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Understanding the concept of Islamic Charities

• About Two million Muslims in the UK face a moral problem assuming that they need a contract or loan and mortgages. Ordinary contracts and credits all require the installment of investment and "riba" as premium is called under Islamic law, is illegal by the Koran. Islamic Charities and banks that follow the rules of Islamic law come to their rescue. British fiscal foundations or banks are progressively providing food for Muslims' pro needs through various elective courses of action that regards the teachings of the Koran.

• Ijara with lessening Musharaka - the contract elective, is an Islamic Charity to a traditional UK contract and has been embraced by some British banks and building social orders. Musharaka implies association. Under this Islamic fiscal thought, the bank purchases the house and legitimately comes to be its holder. At that point, all around the pre agreed period, say 25 years, a regularly scheduled installment is made. Every regularly scheduled installment incorporates a charge for rent and a charge that purchases a minor extent of the house itself. It is manifestation of variable imparted value want to the extent of the house being claimed by the buyer, relentlessly expanding as installments are made.

• When the last installment has been made, the house is claimed altogether Ijara Alternate high road banks, are improving a unique run of Islamic Charities under the Amanah mark name. This run incorporates home fund plans, home protection, business account, and different current accounts and annuities. The Islamic Bank of Britain has three limbs in London, two in Birmingham and one each in Leicester and Manchester. They are the main British bank explicitly accommodating Muslim clients and claim to be halal all around their operations. All their fiscal items are sanction by their Sharia'a Supervisory Committee - Muslim researchers who are specialists in all parts of Islamic money.

Understanding the concept of islamic charities