The Cultural and Demographic Aspects of the Islamic Financial System and the Potential for Islamic Financial Products in the German Market

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GRIN Verlag, 2007 - Finance - 204 pages
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Diploma Thesis from the year 2004 in the subject Business economics - Investment and Finance, grade: 1,4, Stralsund University of Applied Sciences, 170 entries in the bibliography, language: English, abstract: The author has divided the thesis in four parts. The first chapter, "Chapter A - Islam - History, Cultural Aspects, and Principles for the Financial System," introduces Islam, its roots and foundation about 1,400 years ago. In that chapter basic Islamic principles are explained and their relevance in all aspects of Muslim life is shown. With those principles underlying, a financial system developed which is different from the Western one. The development of the financial system is described as are various Islamic financial tools explained. In "Chapter B - Muslims in Germany" it is shown how the Muslim community in Germany developed. It is explained when processes of migration started and to what extent they developed. The cultural and educational "Status Quo" of the Muslim community is analysed, and it is looked at their stand concerning school, work, associations, etc. Thereby Islamically cultural distinctions are outlined and resulting obstacles for integration deduced. Following that, the financial "Status Quo" is looked at. Facts about Muslim savings are provided and examples of instruments available at the German market, which are in compliance with Islamic law, are described. Out of the outlined facts in the "Status Quos" a potential analyses is developed. Future scenarios about shifts in the population structure are calculated and thereby resulting changes at the labour market predicted. After the Muslim community and its financial situation is analysed, "Chapter C - Possibilities for Islamic Products in the German Market" describes legal requirements set by German authorities as does it look at Islamic prescriptions for the running of a financial institution. Proposals are given how to harmonise differences to create possibilities for a financial syste
 

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Contents

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Copyright

XVII
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Page xxvi - Alms are for the poor and the needy, and those employed to administer the (funds); for those whose hearts have been (recently) reconciled (to Truth); for those in bondage and in debt; in the cause of Allah; and for the wayfarer: (thus is it) ordained by Allah, and Allah is full of knowledge and wisdom.
Page xxiii - The parable of those who spend their substance in the way of God is that of a grain of corn: it groweth seven ears, and each ear Hath a hundred grains. God giveth manifold increase to whom He pleaseth: And God careth for all and He knoweth all things.
Page xxiii - Those who devour usury will not stand except as stands one whom the Evil One by his touch hath driven to madness. That is because they say: Trade is like usury, 'But God hath permitted trade and forbidden usury.
Page xxv - O ye who believe! Intoxicants and gambling, (Dedication of) stones, And (divination by) arrows, Are an abomination, — Of Satan's handiwork: Eschew such (abomination), That ye may prosper. Satan's plan is (but) To excite enmity and hatred Between you, with intoxicants And gambling, and hinder you From the remembrance Of God and from prayer: Will ye not then abstain?
Page xxiii - In them is great sin, and some profit, for men; but the sin is greater than the profit" They ask you how much they are to spend; say: "What is beyond your needs.

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