The Purpose of AAOIFI is to Establish A Standardized Body of Regulations, Rules and Standards for Auditing & Accounting for Islamic Banks Worldwide. It is Headquartered in Bahrain.
Buddhists, Hindus, Sikhs, Jews, Christians and Muslims are taught not to deal in Riba. For a Detailed Study on Prohibition of Riba in All World Religions and Philosophies please Click Here
Building Bridges Between People of Different Faiths to Prosperity and Cooperation Through Riba/Ribbit-Free Financial and Banking Services.
Riba (in Qur’aan/Islam) or Ribbit (in the Old Testament) is the act of RENTING the USE OF MONEY at a Price called Interest Rate. This concept of Renting the ‘Use of Money” is the origin of the word “Usury!” in contrast to today’s definition of “Usury” as excessive rate.
Greed is Evil!, Credit is a Human Right, The Best of People are Those Who are Most Beneficent to Others, We Should NOT Rent Money and We Should Not Do Business with Socially Irresponsible Activities and Entities(e.g. Liquor Stores, unfair businesses, pornography, polluters and the like.) Making Money on Money Without Investing in a Tangble Asset may Border on Speculation and Gambling. Money is a Measuring Device, It is a Thing. The Use of Money Cannot be Rented. It ONLY can be Invested. The Success of that Investment is NOT Interest but the Rate of Return on Investment. IT IS ALL ABOUT PRUDENCE IN INVESTING and HONORING THE TRUST OF OUR DEPOSITORS & INVESTORS. IT IS ABOUT THE ETHICS OF DEALING WITH PEOPLE & THE RESPONSIBILITY OF BUILDING AND CARING FOR COMMUNITIES.
Riba-Free Islamic Bankers are Required by Their Faith and Beliefs and are Expected to Adhere to the Strict codes of the Quraan, the Traditions of all God's Prophets including Prophets Moses, Jesus and Muhammad (S).
For a detailed study on Corporate Governance in Islam please Click Here
Gold and Silver were the foundations of Pricing, for example, Market Zakah and Dowery (Marriage Gift to the Spouce.) Many Central Banks & Th Feds Still refer to Gold as a Reference Standard. For More Details Please Click Here
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Islamic Banking Network International, IBNI, web site is an independent web site that is owned by a not-for-profit organization. Neither the organization nor the its officials necessarily guarantee nor are familiar with the intricacies of operations and/or claims and sales tools of any of the institutions advertised. The visitors and readers are STRONGLY ADVISED to investigate and exercise prudence as well as legal and accounting advise from their attorney and CPA before they deal with any of these institutions. This site is intended to present to the visitors an integrated look and a conceptual understanding of this new business and NOT an investment or banking services advices. This is NOT an offer to sell and/or promote investments &/or securities in the US or anywhere in the world.
Has been visitted since Feb 2008