ADMINISTRATION

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Browsing ADMINISTRATION by Author "ABDULHAMID, AL-AMIN SABO"

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    TYPES AND METHODS OF INVESTMENT IN ISLAM - AN ANALYSIS.
    (2014-02-21) ABDULHAMID, AL-AMIN SABO
    Islam is a religion and a unique way of life based on the commandments of Allah contained in the Holy Qur'an and the sun nah of the Holy Prophet of Islam Muhammad. The idea that Islam is a unique way of life distinct from all other "Isms and ideologies". naturally extends to the economic life of the Muslim community. A determination to reshape the economy on distinction Islamic line has been an important dimension of Islam, visible all over the World, The area of investment: or trade "Al-Tijara" is regarded as one of the most crucial to the process of Islarnisation of an economy. The Islamic emphasis on co-operation as the key concept in economic life had led the reliance on profit—sharing and participation as the alternative bases for banking and investment in the Islamic frame-work. Considering the; secular nature of this country, and its heterogeneous features, this projects aims at analyzing the type and methods of investment in Islam which could supplement the existing interest base investment methods of the so-call developed Western nation. Accordingly, a survey has been carried out using two separate questionaries , Type 'A' and 'B' The type A was address t;o a satisfied sample of 100 people (consisting of 65 Muslims and 35 non-Muslims) drawn from four sample states randomly o selected. This questionnaire facilities the gathering of public opinion on the idea of interest fee Islamic bank. While the Type B was address to a sample of sir selected Muslim scholars who are knowledgeable in Islamic economic system and the experience of Islamic Bank existing in other parts of Africa, - 2 - This questionnaires focused attention on the experience of the existing Islamic banks and the availability of such banking .system in Nigeria considering the environmental factors that may have influence over i t - The responses received are presented and analyzed accordingly, which led to the conclusion that the prospect of Islamic banking in Nigeria is bright. For easy presentation, the project is divided into five different chapters. Chapter One only deal with the introduction of the project, the scope objective and methods of data collection Chapter two analyses the types and methods of investment in Islam such as Mudarabah, Shirakah, Bai Muajjal, Bai Salam and Al-Hawala. Chapter three focus attention on concept of Islamic banking which include how loan is given and ways of repayment of loan while Chapter four look at the efforts made. toward the establishment of Islamic bank in Nigeria and the prospect of such bank in Nigeria, and Chapter five form the concluding part of the project which include some recommendation and ways to solve some of the problems identified in the course of the analysis. May Allah guide us to the right path- Amen.