" should be translated as "God". However, there are cases when translation is discouraged when it would risk obscuring the special meaning of this term as used in Islamic literature.
For premium support please call: 800-290-4726 more ways to reach us more ways to reach us
Sharia practices ban riba (earning interest) and involvement in haram. It also forbids gambling and excessive risk (bayu al-gharar). [1] [2] This, however has not stopped some in Islamic finance industry from using some of these instruments and activities, but their permissibility is a subject of "heated debate" within the religion. [3]
Takaful (Arabic: التكافل, sometimes translated as "solidarity" or mutual guarantee) [1] is a co-operative system of reimbursement or repayment in case of loss, organized as an Islamic or sharia-compliant alternative to conventional insurance, which contains riba (usury) and gharar (excessive uncertainty).