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Hawalamoney is an informal system of transferring money or value between individuals or groups of people without involving any formal financial institutions. The word “hawala” comes from the Arabic word “hawala” which means “transfer” or “exchange”. This system has been used for centuries ...
Islamic banking adheres to shariah law, which are the principles of the religion of Islam, and is different in many ways from how business is conducted in the west. Shariah law prevents charging interest for borrowed money as well as taking part in any speculative ventures. The IFSB is a ...
"Halal" is an Arabic word that means lawful or permitted. While halal often refers to food, it can also describe which investments are allowed within the Islamic faith. Halal investing definition Halal investing is a religious form of investing that complies with Islamic law or Shariah. Islamic...
Riba is an Arabic word that means “to increase" or “to exceed" and is commonly used to refer to excessive charges for borrowing money. Charginginterestfor loans is deemed riba, or an unjust, exploitative gain, and is forbidden under Islamic law. ...
The word ‘merchandise’ is commonly used in movies when gangs are buying and selling illegal goods such as drugs or weapons. The leader of one gang might say “Where is the money?” to which a member of the other gang replies “Let’s see the merchandise first.”...
In 2012, the beloved and greatly mourned Palestinian singer Reem Banna publicly declared her dedication to a Free Syria and denounced the silence of the world in the face of the “most criminal and backward regime of the Arab world”, the Assad regime. Following is her declaration in Arabic,...
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Hawala is thought to come from the Arabic word for "assignment" or "bill of exchange" or the Hindi word for "reference."2 Migrant workers who frequently send remittances to relatives and friends in their countries of origin find the hawala system advantageous. Hawala facilitates the flow of m...