Islamic Financial Planning
In Islamic Financial System, there are certain guidelines and rules that the organizations have to follow. As far as this chapter is concern, we only discuss on two types of financing mode which are Islamic Investment and also Insurance (Takaful). Islamic investment can be in the form of unit trusts, securities such as shares and Islamic bonds and so on. As mentioned before, there are several principles that the organizations have to comply with. In the Islamic Investment, the transactions or activities must be dealt with the ethical sectors only. Ethical sectors means that when the organization make an investment, they have to invest their wealth in a permissible activities. This is because the profit that they are going to earn should not come from the unlawful activities such as gambling, production of liquor, pornography and etc.
- Takaful Act. (1984), at S. 8(5)(b), repealed by the Islamic Financial Services Act (2013).Google Scholar