Pagani Zonda R

This monster is called Pagani. It was originally developed by the same people that were working for Lamborghini, but they developed their own independent project and celled it Pagandi. This monster equipped Mercedes-AMG CLK GTR 6.0-litre V12 engine , and it produces 551kW (750 hp) @ 8,000 rpm and a maximum torque figure of 710Nm. As you can see this car not only looks nice, but it preform nice too!The Zonda R is born with full liberty. The target:...

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Overview of Islamic Banking

Islamic EconomicsIslamic banking is based on the principles of Islamic economics — an economic framework in accordance with Islamic law (Sharia'h).There are two types of Islamic economics:* Caliphate , the Islamic form of government representing the political unity and leadership of the Muslim world (Islamic political framework)* Assuming the political framework is non-Islamic, therefore, seeking to integrate some prominent Islamic tenets into a secular economic frameworkCaliphate is the absolute Islamic rule, thus the economy focuses on distribution...

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Bai Salam - Features & Conditions

Bai salam Bai salam means a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. The objects of this sale are goods and cannot be gold, silver, or currencies based on these metals. Barring this, Bai Salam covers almost everything that is capable...

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Terminologies of Islamic Banking

Bai' al-inah (sale and buy-back agreement) The financier sells an asset to the customer on a deferred-payment basis, and then the asset is immediately repurchased by the financier for cash at a discount. The buying back agreement allows the bank to assume ownership over the asset in order to protect against default without explicitly charging interest in the event of late payments or insolvency. Some scholars believe that this is not compliant with Shariah principles. Bai' bithaman ajil (deferred payment sale) This concept refers to the sale...

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Shariah Advisory Council/Consultant

slamic banks and banking institutions that offer Islamic banking products and services (IBS banks) are required to establish a Shariah Supervisory Board (SSB) to advise them and to ensure that the operations and activities of the bank comply with Shariah principles. On the other hand, there are also those who believe that no form of banking can ever comply with the Shariah. In Malaysia, the National Shariah Advisory Council, which additionally set up at Bank Negara Malaysia (BNM), advises BNM on the Shariah aspects of the operations of these institutions...

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Islamic Banking - Defination

Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of fees for the renting of money (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden). While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century...

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