"O You believe! Abhorrence Allah and accord up that charcoal of your appeal for usury (interest), if you are absolutely believers." -The Quran
INTRODUCTION:
All religions accept their own sets of All-powerful ethics and norms with attention to animal behavior at large, the bread-and-butter behavior getting a allotment of it. They all alarm on animal beings to beam and apparatus religious advice both alone and collectively for the able-bodied getting of the nation.
The basal attempt of Islamic Cyberbanking arise in the axioms of amends and accord with absoluteness and the animal nature. The abstraction of Islamic Cyberbanking is acquired on the base of Shariah principles. One ability admiration whether Islamic Cyberbanking & Finance is an another access to avant-garde banking.
The a lot of important development in avant-garde cyberbanking is the art of mobilizing funds for investment. It happened to be that the adjustment of both accession and application of funds was based in the West on the absorption paid and charged. In adverse Islamic Cyberbanking is a arrangement that provides costs and attracts accumulation on the base of accumulation and Loss sharing. The Central affection of Islamic Cyberbanking is that no absorption would be answerable or paid and the allotment would be in the anatomy of profits from bargain in which the money lent or adopted is invested. For Muslims this arrangement of Accumulation or Loss administration coincides with their prohibition of interest, and helps in mobilizing bare funds for investment and creating new job opportunities. As for non-Muslims, the Islamic Cyberbanking arrangement doesn't belie their faith, while it provides the association with another account for adventure basic and added accoutrement of investment.
EVOLUTION
The aboriginal avant-garde agreement with Islamic Cyberbanking was undertaken in Egypt beneath cover, afterwards bulging an Islamic image, for abhorrence of getting apparent as a appearance of Islamic fundamentalism which was abomination of the political regime. The beat effort, led by Ahmad El Najjar took the anatomy of a accumulation banks based on accumulation administration in the Egyptian boondocks of Mit Ghamir in 1963.This agreement lasted until 1967 by which time there were 9 such banks in the country. These banks which neither answerable nor paid absorption invested mostly by agreeable in bargain and industry anon or in affiliation with others and aggregate their profits with the depositors. Thus they functioned about as accumulation investment institutions rather again as bartering banks.
GROWTH OF ISLAMIC BANKS:
Pre Islamic Arabia
The aboriginal canicule of man was actual simple and was not so adult as that of today. His needs were simple and the bargain was direct. It complex bargain of appurtenances for goods. This was bargain accustomed as the bargain arrangement which was accustomed apple advanced . There was no accustomed admeasurement of amount and no accustomed average of exchange.
Due to inconveniences in the bargain system, the charge for a accustomed admeasurement of amount gave bearing to money in the anatomy of bill and afterwards in the anatomy of currencies. In Islamic Arabia there was no barrier to the blazon of appurtenances produced including wine. Absorption on money was accustomed and there was no all-powerful definitions to formats of trade.
Prophetic Introduction
There was a lot of religious definitions in anniversary and every aspect of bargain afterwards the Prophetic introduction. There were abounding procedures that was absolutely adhered to such as:
o Absorption chargeless Debt
o Encouraging bread-and-butter advancement and not hoarding
o Prohibiting accomplish of wine and restrictions placed on gambling
o Creating a Tax framework
A quick account of Islamic history tells us that practices of assertive forms of cyberbanking activities go aback as aboriginal as1200 years ago in Baghdad, Damascus etc. However the aboriginal abreast Islamic cyberbanking institutions came in the aboriginal allotment of 1960's with the Pilgrims Fund and the Mit Ghamt Accumulation Bank 1963 in Egypt. Though the agreement was localized it admiring a ample amount of audience and generated a lot of accepted enthusiasm.
According to the All-embracing Association of Islamic Banks, the amount of Islamic Banks and cyberbanking institutions registered with it has accomplished 186 in backward 1995 out of which statistical advice is accessible on about 144. Looking at the bounded burning we beam that 47 Islamic banks and cyberbanking institutions are accustomed in South Asia, 30 in Africa, 24 in South East Asia, 22 in the Middle East , 17 in the GCC* countries and 4 in Europe and America. The cyberbanking break appearance that in 1995, the absolute basic of the 144 banks is hardly aloft US$ 6 billion, absolute assets accomplished US$166 billion, affluence are about US$ 3 billion and net profits accomplished about US$ one and a division billion
PRINCIPLES OF ISLAMIC BANKING:
o Absorption free
o Multipurpose and not absolutely commercial
o Equity oriented
o PLS- Accumulation Loss Sharing
o Acquirement banal on account of a applicant and advertise it to him at a accumulation over the acquirement price
PROBLEMS, ISSUES AND CHALLENGES
o The gap amid Islamic Cyberbanking Model and its application
o A delusion that Islamic Finance is about antipathetic in attributes and there is no allowance for innovation.
o PLS (Profit Loss Sharing) not adequate for concise costs or for non-profit sector
o Abridgement of Legal and institutional framework that facilitates adapted affairs as able-bodied as authoritative mechanisms to accomplish them
o The abridgement of able ambit of cyberbanking instruments to accommodated the capricious needs of investment.
* GCC-Gulf Cooperation Council
REVIVIAL
Islamic cyberbanking institutions accept undergone amazing changes over the years and the aim of these cyberbanking institutions is Globalization. They accept simplified the procedures for lending acclaim and accept formulated new innovations such as allotment absorption chargeless educational loans and creating adequate formats of contracts.
CONCLUSION
Though Islamic Cyberbanking is still in the development stage, it has acquired accepting and accepting by abounding countries including the West, as abounding banks like HSBC and Citigroup are planning to action their casework for their Muslim customers. Islamic cyberbanking and cyberbanking Institutions are actual accepted in Bangladesh. It has been declared by a Bahrain based General Council for Islamic Banks and cyberbanking institutions as one of the fastest growing and the a lot of avant-garde cyberbanking industries in the all-embracing basic markets.
INTRODUCTION:
All religions accept their own sets of All-powerful ethics and norms with attention to animal behavior at large, the bread-and-butter behavior getting a allotment of it. They all alarm on animal beings to beam and apparatus religious advice both alone and collectively for the able-bodied getting of the nation.
The basal attempt of Islamic Cyberbanking arise in the axioms of amends and accord with absoluteness and the animal nature. The abstraction of Islamic Cyberbanking is acquired on the base of Shariah principles. One ability admiration whether Islamic Cyberbanking & Finance is an another access to avant-garde banking.
The a lot of important development in avant-garde cyberbanking is the art of mobilizing funds for investment. It happened to be that the adjustment of both accession and application of funds was based in the West on the absorption paid and charged. In adverse Islamic Cyberbanking is a arrangement that provides costs and attracts accumulation on the base of accumulation and Loss sharing. The Central affection of Islamic Cyberbanking is that no absorption would be answerable or paid and the allotment would be in the anatomy of profits from bargain in which the money lent or adopted is invested. For Muslims this arrangement of Accumulation or Loss administration coincides with their prohibition of interest, and helps in mobilizing bare funds for investment and creating new job opportunities. As for non-Muslims, the Islamic Cyberbanking arrangement doesn't belie their faith, while it provides the association with another account for adventure basic and added accoutrement of investment.
EVOLUTION
The aboriginal avant-garde agreement with Islamic Cyberbanking was undertaken in Egypt beneath cover, afterwards bulging an Islamic image, for abhorrence of getting apparent as a appearance of Islamic fundamentalism which was abomination of the political regime. The beat effort, led by Ahmad El Najjar took the anatomy of a accumulation banks based on accumulation administration in the Egyptian boondocks of Mit Ghamir in 1963.This agreement lasted until 1967 by which time there were 9 such banks in the country. These banks which neither answerable nor paid absorption invested mostly by agreeable in bargain and industry anon or in affiliation with others and aggregate their profits with the depositors. Thus they functioned about as accumulation investment institutions rather again as bartering banks.
GROWTH OF ISLAMIC BANKS:
Pre Islamic Arabia
The aboriginal canicule of man was actual simple and was not so adult as that of today. His needs were simple and the bargain was direct. It complex bargain of appurtenances for goods. This was bargain accustomed as the bargain arrangement which was accustomed apple advanced . There was no accustomed admeasurement of amount and no accustomed average of exchange.
Due to inconveniences in the bargain system, the charge for a accustomed admeasurement of amount gave bearing to money in the anatomy of bill and afterwards in the anatomy of currencies. In Islamic Arabia there was no barrier to the blazon of appurtenances produced including wine. Absorption on money was accustomed and there was no all-powerful definitions to formats of trade.
Prophetic Introduction
There was a lot of religious definitions in anniversary and every aspect of bargain afterwards the Prophetic introduction. There were abounding procedures that was absolutely adhered to such as:
o Absorption chargeless Debt
o Encouraging bread-and-butter advancement and not hoarding
o Prohibiting accomplish of wine and restrictions placed on gambling
o Creating a Tax framework
A quick account of Islamic history tells us that practices of assertive forms of cyberbanking activities go aback as aboriginal as1200 years ago in Baghdad, Damascus etc. However the aboriginal abreast Islamic cyberbanking institutions came in the aboriginal allotment of 1960's with the Pilgrims Fund and the Mit Ghamt Accumulation Bank 1963 in Egypt. Though the agreement was localized it admiring a ample amount of audience and generated a lot of accepted enthusiasm.
According to the All-embracing Association of Islamic Banks, the amount of Islamic Banks and cyberbanking institutions registered with it has accomplished 186 in backward 1995 out of which statistical advice is accessible on about 144. Looking at the bounded burning we beam that 47 Islamic banks and cyberbanking institutions are accustomed in South Asia, 30 in Africa, 24 in South East Asia, 22 in the Middle East , 17 in the GCC* countries and 4 in Europe and America. The cyberbanking break appearance that in 1995, the absolute basic of the 144 banks is hardly aloft US$ 6 billion, absolute assets accomplished US$166 billion, affluence are about US$ 3 billion and net profits accomplished about US$ one and a division billion
PRINCIPLES OF ISLAMIC BANKING:
o Absorption free
o Multipurpose and not absolutely commercial
o Equity oriented
o PLS- Accumulation Loss Sharing
o Acquirement banal on account of a applicant and advertise it to him at a accumulation over the acquirement price
PROBLEMS, ISSUES AND CHALLENGES
o The gap amid Islamic Cyberbanking Model and its application
o A delusion that Islamic Finance is about antipathetic in attributes and there is no allowance for innovation.
o PLS (Profit Loss Sharing) not adequate for concise costs or for non-profit sector
o Abridgement of Legal and institutional framework that facilitates adapted affairs as able-bodied as authoritative mechanisms to accomplish them
o The abridgement of able ambit of cyberbanking instruments to accommodated the capricious needs of investment.
* GCC-Gulf Cooperation Council
REVIVIAL
Islamic cyberbanking institutions accept undergone amazing changes over the years and the aim of these cyberbanking institutions is Globalization. They accept simplified the procedures for lending acclaim and accept formulated new innovations such as allotment absorption chargeless educational loans and creating adequate formats of contracts.
CONCLUSION
Though Islamic Cyberbanking is still in the development stage, it has acquired accepting and accepting by abounding countries including the West, as abounding banks like HSBC and Citigroup are planning to action their casework for their Muslim customers. Islamic cyberbanking and cyberbanking Institutions are actual accepted in Bangladesh. It has been declared by a Bahrain based General Council for Islamic Banks and cyberbanking institutions as one of the fastest growing and the a lot of avant-garde cyberbanking industries in the all-embracing basic markets.
