Question

Islamic scholars assert that all financial transactions should be based on real economic activity. Explain what...

  1. Islamic scholars assert that all financial transactions should be based on real economic activity. Explain what is meant by this statement and show how Islamic banking is different from traditional banking.
0 0
Add a comment Improve this question Transcribed image text
Answer #1




If you consider this answer is helpful for your studies, please rate this answer.....

Add a comment
Know the answer?
Add Answer to:
Islamic scholars assert that all financial transactions should be based on real economic activity. Explain what...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Explain why it is important that financial statements should reflect the substance of the underlying transactions...

    Explain why it is important that financial statements should reflect the substance of the underlying transactions and describe the features that may indicate that the substance of a transaction may be different from its legal form.Explain why it is important that financial statements should reflect the substance of the underlying transactions and describe the features that may indicate that the substance of a transaction may be different from its legal form.Explain why it is important that financial statements should reflect...

  • Explain the net export effect of an expansionary monetary policy 6. What is a monetary rule? And what is the purpose of a monetary rule? If the current inflation rate is 2%, the real equilibrium...

    Explain the net export effect of an expansionary monetary policy 6. What is a monetary rule? And what is the purpose of a monetary rule? If the current inflation rate is 2%, the real equilibrium federal fund rate 1.5%, target rate of inflation 2.5%, actual GDP $11 trillion, and potential GDP $ 15 trillion what should be the federal fund target rate? On what theory is this rule based? 7. What is quantitative easing ? And explain how QE can...

  • Normative economic statements are economic policy goals. Equity goals are based on what happens--the fairness of...

    Normative economic statements are economic policy goals. Equity goals are based on what happens--the fairness of outcomes. Efficiency arguments are based on how it happens--maximizing the social value of output. We will do equity arguments this week. A compelling normative argument usually contains some positive (factual) supportive statements. Consider these equity statements:                 Statement One: It is acceptable to use GDP to measure output but it should not be used as a measure of well-being since this is unfair to those...

  • How many periods should be shown in a complete set of financial statements? Is there a...

    How many periods should be shown in a complete set of financial statements? Is there a difference between the financial statements (as in one financial statement might require a different number of periods than a different financial statement). What is the complete definition for determining whether an asset or liability should be classified as current or non-current (time period and exception)? Think back to Principles I or Intermediate I. What is the difference in appearance/approach for the indirect method and...

  • 1. What is Activity-based budgeting? How does it differ from traditional budgeting systems? 2. List and...

    1. What is Activity-based budgeting? How does it differ from traditional budgeting systems? 2. List and explain 3 benefits of budgeting 3. List and explain 2 of the negative outcomes of budgeting. 4. What information does the sales budget provide for a company? 5. What information does the production budget provide for a company? 6. What information does the direct materials budget provide for a company? 7. What information does the direct labor budget provide for a company? 8. What...

  • essay questions 1. Explain what is meant by “Accrual Accounting” and “Cash-based Accounting”, giving an example...

    essay questions 1. Explain what is meant by “Accrual Accounting” and “Cash-based Accounting”, giving an example of a transaction and its handling under the two different accounting systems. (Chapter 3, Section 5.4.1 and in- class examples). 2. What is “Basic EPS” and how is it calculated? Is this number a good indicator for future company profitability? (Chapter 4, Section 6.2) 3. What is “Common-Size Analysis” of the Income Statement and why do we need it? (Chapter 4, Section 7.1)

  • Hello, thanks for helping compare. 3) Which of the following is NOT a characterization of activity-based...

    Hello, thanks for helping compare. 3) Which of the following is NOT a characterization of activity-based costing? Select one: A. identifying all resources used by activities regardless of how individual costs behave in the short run B. identification of only variable costs C. using the cost hierarchy to allocate costs to products D. identification of all costs used by activities 4) Indications that a product cost system needs revision include Select one: A. the company uses a single allocation base...

  • What are the differences between the financial and managerial accounting? Discuss. Financial accounting is a language...

    What are the differences between the financial and managerial accounting? Discuss. Financial accounting is a language used for communicating financial information that helps users make better economic decision. Discuss. What is meant by the accrual basis of accounting? Discuss. What are the differences between sole proprietorship, partnership, and corporations? Financial accounting information should have some characteristics in order to enhance the decision making. Discuss. Discuss how the choice of depreciation method can be used as a tool to increase reported...

  • Briefly explain what the greenhouse effect is and how it affects all life on our planet....

    Briefly explain what the greenhouse effect is and how it affects all life on our planet. Additionally, what are two pieces of evidence introduced in class that demonstrate climate change is “real”? Explain what happens with the total energy of the system at different trophic levels, indicating how much energy is transferred from one level to the next. Add a pesticide to your food chain and explain what happens with certain persistent chemical residues at different trophic levels.

  • ctivity-Based Costing, Activity Identification, Activity Dictionary Golding Bank is in the process of implementing an activity-based...

    ctivity-Based Costing, Activity Identification, Activity Dictionary Golding Bank is in the process of implementing an activity-based costing system. A copy of an interview with the manager of Golding's Credit Card Department follows. QUESTION 1: How many employees are in your department? RESPONSE: There are eight employees, including me. QUESTION 2: What do they do (please describe)? RESPONSE: There are four major activities: supervising employees, processing credit card transactions, issuing customer statements, and answering customer questions. QUESTION 3: Do customers outside...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT