Regular readers of SFW know that one of the chief concerns about Shariah-Compliant Finance is the system of tithing known as “zakat.”
Shariah-Compliant banks provide a means by which Muslims can tithe their investment earnings and, in the case of one bank in the UAE, Sharjah Islamic Bank, they are using technology to enable customers to move funds from their accounts with the bank to a charity, ’The Dirham of Good.’
This should serve as definitive proof that zakat is in fact a key component of Shariah-Compliant Finance. Many Western promoters of Shariah-Compliant Finance have downplayed the significance of zakat, even to the point of claiming total ignorance of the whole zakat system.
There are many problems illustrated by the article linked below about Sharjah Islamic Bank and ’The Dirham of Good.’ Read more ...
Shariah-Compliant banks provide a means by which Muslims can tithe their investment earnings and, in the case of one bank in the UAE, Sharjah Islamic Bank, they are using technology to enable customers to move funds from their accounts with the bank to a charity, ’The Dirham of Good.’
This should serve as definitive proof that zakat is in fact a key component of Shariah-Compliant Finance. Many Western promoters of Shariah-Compliant Finance have downplayed the significance of zakat, even to the point of claiming total ignorance of the whole zakat system.
There are many problems illustrated by the article linked below about Sharjah Islamic Bank and ’The Dirham of Good.’ Read more ...
Source: Shariah Finance Watch
H/T: Jihad Watch
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