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[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 ]
Despite the longtime assertion that the origins of Muslim-Hindu tensions were greatly attributed to 19th Century British colonial rule in India, it has been argued that Britain had little influence on constructing the religious identities of Islam and Hinduism in the region and that divisions existed beforehand as well. [23]
A disadvantage Islamic funds have compared to conventional ones is that since they must "exclude companies with debt-to-market capitalization" above a certain ratio (which the industry has set at 33 percent), and since a fall in the price of the stock raises its debt-to-market capitalization ratio, falling stock prices may force a fund to sell ...
Islam is a strictly monotheistic religion in which the supreme deity is Allah (Arabic: الله "the God": see God in Islam), the last Islamic prophet being Muhammad ibn Abdullah, whom Muslims believe delivered the Islamic scripture, the Quran. Hinduism mostly shares common terms with the other Indian religions, including Buddhism, Jainism and ...
Biruni argued that Hinduism was a monotheistic faith like Islam, and in order to justify this assertion, he quotes Hindu texts and argues that the worship of idols is "exclusively a characteristic of the common people, with which the educated have nothing to do."
In Islam, gambling (Arabic: ميسر, romanized: maisîr, maysir, maisira or قمار qimâr) [1] is forbidden (Arabic: حَرَام, romanized: haraam). Maisir is totally prohibited by Islamic law (Arabic: شريعة, romanized: shari'a) on the grounds that "the agreement between participants is based on immoral inducement provided by entirely wishful hopes in the participants' minds that ...
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 ...
Islamic economics grew naturally from the Islamic revival and political Islam whose adherents considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula [86] and believed that it logically followed that Islam must have an economic system, unique from and superior to non-Islamic economic systems.