TYPES AND METHODS OF INVESTMENT IN ISLAM - AN ANALYSIS.
TYPES AND METHODS OF INVESTMENT IN ISLAM - AN ANALYSIS.
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Date
2014-02-21
Authors
ABDULHAMID, AL-AMIN SABO
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Abstract
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,
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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.
Description
A PROJECT PRESENTED TO THE DEPARTMENT
OF BUSINESS ADMINISTRATION IN PARTIAL
FULFILLMENT OF THE REQUIREMENT FOR THE
AWARD OF A MASTER OF BUSINESS ADMINISTRATION
(M. B. A.) DEGREE.
Keywords
TYPES,, METHODS,, INVESTMENT,, ISLAM,, ANALYSIS.