What is AAOIFI

AAOIFI is abbreviated of

 Accounting and Auditing Organization for Islamic Financial Institutions
  is a Bahrain based not-for-profit organization that was established to maintain and promote Shariah standards for Islamic financial Institutions, participants and the overall industry. The Commission also organizes a number of professional development programs (especially the Islamic legal accountant program and the observer program and forensic auditor) in their effort to upgrade the human resources working in the industry and the development of governance structure controls the institutions,

Ijarah (Leasing)

Ijarah is a term of Islamic fiqh. Lexically, it means "to give something on rent". In the Islamic jurisprudence, the term "Ijarah" is used for two different situations.

1) In the first place, it means "to employ the services of a person on wages given to him as a consideration for his hired services." The employer is called "Mustajir" while the employee is called "Ajir", while the wages paid to the Ajir are called "Ujrah".

2)  The second type of Ijarah relates to the usufructs of assets and not to the services of human beings."Ijarah" in this sense means "to transfer the usufruct of a particular property to another person in exchange for a rent claimed from.him" In this case, the term ijarah is analogous to.the english term leasing. Here, the lessor is called mujir and the lessee is called Mustajir and the rent payable to lessor is called Ujrah: However, there are many difference between leasing contract of conventional Bank and Ijarah, which will be discused in detail.

Basic Rules:

                       The basic rules of ijarah are as follows:

1)  Transferring of usufruct not ownership
          In leasing the owner transfer its usufruct to another person for an agreed period, at an agreed consideration.

2) Subject matter of lease
          The subject matter of lease should be valuable identified and quatified.

3) All consumable things cannot be leased out.
          The corpus of leased property remains in the ownership of the seller and only its usufruct is transferred to the lessee. Thus, anything which cannot be used without consuming, cannot be leased out. For example money, wheat etc.

4) All liabilities of ownership is borne by lessor

        As the corpus of the leased property remains in the ownership of the lessor so all the liabilities emerging from the ownership shall be borne by the lessor.

5) Period of lease

       The period of lease must be determined in clear term.
       It is necessory for a valid lease that the leased asset is fully identified by the parties.



To be countined.........

Islamic Banking (Modern Way of Banking).

Islamic Banking and Finance- Global growth trends.
Islamic banking and finance growth has generated considerable interest in the financial world in recent years. The concept of Islamic banking has received encouraging response from different corners of the globe as one discovers its ideological dimensions and practical significance.
Given its ability to offer innovative financial solutions for basic financial needs in under-served markets espacially in the Muslim world and to meet complex financial requirements of the modern times, it is seen as a socially responsible and ethical banking model with considerable growth potential. In the Muslim world and increasingly in the West,  significant segments statements of the institutional and retail markets are choosing Islamic finance for their financing and investment needs. Islamic financial system also draws its strength from it being asset backed nature and directly linkage to the real economic transactions and avoidance of any element of interest and speculative activity.

Understanding the difference:

When we look at the difference between Islamic Financial Institutes and the interest based conventional institutions, we find out that the differences are on three levels:
1. Conceptual and Socio religious level.
2. Business model and governing framework.
3. Product Level Implementation.

Without a clear understanding of these differences, some people, even experts tend to make a common mistake of equating Islamic banks with other conventional banks with mere change of name.

Key difference.

1. In a conventional Bank the relationship between the bank and customer is that of creditor and debtor and any benefit available to either party falls under the ambit of interest since it is a gain on Debt/Loan. In Islamic Banking, the relationship between bank and customer differ as per the modes of finance and the nature of the facility.
2. In Sale based transaction modes, Islamic Banks and the customer assume the role of seller and buyer respectively and any benefit available to either party is profit on Sale Transaction.
3. In rental based modes, the relationship between Islamic bank and customer is that Lessor and Lessee respectively and any benefit available to bank is in the form of Rent.
4. In Participation based modes,  the relationship between Islamic bank and customer is that of partnership and the gain is taken by either party is profit on Musharakah.
In Service based mode, the relationship between Islamic bank and customer is of Mustajir (Service Provider) and Ajeer( To whom service is given) respectively and Islamic bank gets remuneration in the form of fees(Ujrat).

Islam

ISLAM

• Istalam is kissing of Hajr Aswad.

• Islam has 2 major sects.

• There are 5 fundaments of Islam.

• 2 types of faith.

• 5 Articles of faith.

• Tehlil means the recitation of Kalima.

• Deen-e-Hanif is an old name of Islam.

• First institution of Islam is Suffah.

• Haq Mahar in Islam is fixed only 400 misqal.

• Ijma means ageing upon any subject.

• Qayas means reasoning by analogy.

• There are four schools of thought of Islamic Law.

• Janatul Baki is situated in Madina.

• Masjid-e-Hanif is located in Mina.

• JANAT UL MOALA is a graveyard in MECCA.

• Qazaf: false accusation of adultery punishable with 80 lashes.

• Lyla-tul-Barrah means the Night of Forgiveness.

• Karam-un-Katibin means Illustrious writers.

• Oldest mosque on earth is Kaabatullah.

• 1st Kalima=Tayyab, 2nd =Shahadat, 3rd =Tamjeed, 4th =Tauheed, 5th =Astaghfar, 6th =Rad-e

   Kufar

• Qiblah means anything in front.

• Saabi is one who changes his religion.

• Sidrat-ul-Mantaha means last tree of the Eternity.

• Jaabi is one who collects Zakat.

• First collection of Ahadith is Sahifah-e-Saadiqa.

• Saying of Prophet are called Wahi Ghair Matlloo.

• In iman-e-Mufassal essential beliefs are 7 in number.

• The most exalted angels are four.

• Greatest angel as per Islam is Jibra’eel.

• Each human being is attended permanently by two angels.

• Barzakh: time period between death and Day of Judgment.

• Another name of surah Ali-Isra is bani Israel.
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BATTLES

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BATTLES

• First Ghazwa is Widdan or Abwa in 1 A.H

• 624 Battle of Badr.2hij

• 625 Battle of Uhad. 3hij

• 626 Battle of Rajih.4hij

• 627 Battle of Khandaq (Ahzab).5hij

• 628, Treaty of Hudaibiya, Hazrat Khalid bin Walid Accepted Islam, Conquest of Khyber.6hij

• 629, Battle of Mutah, Preaching of Islam to various kings.7hij

• 630, Battle of Hunain, Conquest of Makkah.8hij

• 631, Battle of Tabuk. 9hij

• 632, Hajjat-ul-Wida.10hij

• 680, Tragedy of Karballah.61hij

• Badr is a village.

• Battle of Bard was fought on 17th Ramzan.

• Battle of Uhd was fought on 5th Shawal.

• Battle Badar Ghazwa is named as Furqan.

• Uhd is a hill.

• Yom-ul Furaqn is called to Yom ul Badar.

• Fath Mobeen is called to Sulah Hudaibiah.

• Number of soldiers in Badar, Muslim 313 Kufar 1000

• After Badr conquest, Prophet stayed for 3 days there.

• Badr was fought for 3 times.

• Martyr of Badr Muslims 14 Kufar 70

• Leader of the Kufar in this battle was Abu Jahl.

• Number of Muslim martyrs in the battle of Uhad 70

• In Uhad quraish were laid by Abu Sufwan.

• In Uhad number of Muslim soldiers 1000 kufar 3000.

• Ahzab means Allies.

• Ditch dug on border of Syria with help of 3000 companions in 2 weeks.

• Muslim strength 1600.

• Khyber was captured in 20 days.

• During Ghazwa Bani Nuzair wine was prohibited.

• The battle of Khandaq is also known an battle of Ahzab.

• Conquest of Makkah was took place on 20 Ramzan.

• Battle in which prophet not participated is known as Saria.

• Hazrat Hamza was the first commander of Islamic Army.

• In Uhd battle Muslim women participated firstly.

• Battle of Mauta was the first non Arab War.

• 3000 was the number of musims at the battle of Ditch.

• 10,000 at the conquest of Makkah.

• 30,000 at the time of Tabuk.

• Last Ghazwa- Tabuk.

• For 20 days Prophet stayed at Tabuk.

• Total number of Sarias is 53 or 56.

• Porphet was the commander in the expedition of Tabuk.

• First Islamic Non Arab was battle of Mautta 8. A.H..

• The person killed by the Holy Prophet was Ubay Bin Kalf.

• In Battle of Uhad, the teeth of Holy Prophet were martyred.

• Khalid bin Walid was titled Saif-ul-Allah in battle Moata.

• Abu Jahal was killed in Battle of Badr by Maaz (add)

• In Hudabiya Sohail bin Amru represented Quraysh.

• Battle of Hunain fought b/w Muslims and Hawazin Tribe.

• Batttle of Tabuk was against the Roman Emperor Heraclius.

• The first Shaheed (Martyr) was Amaar bin Yaasir

• First female martyr: Summaya (mother of Amaar bin Yaasir)

• The first person to be martyred in the Battle of Badr was the freed slave of Hazrat Umar : Muhaj’jah

• Khalid bin Walid was removed from the service in the reign of Hazrat Umar Farooq (RA). He was removed in 17 A.H.

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• Battle of chains was fought b/w Persians and the Muslims.

• Umar bin Abdual Aziz is considered as the 5th Khalifa.

• Abdul Malik was the poet ruler of Ummaya.

• Karballa took place on 10th Muharram 61 A.H/ 680 A.D

• Salahuddin Ayubi was of Abbasid dynasty.

• Halaku Khan came to power after Abbasids.

• Al Qanun was written by Ibn-i-Sina.

• Ibn Khuldun is called founder of sociology.

• Tahafut-al-Falasifah was written by Al-Khazali.

• Halaku Khan sacked Baghdad in 1258 A.D.

• Al Shifa a book on philosophy was written by Ibn Sina.

• prophet stayed at Makkah for 53 years & in Medina 10 years

• Mubha: an act which brings neither blessings nor punishment.

• Naval Commander of Islam, Abu Qays under Hazrat Usman

• Battle of Camel was fought b/w Ali and Hazrat Aysha.

• Hazrat Khalid bin Walid accepted Islam in 8th A.H.

• Hazrat Ali established Bait-ul-Maal.

• During the caliphate of Umar (RA) Iran was conquered.

• Abu Hurairah has reported largest number of Ahadith.

• Masjid Al Aqsa is the first Mosque ever built on the earth.

• Sindh was conquered during the reign of Walid 1.

• Kharajit is the earliest sect of Islam.

• Battle of Yermuk was fought in 634 A.D.:

• Khyber conquest made in 7th Hijra (628 A.D)

• The Ghazwa in which the Holy Prophet Pbuh missed four prayers was Ghazwa Khandaq.

• First woman martyr Samiya by Abu Jahl.

• First man martyr Haris bin Abi Hala.

• Jihad means to strive hard.

• Jihad made obligatory in 2nd A.H.

• The battle was forbidden in Arabs in the month of Muharam.

• Ghazwa Badr is named as Furqan.

• Ohad is located near Madina.

• Ohad is 3 miles from Madina.

• Abdullah bin Ubai accompanied with 300 men.

• 50 archers were posted to protect the pass in Ohad mountain.

• Ummay Hakeem was grand daughter of Abu Jehl.

• Banu Nuzair tribe settled in Khyber after expelled from Madina.

• Prophet dug a trench along the border of Syria.

• 3000 men dug the ditch.

• In battle of Ahzab a piercing blast of cold wind blew.

• Khyber is located near Madina at 200 km distance.

• The centre of Jewish population in Arabia was Khyber.

• Against Khyber muslim army was 1600 men strong.

• Khyber was captured in 20 days.

• Khyber is located near the border of Syria.

• Moata was situated in Syria.

• Army of 3000 men was sent to Moata under Zaid bin Haris.

• After the death of Zaid bin Haris Hazrat Jaafiar was made the army leader at Moata.

• Under Khalid’s leadership, battle of Moata was won.

• Battle of Moata took place in 8 Hijra.

• Tribe of Khuza joined Muslims after Treaty of Hudaibia.

• Battle of Hunain fought in 8 Hijra.

• Muslim army for Hunain was 14 thousand.

• Siege of Taif was laid in 9 A.H.

• Tabook expedition took place in 9 A.H.

• In 9 A.H there was famine in Hijaz.

• In 9 A.H there was scarcity of water in Madina.

• In Quran Tabook expedition is called expedition of straitness.

• Conquest of Makkah is called Aam-ul-Fatah.

• Ghazwa-e-Tabook was fought in 9 A.H.

• Hazrat Abbas was made prisoner of war in Badr.

• Abu Jehl was killed by Ma-ooz and Ma-aaz.

• The leader of teer-andaz at Jabale-e-Yahnene in the battle of Ohad was Abdullah bin Jabeer.

• Comander of infidels in Ohad was Abu Sufyan.

• Battle of Tabook came to an end without any result.

• 2 weeks were spent to dig the ditch.

• In a battle of Trench Hazrat Safia killed a jew.

• Qamoos temple was conquered by Ali during Khyber war.

• For battle of Tabook, Abu Bakr donated all his belongings.

• In the battle of Ditch, the wrestler named Umaro bin Abad-e-Wad was killed by Ali.

• In Hunain Muslims were in majority than to their enemy:

• Hazrat Jaafar was martyred in Moata war.

• In Tabook ghazwa muslims returned without a fight.

• Gazwa Widdan was fought in the month of Zil-Hajj 1 A.H.

• In Hunain battle Prophet was left alone.

• The participants of Battle of Badar were bestowed with highest reward by Allah.

• In Badr martyrs were Muhajirs=6 & Ansars=8.

• In the battle of Taaif, catapult was used first time by Muslims.

• Against the Syrian tribe the battle of Al-Ghaba was waged.

• First Sariya Ubaidah bin Haris was fought at Rabakh in 1 A.H.

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• Last Sariya Hazrat Saad bin Abi Waqqas was fought at Syria in 11 A.H.