British financial institutions are increasingly catering for Muslims’ specialist needs through a number of alternative arrangements that respects the teachings of the Koran. Here are just two of them:

Ijara with diminishing Musharaka – the mortgage alternative.

Ijara with diminishing Musharaka is an Islamic alternative to a conventional UK mortgage and has been adopted by several British banks and building societies.

In essence, Musharaka means partnership. Under this Islamic financial concept, the bank buys the house and legally becomes its owner. Then throughout the pre-agreed period, say 25 years, a monthly payment is made. Each monthly payment includes a charge for rent and a charge that buys a small proportion of the house itself. It’s form of variable shared equity plan with the proportion of the house being owned by the purchaser, steadily increasing as payments are made. Once the final payment has been made, the house is owned outright. Ijara

Here you tell the bank or financial institution what you want, for example a car, and they buy it. In return for a monthly payment that covers the cost of the bank’s capital, the bank then allows you to use the asset for an agreed period. In reality, it’s a form of leasing

Islamic finance is not widely available in the UK – so where can find it? Here are three suggestions:

Over the last few years Lloyds TSB has introduced Islamic products to 33 of its branches. Their spokesperson says, “It’s important for our customers to see that we are following the right procedures. We have a panel of four Islamic scholars who over-see the products. They offer guidance on Islamic law and audit the products”.

Another high street bank, HSBC, is developing a special range of Islamic products under the Amanah brand name. This range includes home finance plans, home insurance, commercial finance, and various current accounts and pensions. Hussam Sultan, the Amanah product manager says, “As a bank, we are not here to moralise or tell our customers that Amanah finance is the way to please Allah. We’re just here to provide them with a choice”.

The Islamic Bank of Britain has three branches in London, two in Birmingham and one each in Leicester and Manchester. They’re the only British bank specifically providing for Muslim customers and claim to be halal throughout their operations. All their financial products are approved by their Sharia’a Supervisory Committee – all Muslim scholars who are experts in all aspects of Islamic finance.

For your interest we show below, definitions of some words used widely in connection with Islamic finance.

A Glossary of selected Islamic words used in finance.

Amanah: Means trustworthiness, with associated aspects of faithfulness and honesty. As a central supplementary meaning, amanah also describes a business deal where one party keeps another’s funds or property in trust. This actually the most widely used and understood application of the term, having a long history of use in Islamic commercial law. It can also be used to describe different financial activities such as deposit taking, custody or goods on consignment.

Arbun: Means a down payment. It’s a non-refundable deposit paid to the seller by the buyer upon agreeing a sale contract together with an undertaking that the sale contract will be completed during a prearranged period.

Gharar: This means uncertainty. It’s one of three essential prohibitions in Islamic finance (the others being riba and maysir). Gharar is a sophisticated concept that encompasses certain types of uncertainty or contingency in a contract. The prohibition on gharar is often used as the grounds for criticism of conventional financial practices such as speculation, derivatives and short selling contracts.

Islamic financial services / Islamic banking / Islamic finance : Means financial services that meet the specific requirements of Islamic law or Shariah. Whilst designed to meet specific Muslim religious requirements, Islamic banking is not restricted to Muslims. Both the customers and the service providers can be non-Muslim as well as Muslim.

Ijara: Means an Islamic leasing agreement. Ijarah permits the financial institution to earn a profit by charging leasing rentals instead of lending money and earning interest. The ijarah concept is extended to hire and purchase agreements by Ijarah wa iqtinah.

Maysir: Means gambling. It’s another of three fundamental prohibitions in Islamic finance (the other two being riba and gharar). The prohibition of maysir is often used as the basis for criticism of standard financial practices such as conventional insurance, speculation and derivative contracts.

Mudarabah: A Mudarabah is a form of Investment partnership. Here, capital is provided by the investor (the Rab ul Mal) to another party (the Mudarib) in order to undertake a business or investment activity. Profits are then shared according to pre-arranged proportions but any loss on the investment is born exclusively by the investor and the mudarib then loses the expected income share.

Mudarib: The mudarib is the investment manager or entrepreneur in a mudarabah (see above). It is this managers responsibility to invest the investor’s money in a project or portfolio in exchange for a share of the profits. A mudarabah is essentially similar to a diversified pool of assets held in a conventional Discretionary Managed Investment Portfolio.

Murabaha: means purchase and resale. As opposed to lending money, the capital provider purchases the required asset or product (for which a loan would otherwise have been taken out) from a third party. The asset is then resold at a higher price to the capital user. By paying this higher price by instalments, the capital user effectively gets credit without paying interest. (Also see tawarruq the opposite of murabaha.)

Musharaka: This means profit and loss sharing. It’s a partnership where the profits are shared in pre-arranged proportions and any losses are shared in proportion to each partners’ capital or investment. In Musharakah, all the partners to the commercial undertaking contribute funds and have the right, but without the obligation, to exercise executive powers in that undertaking. It’s a similar concept to a conventional partnership and the holding of voting stock in a limited company. Musharakah is regarded as the purest form of Islamic financing.

Riba: This means interest. The legal concept extends beyond interest, but in simple terms, riba covers any return of money on money. It does not matter whether the interest is floating or floating, simple or compounded, or what the rate is. Riba is strictly prohibited under Islamic law..

Shariah: This is the Islamic law as disclosed in the Quran and through the example of Prophet Muhammad (PBUH). A Shariah product must meet all the requirements of Islamic law. To facilitate this, a Shariah board is usually appointed. This board or committee is usually comprised of Islamic scholars available to the organisation for guidance and supervision for the development of Shariah compliant products.

Shariah adviser: Means an independent professional, usually a classically trained Islamic legal scholar, appointed to advise an Islamic financial organisation on the compliance of its products and services with Islamic law, the Shariah. While some organisations consult individual Shariah advisers, most establish a committee of Shariah advisers (often known as a Shariah committee or Shariah board).

Shariah compliant: Means the activity that ensures that the requirements of the Shariah, or Islamic law are observed. The term is often used in the Islamic banking industry as a synonym for “Islamic”- for example, Shariah compliant financing or Shariah compliant investment.

Sukuk: This has similar characteristics to a conventional bond. The difference is that that they are asset backed and a sukuk represents the proportionate beneficial ownership in the underlying asset. The asset is then leased to the client to yield the profit on the sukuk.

Takaful: This is Islamic insurance. Takaful plans are designed to avoid the characteristics of conventional insurance (i.e. interest and gambling) that are so problematical for Muslims. They structure the arrangement as a charitable collective pool of funds based on the comcept of mutual assistance.

Whatever field we are involved in, we always have to look for ways and means to expand our knowledge. Increase in knowledge in a particular subject can lead to better understanding, grasp, judgement, intelligence and ability in that area. It can expand our thinking and heighten our expertise on a topic.

So how do we go about gaining knowledge? What are the sources of knowledge? Below I am listing a few sources from which we gain knowledge in any field.

1. People:
I think people are the biggest source of knowledge for anybody. Right from childhood, we have learned things by watching others. Whatever field you want to gain knowledge in, there must be many who have enough experience in that field.

So make use of this valuable source of information by learning from the experience, accomplishments, mistakes and expertise of others. Study carefully and associate with people who are experts in the field you want to gain knowledge about.

2. Books:
The next best source of knowledge can be books. There are millions and millions of books written throughout the world in every language and on almost any topic imaginable. Whatever problem you are facing must have been faced by somebody else before, and its solution is likely to have been preserved in the form of a book. If you are serious about gaining knowledge on a topic, then read any book, magazine, article etc. you can lay your hands on related to that topic. Read as much as you can.

3. Experience:

This is another important resource for the seeker of knowledge. It is said that experience is a great teacher, so learn from your past experiences and the experience of others. Learn from your and others’ past and present achievements as well as mistakes.

4. Experimentation and observation:
Experimentation is to try out new things and observation is to pay attention to small and big details.

If you want to learn something new, you may have to experiment and observe a lot. You would need to explore in deep, try out new things to see what works and what does not. Observe not just your own efforts, but also of others.

Experimenting new things and observation can help you in learning very quickly. People who do not experiment or observe much may take a long time to learn. Keep in mind though, that while experimenting, you may encounter a few failures too. Do not become discouraged as failures are a part of the learning curve, specially while attempting something new. Try to learn from failures instead of becoming disheartened.

5.Thinking and pondering:
While learning a new thing, you need to concentrate a lot. Just reading lots of books is not sufficient as you need to fully grasp what you are reading. Deep understanding about a subject is likely to come only through deep thinking and contemplation.

Ponder over what you have read, observed, experienced or experimented. Isn’t is wise to make sure you have fully understood a thing before moving further?

* Building a Resourceful Network. Being resourceful doesn’t stop at knowing things – it’s also knowing people. The power of networking helps greatly in living a more religious, frugal, value-spending, green, natural life, because like-minded people help others to achieve your shared goals quicker and easier. See your time spent sharing tips and tools to live life simpler as an investment in your time well spent. By setting a purpose of being more resourceful when your with other moms, you become more determined in your time spent together rather than resorting to gossiping or backbiting which are prohibited acts in Islam. Your resourceful network will help you join the freecycle.org movement, teach you how to knit, share deals, help you find freebies, keep you more God-centered in all your actions, and much more.

* Learn how to save and invest based on Sharia laws.

- Don’t use savings account, bonds, or any interest-bearing bank options.
- Save cash.
- Purchase gold or certified gems that maintain its value. Invest in your Muslim brothers and sisters by offering creative financing options, shared home ownership, business investments, or sharia-approved stocks.
- Keep in mind that it is allowable to invest and maintain financially-healthy business relationships with non-Muslims, and typically there’s more to gain that just financially when working collaboratively with non-Muslims because investments should be based on value, and their knowledge have proven priceless.
- Your goal is to maintain your cash value at all time, and increase its value when rational options become available.
- While simpler said than done, it’s your duty to invest your time to learn how to save and invest according to the laws of Islam not solely for achieving the greatest financial value–but more importantly to please Allah, for remembrance of Allah is never forgotten in this world and/or the hereafter.

* Learn how to build your wealth with an Entrepreneurial Mindset. Now, that you are successfully, or at least are trying, to clear your family’s debt, spend cash only, build wealth through wise investments of your available cash, properties, and belongings; with the correct God-centered mindset, the next logical tip is to be more resourceful through entrepreneurialism. Thinking like an entrepreneur is about thinking creatively and investing wisely. Weighing one’s best value of his/her time and money, means a successful entrepreneur strategically weighs market-research and invests accordingly. Your goal is not to be the next millionaire, but its to achieve the millionaire’s mindset: to make money when the opportunity presents itself. So, if you’re able to make a few bucks with your family’s highly-talented new past-time of knitting, you have an entrepreneurial mindset. If you bring your passion of life online, and make money in the process–you have an entrepreneurial mindset. Follow a mentor, invest wisely, and your entrepreneurial-minded hobby has great potential to bring you wealth. Many moms are successfully making money online, and if this fits your family’s lifestyle; it’s a worthwhile option to explore further.

* Give for the sake of Allah. Give often. If you adhere to all the above tips, you are spending the appropriate amount of charity on your family, that may even bring your family more wealth in the process. As Muslims, we know that any charity given to the name of Allah is multiplied ten-fold, inshaAllah, God willing. Be mindful that your charity must be given purely, with the intention of pleasing Allah and Him Alone. So, it’s important to know that charity should never been given as an “investment”. Only Allah knows our pure intentions, and it given purely, He is the judge as to when He will reward our efforts – be it in this world, or in the hereafter.

I’m with President Obama on the question of the ground zero mosque. Our country stands for freedom to practice religion. And that freedom includes the right to build religious structure in the United States.

I also agree with those who say that the mosque should not be so close to the site of that extraordinary American disaster. But then we can get into the debate about how close is too close to the World Trade Center site. In the United States legal system, you’re innocent until proven guilty. We cannot enforce laws based on motive. We cannot know what’s in the minds and hearts of any given person or group. We can only suspect.

Should we fear Muslims?

There is plenty of reason to suspect and fear the Muslim mindset. There is a reason why most of the terrorist are Islamic. The Quran and Sharia law have some disturbing tenants. Yes the case can be made that Islam is a religion of peace based on passages in the Koran. But other passages very clearly promote violence and the spread of Sharia law by any means necessary. That’s the jihad or struggle that the terrorists advocate.

Unlike other immigrants, the Muslims do not assimilate into society. Non-Muslims coming to the United States are grateful for the religious freedom and quietly practice their religions. Muslims in non-muslim countries endeavor to get the laws changed to accommodate Muslim practices. So one fear is the culture changes that the Islamic presence encourages. Americans were shocked by the headline “New Jersey Judge Rules Islamic Sharia Law Trumps U.S. Law”. In a bit of journalistic double talk, New York governor, David Patterson was said to be advocating Shariah Law since he offered state property to the muslims group building the mosque. Not only did Patterson offer the Moslems land, but he gave Moslems a favored status that is not offered to Christian groups.

One disturbing fact that came out of the 9/11 tragedy investigation was that a number of the perpetrators were educated and trained in the United States with skills used to attack the USA. So another fear is that the Moslem community center, dubbed mosque, would become a terrorist training center. But that could be said for any Moslem building, whether at ground zero or not.

Yes, President Obama has been on a quest to apologize to and placate the Muslim world. But he is the president of the United States. And, he is a Christian and Christianity advocates peace, love, tolerance and forgiveness. President Obama advocates freedom and peace. Peace loving Muslims say it is a misinterpretation of the Quran to use the term “jihad” to mean a violent, or armed, struggle against non-believers, i.e. infidels. Nevertheless, there is cause to be concerned about the jihadist threat. Radical Islam embraces the violence.

How Radical Are The Ground Zero Mosque Muslims?

How radical these Muslims are would be interesting to know. And who is funding and supporting the building? Is it Al Qaeda? Does homeland security or other intelligence agencies have any facts to support the fear that the mosque would be promoting terrorism? If not, in the words of Martin Luther King Jr: “Let freedom ring”. We need to let them build.

The event received trifling media interest from major western news outlets; however, behemoths in the global banking industry were closely eying pivotal decisions that may be announced in the final communique.

They were right to do so.

The gathering, the first Islamic Finance and Investment Forum for the Middle East, occurred in economically healthy and politically stable Jordan – a prominent ally of the West in a geostrategically susceptible region, – which enjoys the highest quality of life in the Middle East and North Africa Region, according to the 2010 Quality of Life Index prepared by International Living Magazine.

Another essential factor to heed lies in the fact that participants were among the crme de la crme of the Islamic financial marketplace, a group of over 350 bankers and experts from 15 countries that are spearheading transformational shifts in an economic sector likely to experience solid growth in the foreseeable future.

A bird’s eye view of Islamic banking is utile to fathom the industry’s core dynamics.

Islamic banking – and to a larger extent, Islamic finance – is deeply rooted in Islamic economics and quintessentially governed by Sharia, a legislative corpus that encapsulates the religious precepts of Islam.

Sharia – or its financial section known as Fiqh al-Muamalat (Islamic rules on transactions) – allows financial intermediaries to engage in any form of economic activity so long as they don’t charge interest (Riba) and shun businesses implicated in forbidden (Haraam) undertakings.

Sharia strongly furthers risk sharing among investors and economic transactions collateralized by tangible assets such as land or machinery but outlaw derivative financial instruments.

A derivative instrument is a product that derives its value from other financial instruments (known as the underlying), events or conditions. It is mostly utilized for hedging risk or speculating for profit. The recent turmoil in global capital markets and the ensuing socio-economic pandemonium owe much of their existence to a type of derivative called Credit Default Swap (CDS).

Viewpoints alien to the Muslim world may find Sharia restrictions deleterious for sustained economic development because what Muslim jurisprudence defines as vice (gambling, adult filmography, alcohol, etc.) not only plays a vital role in many countries’ GDPs but is also an arguable social and temporal concept.

Shipping to Kyrgistan means shipping to Russia, in most cases. Unfortunately, many logistics companies have only basic services in this part of the world. This means that you may be paying much more than is necessary for overland transport once your shipment arrives. You may also find yourself facing bizarre bureaucratic hassles and unexplained fees if your logistics company doesn’t know what they’re doing. There are two main things that are required of anyone shipping to Russia or Kyrgistan: You need a company with an office in Russia and with employees familiar with the local laws and customs.

A good logistics company knows how to exploit the transportation resources from Russia to Kyrgistan to your advantage. Though it is difficult to grasp for an outsider, shipping to Kyrgistan is something the Russians have been doing for years. This nation was part of the Soviet Union and, thus, there are effective and modern transportation links available between the two nations. In fact, getting your goods to Kyrgistan is really just a matter of knowing what resources are available and knowing how to deal with delays and other difficulties that might present themselves. There are few companies who can handle this challenge.

Look for a company that offers shipping to Russia specifically among its services. Shipping to Kyrgistan will start there and, if your logistics company isn’t up to the challenge, it will probably end there, too. You need a company that can handle complex cargo. If some of your cargo needs to go by air and some by train, you need a company that can handle both effortlessly. You also need a company that has contacts in Kyrgistan, to ensure that communication lines are always open and that your cargo’s location and disposition are always instantly available.

If you’re using an African freight forwarder to move your personal possessions to or from the continent, you’ll have particular needs. For starters, your shipment will most certainly not take up one of the huge containers used on ocean-going cargo vessels. This requires the logistics company to do a bit of work to get you the space you need. You’ll also need to deal with customs and the laws of each nation to and from which the shipment is moving. Be sure that you’re also dealing with a company that knows how to make accommodations for personal items. This means the correct packaging and the right means of transportation.

For business shippers, logistics companies make it possible to increase profit by reducing the costs of shipping items worldwide. An African freight forwarder allows their clients to seamlessly move in and out of these markets, and does so in such a developed and smooth fashion that the complexity of the affair is not at all apparent. If you’re shipping out of South Africa, the situation and available resources are commensurate with that of any first-world nation. If you’re shipping out of Congo, however, you’ll face much different challenges. Good logistics companies, quite simply put, can handle any challenge.

Keep in mind that an African freight forwarder may have some better ways to get your goods to their destination than you may have previously considered. Their experience means that they have probably already found solutions to just about any situation you throw their way and, oftentimes, you’ll be a bit amazed at how they can get goods from one point on the globe to another. Whether you’re doing it for business or personal reasons, these logistics companies have the end effect of taking a lot of stress out of your life and of making international business possible.

With the constantly changing and challenging global economy, companies are forced to constantly evaluates new ways to increase their international sales. This region seem to be increasingly interesting for those companies therefore the investment levels have increased in the past years.

For many years, Latin America seem to be an unknown market to a lot of foreign companies. It was a far away region with beautiful beaches and was associated with exotic tourist destination. To the surprise of a lot of people, they have discovered extremely modern cities with abundant buildings and thriving businesses. The countries that are currently standing out for trade are Brazil, Peru, Panama, Uruguay. These countries are showing positive growth rates despite the global economic crisis. The biggest and strongest economy is Brazil which is expected to growth even further with international events such as the Soccer World cup and the Olympic Games to be hosted in 2014 and 2016 respectively.

African freight may have to pass through several nations before it reaches a port. This can be very tough. Good logistics companies can use all manner of transport, from rail to air to truck, to get goods where they need to be on time. After the goods are at port, the challenge has only begun. You’ll want to make sure you’re dealing with a logistics company that can provide you with the level of service required to get your goods on a cargo ship and to get it delivered to the appropriate port without delay or unnecessary complication.

African freight can mean a lot of things. If you work in Africa on some occasions but live in another part of the world, your freight may consist of your household items. If you’re in the continent for business and business alone, your goods will be very different in nature. A good logistics company can provide the same high level of service for goods shipped anywhere in the world. If you’re talking to one and they seem to be avoiding answering any questions about how they intend to get your goods from one place to another, you will likely do well to start talking to another.

Shipping African freight is always a challenge. The number of different modes of transportation involved, the need to handle a diverse selection of cargo items and destinations that literally span the globe keep logistics companies on their toes. However, the best logistics companies welcome new challenges. Every shipping challenge these companies tackle enables them of offer the solutions they discover to their clients in the future. With an experienced company behind you, you can be sure that you’re getting all the benefits of that experience and, thus, that your shipment is being handled in the most efficient way possible.

What cargo is commonly transported? Automobiles are frequently transported using roll on and roll off ships. Bulk cargo is usually stacked on pallets and lifted on and off a vessel. This type of cargo may include salt, oil, scrap metal and other commodities. A freight quote to Russia would be a flat rate price, based on the amount of commodity and the precise location. Other types of cargo might include auto parts, machine parts, clothing or fashion, food and toys. For these sensitive items, containers are frequently used for storage. Lastly, there is heavy cargo, which includes large equipment or factory pieces.

A freight quote to Russia refers to the CIS, the Common Wealth of Independent States. This is the new name of the former Soviet Russia. This organization of states allows multinational businesses to use complex transportation networks. Russia is currently a federal semi-presidential republic and has 83 states total. It remains the largest country in the world in terms of space, since it is 17,075,400 square kilometers. Russia actually spans nine time zones. Despite a new government, it remains one of the most influential countries in the world and is considered an energy superpower. The lakes of Russia contain approximately 25% of the world’s fresh water. Russia is definitely still a superpower.

The biggest economies in Russia, which will probably be directly or indirectly related to your shipping purposes, include agriculture, energy science, technology and transportation. Therefore, common items shipped to Russia could be technological pieces or even automobiles. In this day and age of instant, globalized correspondence, commercial dealings with individuals in other countries may become an important part of your business.

For freight quotes to Russia contact a professional and established shipping company. Whether you need freight or air transportation, your needs can be met. Make sure the company has been in business for a while, not only to demonstrate reliability but also so that they will have a long list of contacts in order to expedite shipping. For more information on freight quotes and sending items to the CIS of Russia, look up a professional shipping company.