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Banking is not a new terminology there is a lot of history behind it.

It has been started from


British Empire when Adam smith gave his theory in 1776. Bank is an institution who use to
take deposits and lend loans to public on the basis of interest also it is known conventional
banking. There are various kinds of banks who are working on the basis of their nature.
Central, Development, Investment, Cooperative, Credit Banking and NBIF are its types
moreover, every bank is performing its function. In Commercial sector there are both public
and private banks in which public banks are working on the behalf of government i-e they are
government or public banks whereas, private banks are working on their own behalf. In these
banks they offer variety of accounts like current account, fixed, saving or profit and loss
account also they give cash credit, loans, online services, overdraft, exchange of bills and
many other functions. On contrary Islamic banking is working opposite to it. There is no
concept of loan in it actually, they provide profit to the people who give deposit in this bank
and they their own people who work on the basis of Islamic teachings i-e musharka,
mudarba, murabha and other kinds include in it. Overall to say there is huge difference
between conventional and Islamic banking one is working on basis of loan and other is
working on rent (Interest) which is prohibited in Islam.
In the concept of capitalism four factors of production are there and it includes Capital, Land,
Labour and entrepreneurship whereas, in Islam there are three factors they are capital, land
and labour. In Islam entrepreneurship may be labour and vice versa. Socialism and
Capitalism are contradict with each other, in socialism there is right to property whereas,
capitalism is concept of rich is getting more wealth and power and poor is losing and losing.
There are different objectives of distributing the wealth. Firstly, making system of economy
which is practicable and Islam accept and have no objection but there are certain restrictions
and limitations because Islam avoids those things which may be cause of abuse. Secondly,
there is right on wealth for others. Those who a lot of wealth they should sacrifice and spend
on way of Allah as said by Allah in Quran. Thirdly removal of wealth through hoardings,
bribery, money which is earned through speculation and by fraud, gambling and other
unlawful means. Overall, to say in Islam interest is not ethical whereas, profit is considered to
lawful and it works by own resources and invest, do business give profit to public thats why
it is huge differentiation between banks those who work on interest basis (conventional
banks) and those who work on basis of Islam known as Islamic banking.
Riba is an Arabic word. If one person takes money from other and there is no transaction
between them then it is loan but if there is transaction between two parties and if case it is
credit then it will called as debt because of transaction. Now by fixing the ratio before dealing
it will be Riba but if someone pays extra without fixing and dealing it may be due to
happiness then it may called as Ehsaan it will not be considered a Riba. It have three types
Riba-al-Quran, Riba-al-Sunnah and Riba-al-Sunnah is further divided into al-Fadl and alNasiah. In Riba-al-Quran also known as al-jali and explained as the loan in which the time
is specific and amount is in excess from its original capital also this type is mentioned
through Quran by Almighty Allah. Secondly, Riba-al-Sunnah means Khafi (which is hidden)
and explained through Hadith that all loans which draw interest is Riba. Holy Prophet
(P.B.U.H) prohibited this by example of exchanging dates by Hazrat Bilal (R.A) in which he
(R.A) exchange dates of low quality with high quality which is not allowed in Islam it will
consider as Riba but if dates sell before exchange or if commodity exchange with commodity
which is different by its nature then it will be fine. Thirdly, Al-fadl which means excess if
dates or barley exchange with same nature but if one commodity in excess then it will be

Riba and at last Riba-al-Nasiah means deferment which is prohibited weight change is
allowed but deferment is not.

Contract means to knot or tie. There are two important conditions in contract which are offer
and acceptance. Moreover, certain clauses also include in contract. Firstly, any party or
person offer to another if other party accept that it is known as acceptance now, certain
clauses that subject should be there, existence, ownership, Halal, legal, address and
specification related to subject should be clear and mentioned. In Islam Bai is allowed and in
contract there is valid and void contract. In valid contract it must be written and expressed
between two parties and have six essential elements whereas, void contract is if any element
is missing then it will be considered as void contract. There are certain which are khayar
named as option of selection, session option, inspection option, defection option, condition
option. In option of selection one can select or choice by its will any good then session option
in which one can debate or discuss for the price or ant thing related to negotiation but if
during discussion one person stop session that will be the end of session and new session will
start and again negotiation should be started. Then inspection one will inspect the thing for
contract then defection option one will check for defects or any fault one should give three
days for check if there is fault the contract will fail. On other hand if he is will he will
demand some time that is condition option.

There are three main modes of financing others are its parts named as Partnership, Trade
Base, Rental other are its types that are Musharka, Mudarba for second mode murabha, salm
finance whereas, third as Ijarha, Diminishing musharka finance. If there are two parties A and
B there is agreement between them and both parties bring capital and invest according to
their agreement ratio but in profit if one party says that my capital is more but we divide
profit with equal ratio it will be fine but in case of loss that should be beard according to their
risk investment otherwise will considered as interest. The pillars for musharka are shurka,
Rasul mall, mashru, Riba, sighah (in which offer and acceptance included) Musharka have
two types shirkat-ul-milk and shirkat-ul-aqad. Shirkat-ul-milk further divided into two types
shirkat iktiyar and shirkat jabbar. Whereas, shirkat aqad is divided into four types that are
shirkat amwal, shirkat alamal, shirkat alwajuh (credit or goodwill base) and shirkat muzarba.
Then shirkat al muawfza and Enan are types of shirkat amwal. In musharka one party
dissolve agreement but after giving sufficient notice. These are all types and its further
categories of musharka.

In mudarba capital belongs to only one party other have only skills and services that is the
main difference between musharka and mudarba. One is restricted to bring capital because in
mudarba one only one party bring capital and other bring his services and skills. For example
bank. Mudarba came from word zarb its meaning are to beat. Walk on surface of earth or
giving example. In mudarba one who brings capital known as investor or Rabul mall and
another one is called as service provider. Now distribution of profit and loss is different in
this case profit will be divided on the basis of their agreement while loss will suffer by only
that party who brought capital whereas, the party who have only skills and providing services
if his negligence he will also suffer loss and that will be suffered as agreed ratio. There are

two types are in mudarba one is al-muqayyada and al-mutlaaqh and considered as restricted
and un-restricted mudarba respectively. In restricted mudarba Rabul mall specifies that
where to invest and he tells about investment or do wok for higher profit on the other hand
un-restricted mudarba investor give free hand to service provider that work as he wishes and
roles that mudarib plays that are trustee, agent, partner, liable and employee.

In diminishing Ijarha from Islamic banking money bring by both member and bank they join
money and purchase car then bank gives it to party who will buy car from bank on base of car
Ijarha on rent then rent decided by bank that is difference between conventional banking car
leasing and car Ijarha by bank of Islamic because conventional banking works on interest and
all money is of interest that is not allowed in Islam whereas, car Ijarha which works on
teaching of Islam is allowed. Now transactions are of four types that are musamma, murabha,
Tulia and last is on loss which means if consumer dont ask about cost and price of object
then it is musamma on other hand if customer asks about it then it will be based on murabha
Tulia based on breakeven point. There are three models of murabha first is customer, bank
then second customer and bank then vendor last is customer then vendor and bank. For Salam
certain conditions are there that product must be existing, seller must have ownership and at
last seller have possession and thing should be in existence. Moreover, advantages for Salam
is for farmer that he will receives money in advance on other hand buyer also get advantage
of lower price. Istisna is occurring of transaction before its existence and for that goods must
be in manufacturing form. Different terms and conditions must be agreed before transaction.
It is not necessary that price paid in advance fully. There are different models available in
model-1 there is Customer-Bank. Model-2 there is Bank-vendor and customer while in
model-3 there is Bank and vendor-customer.

Ijarha is basically rent in which different terms used like labour, lessor, lessee and last rental
income. One who take car on rent and one who will use car known as lessor and lessee
respectively. Operating Ijarha is Ijarha in which there is no promise included that he will sell
the commodity to other or not its up to him that he sells to other or not now lessee make
continuously at the end owner gives good or commodity to the user or lessee. Different
Islamic banks offers diminishing Islamic musharka for various fixed assets like house
financing, car financing now Ijarha basically means rent out and its components are Ajeer,
Mujir, Mustajir, and Ujrah and in English terms they are labour, lessor, lessee, rental Income
respectively. One who will drive car or who take car for rent he will be known as lessor one
who will give car he will be known lessee moreover, car will consider as labour. Those goods
that are consumable not be given as Ijarha because for consumable it will consumed by one
and presence of good is necessary for Ijarha. In operating Ijarha promise will not include that
the thing will be given to him at end and in ownership Ijarha at the end ownership transferred
by sale agreement.

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