IslamIslam (ˈɪslɑːm; ۘالِإسْلَام, al-ʾIslām ʔɪsˈlæːm, ) is an Abrahamic monotheistic religion centered on the Quran and the teachings of Muhammad. Adherents of Islam, called Muslims, number approximately 2 billion globally and are the world's second-largest religious population after Christians. Muslims believe that Islam is the complete and universal version of a primordial faith that was revealed many times through earlier prophets such as Adam (believed to be the first man), Ibrahim, Moses, and Isa (Jesus), among others.
Islamic banking and financeIslamic banking, Islamic finance (مصرفية إسلامية masrifiat 'iislamia ), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic banking/finance include Mudarabah (profit-sharing and loss-bearing), Wadiah (safekeeping), Musharaka (joint venture), Murabahah (cost-plus), and Ijara (leasing).
Islamic economicsIslamic economics (الاقتصاد الإسلامي) refers to the knowledge of economics or economic activities and processes in terms of Islamic principles and teachings. Islam has a set of special moral norms and values about individual and social economic behavior. Therefore, it has its own economic system, which is based on its philosophical views and is compatible with the Islamic organization of other aspects of human behavior: social and political systems.
Glossary of IslamThe following list consists of notable concepts that are derived from Islamic and associated cultural (Arab, Persian, Turkish) traditions, which are expressed as words in Arabic or Persian language. The main purpose of this list is to disambiguate multiple spellings, to make note of spellings no longer in use for these concepts, to define the concept in one or two lines, to make it easy for one to find and pin down specific concepts, and to provide a guide to unique concepts of Islam all in one place.
Mu'amalatMuamalat (also muʿāmalāt, , literally "transactions" or "dealings") is a part of Islamic jurisprudence, or fiqh. Sources agree that muamalat includes Islamic "rulings governing commercial transactions" and Majallah al-Ahkam al-Adliyyah). However, other sources (Oxford Islamic Studies Online, Brian Kettell, and Wahbah al-Zuhayli’) give it a broader definition including civil acts and in general all aspects of fiqh that are not Ibadat (acts of ritual worship such as prayer or fasting).
BankA bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Whereby banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities.
Abrahamic religionsThe Abrahamic religions are a group of religions centered around the worship of the God of Abraham. Abraham, a Hebrew patriarch, is extensively mentioned throughout the Abrahamic religious scriptures of the Quran, and the Hebrew and Christian Bibles. Jewish tradition claims that the Twelve Tribes of Israel are descended from Abraham through his son Isaac and grandson Jacob, whose sons formed the nation of the Israelites in Canaan (or the Land of Israel); Islamic tradition claims that twelve Arab tribes known as the Ishmaelites are descended from Abraham through his son Ishmael in the Arabian Peninsula.
Islamic modernismIslamic modernism is a movement that has been described as "the first Muslim ideological response to the Western cultural challenge," attempting to reconcile the Islamic faith with modern values such as democracy, civil rights, rationality, equality, and progress. It featured a "critical reexamination of the classical conceptions and methods of jurisprudence", and a new approach to Islamic theology and Quranic exegesis (Tafsir).
Islamic views on sinSin is an important concept in Islamic ethics that Muslims view as being anything that goes against the commands of Allah (God) or breaching the laws and norms laid down by religion. Islam teaches that sin is an act and not a state of being. It is believed that God weighs an individual's good deeds against their sins on the Day of Judgement and punishes those individuals whose evil deeds outweigh their good deeds. The Quran describes these sins throughout the texts and demonstrates that some sins are more punishable than others in the hereafter.
Profit and loss sharingProfit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Muslims subscribe to. Mudarabah (مضاربة) refers to "trustee finance" or passive partnership contract, while Musharakah (مشاركة or مشركة) refers to equity participation contract. Other sources include sukuk (also called "Islamic bonds") and direct equity investment (such as purchase of common shares of stock) as types of PLS.
