Alhamdulillah, praise be to Allah. Actually I'm about to update this entry long time ago but there are several things need to be settle lately. Alhamdulillah again, I have done my presentation for Seminar subject. Even though I'm a bit nervous, but I overcome all it well. Our lecturer, Dr. Affandi Mukhriz complimented our whole speech and poster. This is our first presentation for this Seminar class. The topic is "Features of Islamic Finance".
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| My partner and me during presentation |
I explained briefly about our topic. Finance is kind of economic. Islamic finance is such economic which based on Al Quran and As Sunnah. Features of Islamic Finance is consists of four which are riba' free, profit and loss sharing, prohibition of gharar and avoiding of maisir.
Riba is interest which is forbidden in Islam. When a person give a loan about RM 1000, the borrower should pay back for RM 1000 as well. Any addition is not allowed in Islam. Since Islam promotes brotherhood, so almost all products offered by Islamic banks nowadays is profit and loss sharing structures. It means that Islamic bank and customers sharing the loss for any investment altogether.
Gharar is uncertainty. Islamic banks did not involved in any transaction with gharar element. For example, sell the fish in the sea, or the birds at sky. And the last one, is avoiding maisir. Maisir is gambling or game of luck. All business or income must come with effort. Islamic banks would not agree in joining investment or project like casino. It is because gambling is forbidden in Islamic. A true Muslims must rely on Allah SWT alone. Not luck.
Islam did not separate between life and religion. All kinds of transaction or activity by Muslim must also based from Al Quran and Assunnah. Islam hates exploitation to others. So, all rule and law in Islamic business or trade also created by Allah. Islam is beautiful, right? hehe See you in next entry! Assalamualaikum.
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| Fathin and Niza |
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| Hajar and Syaierah with their poster |
Nurhusna Binti Mohamad Nasir
215334
husna_nasir89@yahoo.com
15th November 1989
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