Salam & IstisnaOne is Salam and the other is Istisna'. ... Both are sales of a special nature: Salam is used to finance agricultural like goods and Istisna' is used to finance manufactured like goods.
Modes of FinancingThe Economic system of Islam is very balanced one. Islam does not deprive a person to take benefit of all halal (permissible) things, while it has banned all illegal means of earning like deceit, corruption, gambling, etc. Among all evils, interest/usury is the worst form of earning and those who are involved in transactions based on it, they have been threatened with hell. While on the other hand, in most banks and other financial institutions, transactions are carried out on the basis of interest. This is why Muslim scholars worked out alternative modes based on Islamic financing to replace interest-based transactions. In this article six modes of financing i.e. Musharakah., Mudharabah, Murabahah, Ijarah, Salam and Istisnah have been discussed. If these Islamic modes of financing are adopted in banking sector and in other financial institutions ,then it is hoped that in a very short span of time elimination of riba would be possible.
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Musharakah & Mudarabah TrainingIn the modern economic system, Islamic banks are mostly using the debt-creating modes of trade and leasing for their financing activities, while the main basis for mobilising deposits from the public are the partnership modes of Musharakah and Mudarabah. Both modes belong to profit-and-loss sharing or the risk-sharing techniques involved in partnerships. If the financier wants to finance the whole project, the form of Mudarabah can come into operation. If investment comes from both sides, the form of Musharakah can be adopted.
You and Your MoneyAn important aspect of personal finance is the way in which individuals and households manage their debt, how much it costs and the different types of credit they can or cannot access. This course, You and your money, explores these issues, with respect to the wider, changing, social and economic context.