84-714: Salala may refer to: Salalah , a city in Oman Salala District , in Liberia Salala Village , in Jalandhar, India Salala, Bong County , Liberia Salala, Pakistan , a mountain ridge on the Afghanistan-Pakistan boundary Salala (band) , an a capella musical trio from southern Madagascar Salala, the childhood name of Empress Jitō [REDACTED] Topics referred to by
168-687: A "bad taste" was left "in the mouth" of the market for Islamic financial products. The Islamic Bank of Britain , the first Islamic commercial bank established outside the Muslim world, was not established until 2004. By 2008 Islamic banking was growing at a rate of 10–15% per year and continued growth was forecast. There were over 300 Islamic financial institutions spread over 51 countries, as well as an additional 250 mutual funds complying with Islamic principles. Worldwide, approximately 0.5% of financial assets were estimated to be under Sharia-compliant management according to The Economist magazine. But as
252-423: A Rial to 2 Rials depending on the distance to destination. Taxis are color-coded orange and white and provide semi-personal transportation in the form of both individual hire and the same opportunistic roadway service as Baisa buses, which are not as popular in the city. Minibuses, colour-coded orange and white, are unmetered like taxis, after several government initiatives to introduce meters were rejected. The fare
336-459: A fatwa stating they had "no objection to the use of the term 'interest'" in loan contracts for purposes of tax avoidance provided the transaction did not actually involve riba , and the Islamic bankers used the term for fear that lack of tax deductions available for interest (but not profit) would put them at a competitive disadvantage to conventional banks. Muslim customers were not persuaded, and
420-415: A minority of Islamic scholars ( Muhammad Abduh , Rashid Rida , Mahmud Shaltut , Syed Ahmad Khan , Fazl al-Rahman, Muhammad Sayyid Tantawy and Yusuf al-Qaradawi ) have questioned whether riba includes all interest payments. Others (Muhammad Akran Khan) have questioned whether riba is a crime like murder and theft, forbidden by Sharia (Islamic law) and subject to punishment by human beings, or simply
504-646: A new campus worth 25 million OR . British School Salalah was founded in 1970. The school follows the National Curriculum of England and Wales, and offers schooling to children from Reception to Year 10 (Year 11 from August 2021). It is also situated in Dahariz next to the Indian School and Pakistani School. The Indian School Salalah , established in 1981, is an Indian-run, self-financing, co-educational institution, primarily established to meet
588-742: A number of Arabic radio channels. In Salalah almost all TV channels are available. Islamic banking Islamic banking , Islamic finance ( Arabic : مصرفية إسلامية masrifiyya 'islamia ), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics . Some of the modes of Islamic finance include mudarabah (profit-sharing and loss-bearing), wadiah (safekeeping), musharaka (joint venture), murabahah (cost-plus), and ijarah ( leasing ). Sharia prohibits riba , or usury , generally defined as interest paid on all loans of money (although some Muslims dispute whether there
672-461: A number of Islamic banks formed to apply these principles to private or semi-private commercial institutions within the Muslim community. Their number and size has grown, so that by 2009, there were over 300 banks and 250 mutual funds around the world complying with Islamic principles, and around $ 2 trillion was Sharia-compliant by 2014. Sharia-compliant financial institutions represented approximately 1% of total world assets, concentrated in
756-456: A problem for borrowers finding funds, because – according to Usmani – it is in part to discourage excessive finance that Islam forbids interest. Zubair Hasan argues that the objectives of Islamic finance as envisaged by its pioneers were "promotion of growth with equity ... the alleviation of poverty ... [and] a long run vision to improve the condition of the Muslim communities across the world." Some (such as convert Umar Ibrahim Vadillo) believe
840-573: A similar vein, Mahmoud El-Gamal states that Islamic finance "is not constructively built from classical jurisprudence". It follows conventional banking and deviates from it "only insofar as some conventional practices are deemed forbidden under Sharia." A broader description of its principles is given by the Islamic Research and Training Institute of the Islamic Development bank , The most important feature of Islamic banking
924-512: A sin to be inveighed against, with the reprimand left to God, since "neither the Prophet nor the first four caliphs nor any subsequent Islamic government ever enacted any law against riba ." With an increase in the Muslim population in Europe and the current lack of supply, opportunities will arise for the important role which Islamic finance plays in Europe's economy. In particular, Luxembourg
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#17327725671181008-466: A walkout when they were denied it. When the upset members of parliament returned, their leader (Sahibzada Fazal Karim), stated that since the Pakistan Council of Islamic ideology had decreed that interest in all its forms was haram (forbidden) in an Islamic society, no member of parliament had the right to "negate this settled issue". The council's decree notwithstanding, over the years
1092-405: A war with Allah and His Messenger! But if you repent, you may retain your principal—neither inflicting nor suffering harm. If it is difficult for someone to repay a debt, postpone it until a time of ease. And if you waive it as an act of charity, it will be better for you, if only you knew. According to the orthodox, an "increase over the principal sum" in loans of cash are riba. An increase over
1176-433: Is a consensus that interest is equivalent to riba ). Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also haram ("sinful and prohibited"). These prohibitions have been applied historically in varying degrees in Muslim countries/communities to prevent un-Islamic practices. In the late 20th century, as part of the revival of Islamic identity,
1260-535: Is different from Wikidata All article disambiguation pages All disambiguation pages Salalah Salalah ( Arabic : صَلَالَة , romanized : Ṣalālah ) is the capital and largest city of the southern Omani governorate of Dhofar . It has a population close to 331,949. Salalah is the third-largest city in the Sultanate of Oman , and the largest city in the Dhofar province. Salalah
1344-533: Is emerging as a leader and hub for Islamic funds. While revivalists like Mohammed Naveed insist Islamic Banking is "as old as the religion itself with its principles primarily derived from the Quran", secular historians and Islamic modernists see it as a modern phenomenon or " invented tradition ". It is argued that the fundraising business of Zubayr ibn al-Awwam was practically Banking with zero interests. Zubayr pioneering this practice by technically modified
1428-604: Is in Salalah ; which is claimed to be the "longest grave in the world" (12 metres). Salalah is known as the home of some of the best football clubs in Oman. In total, Salalah has four sport clubs based in the city: Salalah Club , Al-Ittihad , Al-Nasr , and Dhofar (the most successful club in the League with 11 trophies). Dhofar F.C. have been nicknamed as " Al-Zaeem ", or "The Leader(s)", due to their enormous success in both
1512-578: Is left to Allah. As for those who persist, it is they who will be the residents of the Fire. They will be there forever. Allah has made interest fruitless and charity fruitful. And Allah does not like any ungrateful evildoer. Indeed, those who believe, do good, establish prayer, and pay alms-tax will receive their reward from their Lord, and there will be no fear for them, nor will they grieve. O believers! Fear Allah, and give up outstanding interest if you are ˹true˺ believers. If you do not, then beware of
1596-413: Is located at Port Raysut (Salalah). It can accommodate large vessels up to 18m draft. It is the main container tran-shipment terminal of the region. This port is operated and managed by Salalah Port Services Company (S.A.O.G.). The port also welcomes cruise liners and luxury ships. The English-language radio stations are Hi FM and Merge, which are the only English-language stations in Oman. There are also
1680-466: Is set by way of negotiation, although drivers usually adhere to certain unwritten rules for fares within the city. One should always find out the normally accepted fare for one's journey from one's hotel or host before looking for a taxi. The Port of Salalah is one of the deepwater ports in Oman and also eleventh-busiest transshipment port in the world, second-busiest port in the Middle East, which
1764-416: Is that it promotes risk sharing between the provider of funds (investor) on the one hand and both the financial intermediary (the bank) and the user of funds (the entrepreneur) on the other hand ... In conventional banking, all this risk is borne in principle by the entrepreneur. Some proponents (Nizam Yaquby) believe Islamic banking has more far reaching purposes than conventional banking, and declare that
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#17327725671181848-619: Is the basis of Islamic finance) was demonstrated in Pakistan—when a minority (non-Muslim) member of the Pakistani parliament questioned it, pointing out that a scholar from Al-Azhar University , (one of the oldest Islamic Universities in the world), had issued a decree that bank interest was not un- Islamic . His statement resulted in "pandemonium" in the parliament, a demand by members of leading Islamist political party to immediately respond to these allegedly derogatory remarks, followed by
1932-460: Is the birthplace of former Omani Sultan Qaboos bin Said . Salalah attracts many tourists from other parts of Oman and from abroad during the monsoon / khareef season, from June to September. The climate of the region and the monsoon allow the city to grow some vegetables and fruits like coconut and bananas. There are many gardens within the city where these vegetables and fruits grow. Salalah
2016-451: Is the official foreign language and the most spoken language of the expats . Malayalam is another popular language and together with Tamil , Telugu , along with Urdu , Hindi , European Spanish , Catalan , Romanian and Somali are widely spoken language among expatriates. Job APM Terminals , part of the A. P. Moller-Maersk Group of Denmark, manages the Port of Salalah ; one of
2100-505: Is the venue where Saudi national football team , and the Omani national team first met in Salalah on August 12, 2009. The most popular sport played among the youth is by far football. It is very normal to see a group of boys and young men from around the area playing in makeshift fields in parking lots, or in a large open area. Beach football is also a common sight to see along the beach in
2184-466: Is to offer students a solid grasp of the English language so that they may go on to complete further studies in important sectors such as I.T. and Communication and Design. Salalah is also home to a private university, Dhofar University which is one of the largest in the region. It has significant shares owned by Mustahil Al-Mashani, uncle of Sultan Qaboos bin Said. Recently the university has constructed
2268-479: The Gulf Cooperation Council (GCC) countries, Bangladesh , Pakistan , Iran , and Malaysia . Although Islamic banking still makes up only a fraction of the banking assets of Muslims, since its inception it has been growing faster than banking assets as a whole, and is projected to continue to do so. The industry has been lauded for returning to the path of "divine guidance" in rejecting
2352-753: The Nile Delta town of Mit Ghamr , did not specifically advertise its Islamic nature for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the Gamal Nasser regime . Also in that year the Pilgrims Saving Corporation was founded in Malaysia (although not a bank, it incorporated basic Islamic banking concepts). The Mit Ghamr experiment was shut down by the Egyptian government in 1968. Nonetheless, it
2436-708: The Omani League , and in the Sultan Qaboos Cup . Dhofar have also have an adequate number of trophies in sports like volleyball , and handball . Al-Nasr have also been known for their great success in football , winning the Omani League five times, and the Sultan Qaboos Cup 4 times. Al-Nasr, like Dhofar, have also been successful in other sports such as hockey , basketball , volleyball, and handball. Salalah currently has two stadiums,
2520-566: The Salalah Sports Complex (also known as the "Youth Sports Complex"), which is the only multi-purpose stadium in Salalah. The newer, Al-Saadah Stadium is the newly built stadium in Al-Saada district of Salalah devoted to football. Incorporated in the walls of the sports complex apart from the football stadium is a hockey field, tennis court , Olympic swimming pool , and indoor volleyball/basketball court. Al-Saada Stadium
2604-461: The Sunni sect of Islam. There is also a considerable population of Hindus , Christians , Buddhists , and Sikhs in the expatriate community. Arabic is the official language. The unofficial, unwritten non-Arabic language known as Shehri is the second most spoken language and the mother tongue of many in Salalah and its surrounding areas, with 25,000 estimated speakers as of 1993. English
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2688-418: The "forbidden usury" refers to charging extra for late payment ( late fees ), and the "they" refers to non-Muslims who did not understand why if the first was allowed both were not. For this reason (according to Usmani) it is not true that "whenever price is increased taking the time of payment into consideration, the transaction comes within the ambit of interest". Instead of "principal" and "interest rate",
2772-493: The "guiding principles" for Islamic finance include: "fairness, justice, equality, transparency, and the pursuit of social harmony", although others describe these virtues as the natural benefits of following Sharia. (Taqi Usmani describes the virtues as guiding principles in one section of his book on Islamic Banking, and benefits in another.) Nizam Yaquby, for example declares that the "guiding principles" for Islamic finance include: "fairness, justice, equality, transparency, and
2856-515: The "political and economic dominance" of the West, and noted as the "most visible mark" of Islamic revivalism; its most enthusiastic advocates promise "no inflation, no unemployment, no exploitation and no poverty" once it is fully implemented. However, it has also been criticized for failing to develop profit and loss sharing or more ethical modes of investment promised by early promoters, and instead merely selling banking products that "comply with
2940-529: The 'toxic assets' built up on the balance sheets of US banks as these were not Sharia-compliant and not owned by Islamic banks. In 2009, the official newspaper of the Vatican ( L'Osservatore Romano ) put forward the idea that "the ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service". (The Catholic Church forbids usury but began to relax its ban on all interest in
3024-603: The 16th century.) However, the drop in valuation of real estate and private equity – two segments heavily invested by Islamic firms – following the collapse of Lehman Brothers Islamic did hurt Islamic financial institutions. As of 2015, $ 2.004 trillion in assets were being managed in a Sharia-compliant manner according to the State of the Global Islamic Economy Report. Of these $ 342 billion were sukuk . The market for Islamic Sukuk bonds in that year
3108-524: The 20th century, Islamic revivalists/Islamists/activists worked to define all interest as riba , to enjoin Muslims to lend and borrow at "Islamic Banks" that avoided fixed rates. By the 21st century this Islamic Banking movement had created "institutions of interest-free financial enterprises across the world". Loans are permitted in Islam if the interest that is paid is linked to the profit or loss obtained by
3192-539: The Al-Haffa district. Another popular sport in Salalah is volleyball. Although not as popular as football the game is frequently played, special in the beach of Salalah. Currently Salalah has two colleges, the Salalah College of Technology and Salalah College of Applied Science, both of which are government owned and sponsored. The Salalah College of Applied Sciences incorporates an English Department. Its aim
3276-633: The Americas, Africa, Asia and Australia. There is also a direct weekly flight from and to Kochi , Kozhikode (Calicut), and Thiruvananthapuram operated by Air India Express for the Malayalee expatriates. During the Khareef Season (Monsoons) there are weekly flights to other international destinations including Sweden and Turkey . There are also transit flights to almost all countries. The new International airport opened on 15 June 2015 and
3360-706: The Citi Islamic Investment Bank in Bahrain. The first successful benchmark for the performance of Islamic investment funds was established in 1999, with the Dow Jones Islamic Market Index (DJIMI). Also in the 1990s, a false start was made in Islamic banking in the UK, where bankers declared returns "interest" for tax purposes, while insisting to depositors they were actually "profit" and so not riba . Islamic scholars issued
3444-634: The International Economic Conference in London in 1977) were instrumental in applying the application of theory to practice for the first interest-free banks. At the First International Conference on Islamic Economics, "several hundred Muslim intellectuals, Sharia scholars and economists unequivocally declared ... that all forms of interest" were riba . By 2004, the strength of this belief (which
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3528-586: The Islamic banking movement has so far failed to follow the principles of Sharia law, or at least failed to follow them sufficiently strictly. On the other hand, Usmani preached that an Islamic economy free of the "imbalances" in society – such as concentration of "wealth in the hands of the few", or monopolies which paralyze or hinder market forces – would follow from obeying "divine injunctions" by banning interest (along with other Islamic efforts). (Later in his book Introduction to Islamic Finance , he argues that Islamic principles should include "the fulfillment of
3612-585: The Islamic banking sector, and since 1975 it has spread globally. In 1975, the Islamic Development Bank was set up with the mission to provide funding to projects in the member countries. The first modern commercial Islamic bank, Dubai Islamic Bank , was established in 1979. The first Islamic insurance (or takaful ) company – the Islamic Insurance Company of Sudan – was established in 1979. The Amana Income Fund,
3696-485: The Islamic banking theory of finance is: "Money has no intrinsic utility; it is only a medium of exchange." Other restrictions include In general, Islamic banking and finance has been described as having the "same purpose" as conventional banking but operating in accordance with the rules of Sharia law (Institute of Islamic Banking and Insurance), or having the same "basic objective" as other private entities, i.e. "maximization of shareholder wealth" (Mohamed Warsame). In
3780-859: The Muslim world. The first Muslim majority-owned banks did not emerge until the 1920s. An early market economy and an early form of mercantilism , sometimes called Islamic capitalism , was developed between the eighth and twelfth centuries. The monetary economy of the period was based on the widely circulated currency the gold dinar , and it tied together regions that were previously economically independent. A number of economic concepts and techniques were applied in early Islamic banking, including bills of exchange , partnership ( mufawada , including limited partnerships , or mudaraba ), and forms of capital ( al-mal ), capital accumulation ( nama al-mal ), cheques , promissory notes , trusts (see Waqf ), transactional accounts , loaning , ledgers and assignments . Muslim traders are known to have used
3864-523: The Ottoman Empire. Still another source (International Business Publications) states that during the "Islamic Golden Age" the "common view of riba among classical jurists" of Islamic law and economics was that it was unlawful to apply interest to gold and silver currencies, "but that it is not riba and is therefore acceptable to apply interest to fiat money – currencies made up of other materials such as paper or base metals – to an extent." In
3948-512: The Quran). Prohibition of gharar is based on ahadith declaring as forbidden gharar the sale of things like "the birds in the sky or the fish in the water". Maisir is thought to be banned by verses 2:219, 5:90, and 91 in the Quran. However, "the Islamic evaluation" of modern banking centers around the definition of interest on loans as riba. Twelve verses in the Qur'an deal with riba ,
4032-543: The Sultan's generally benevolent government running Oman without national taxation, thanks to its vast mineral resources, and with all menial work done by Asian labourers, Salalah saw peaceful protests for a few months in 2011 in the domino effect of the Arab Spring . Some Omani protesters demanded the dismissal of current ministers, better job opportunities, salary increases, a solution to the increasing cost of living, or
4116-551: The Virgin Mary's father but more likely a local prophet; Nabi Ayoob , the biblical Job ; Nabi Houd; and Nabi Salih. The city received more than 600,000 tourists during the khareef season in 2017. Amongst the Dhofar Governorate's cultural attractions is the Salalah carnival, which includes the usual rides, family activities, concerts, cultural events and vendors. One of Joachim 's or Al Imran 's believed graves
4200-672: The academic needs of children of Indian expatriates working in Salalah. Salalah International Airport mainly caters to domestic flights from Muscat and some International flights from India and regional Arab countries such as Q tar , U.A.E , and Saudi Arabia . Oman Air , the national airline operates five flights daily from Salalah to Muscat , the capital city and also two flights to Dubai weekly. Oman Air introduced Oman Air Pass for regular travelers between Salalah and Muscat. Qatar Airways has daily flights from Salalah to Doha connecting to over 130 destinations worldwide. Very convenient connections are available to destinations in Europe,
4284-481: The cheque or ṣakk system since the time of Harun al-Rashid (9th century) of the Abbasid Caliphate . Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced during that time. Many of these early capitalist concepts were adopted and further advanced in medieval Europe from the 13th century onwards. In
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#17327725671184368-500: The city from Salalah airport to city center and city center to Salalah port. Oman National Transport Company (Mwasalat) has started daily public bus service in Salalah from December 2018. Long-distance air-conditioned buses are operated daily from Salalah to Haima , Muscat, Nizwa , Al-Buraimi , Dubai , Al-Ain , Al-Ghaydah , Mukalla , and Seiyun , as well as PDO locations such as Marmul. Other forms of public transport popular in Salalah are taxis. Generally fares vary from half
4452-706: The credit taker is paying "cost" and "profit rate". (Another difference with conventional finance is that there is no penalty for late payment.) While Usmani and other Islamic Banking pioneers envisioned credit sales like murâbaḥah being a limited part of the Islamic Banking industry and subordinate to profit and loss sharing , it has become the "most common" mode of Islamic financing. The distinction between credit sales and interest has also come under attack from critics such as Khalid Zaheer and Muhammad Akram Khan – criticizing it from opposite points of view. Zaheer considers profit from credit sales to be riba ,
4536-497: The elimination of interest followed a "gradual process" in early Islam, "culminating" with a "fully fledged Islamic economic system" under Caliph Umar (634–644 CE). Other sources ( Encyclopedia of Islam and the Muslim World , Timur Kuran), do not agree, and state that the giving and taking of interest continued in Muslim society "at times through the use of legal ruses ( ḥiyal ), often more or less openly," including during
4620-460: The establishment of Islamic banks . The city has a hot desert climate ( Köppen climate classification BWh ), although summers are cooler than in more northern or inland parts of Oman. Salalah is very cloudy and foggy during the monsoon months of July and August, even though it receives relatively little rainfall. Khareef, خريف means "autumn" in Arabic, but it refers to monsoon when describing
4704-599: The formal requirements of Islamic law", but use "ruses and subterfuges to conceal interest", and entail "higher costs, bigger risks" than conventional ( ribawi ) banks. Although Islamic finance contains many prohibitions—such as on consumption of alcohol, gambling, uncertainty, etc. – the belief that "all forms of interest are riba and hence prohibited" is the idea upon which it is based. The word " riba " literally means "excess or addition", and has been translated as "interest", "usury", "excess", "increase" or "addition". According to Islamic economists Choudhury and Malik,
4788-450: The industry grew it also drew criticism (from M.T. Usmani among others) for not progressing from "debt-based contracts", such as murabaha , to the more "genuine" profit and loss sharing mode, but instead moving in the opposite direction, "competing to present themselves with all of the same characteristics of the conventional, interest-based marketplace". During the 2007–2008 financial crisis , Islamic banks were not initially impacted by
4872-507: The investment. The concept of profit acts as a symbol in Islam as equal sharing of profits, losses, and risks. The movement started with activists and scholars such as Anwar Qureshi, Naeem Siddiqui , Abul A'la Maududi , Muhammad Hamidullah , in the late 1940 and early 1950s. They believed commercial banks were a "necessary evil," and proposed a banking system based on the concept of Mudarabah , where shared profit on investment would replace interest. Further works specifically devoted to
4956-487: The largest city in Oman, where he lived until he quietly left for treatment in Germany. Sultan Qaboos's absence was much regretted in Salalah, where his palace was always kept ready to receive him. His last visits were in 2006 to meet influential tribal and local leaders, and in 2010 to celebrate the 40th anniversary of his accession with a massive parade watched for several hours by an estimated 100,000 spectators. Despite
5040-591: The largest ports on the Arabian Peninsula which is an important transshipment hub for container shipping in the area. The Port of Salalah is also one of the most vital ports on the peninsula connecting together Africa , the Middle East , and Asia . But the port is outside the city, to the south. It is also the largest private employer in the Dhofar region. The Salalah Free Zone, situated right beside
5124-557: The late 19th century Islamic Modernists reacted to the rise of European power and influence and its colonization of Muslim countries by reconsidering the prohibition on interest and whether interest rates and insurance were not among the "preconditions for productive investment" in a functioning modern economy. Syed Ahmad Khan , argued for a differentiation between sinful riba "usury", which they saw as restricted to charges on lending for consumption, and legitimate non- riba "interest", for lending for commercial investment. However, in
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#17327725671185208-447: The law—and guided by Islamic economics, the contemporary movement of Islamic banking and finance prohibits a variety of activities, some not illegal in secular states: Money on the most common type of Islamic financing – debt-based contracts – "must be made from a tangible asset that one owns and thus has the right to sell – and in financial transactions it demands that risk be shared." Money cannot be made from money. Another statement of
5292-489: The middle of the 20th century, some organizational entities were found to offer financial services complying with Islamic laws. The first, experimental, local Islamic bank was established in the late 1950s in a rural area of Pakistan which charged no interest on its lending. In 1963, the first modern Islamic bank on record was established in rural Egypt by economist Ahmad Elnaggar to appeal to people who lacked confidence in state-run banks. The profit-sharing experiment, in
5376-589: The money keeping service to be a loan which Zubayr obligated to pay off, while Zubayr also got privilege to manage the money he kept to do his business. The practice of Zubayr to accept deposits from peoples while not charging any interest to his clients were causing Zubayr to suffered an inflated debt of 2,000,000 Dinar during his death. However, al-Zubayr invested the deposit moneys of the clients for his own lucrative businesses, so his inheritors managed to settle his debts, while still leaving many heritage for his family. After his death, his son Abdullah ibn Zubayr sold
5460-405: The needs of the society" giving "preference to the products which may help the common people to raise their standard of living", but that few Islamic banks have followed this path.) Another source ( Saleh Abdullah Kamel ), described the changes anticipated for the Muslim community by following Islamic approach to economics, banking, finance, etc., as a "move towards economic development, creation of
5544-399: The old Airport has since then been converted into a Domestic and emergency Airport. There is a daily bus service from Deira , Dubai , UAE to Salalah at 3pm. There is daily bus service between Muscat and Salalah from many bus service providers. Salalah did not have a public transportation system within the city limits until 2018, but in 2019 Sultan Qaboos announced a bus service within
5628-643: The port, is emerging as a new center for heavy industries in the Middle East. Salalah has an international tourist economy with many Middle Eastern tourists during the Khareef season from June to September. In this season the mountains turn green, and there are many waterfalls to visit, such as at Wadi Darbat , Ain Athum, Ain Tubrook, and Ain Khor. There are four reputed tombs of Islamic prophets: Nabi Imran, possibly
5712-551: The principal sum in financing a purchase of some product or commodity is another matter. These are not riba – according to the orthodox interpretation – at least in some circumstances. (These are sometimes known as "credit sales".) According to noted Islamic scholar Taqi Usmani , this is because in Quran aya 2:275 ("they say, 'Trafficking (trade) is like usury,' [but] God has permitted trafficking, and forbidden usury") "trafficking (trade)" refers to credit sales such as murabaha ,
5796-461: The principal" of a loan. (Although at least one source states "it is commonly argued" that riba is "defined by hadith".) Those who consume interest will stand ˹on Judgment Day˺ like those driven to madness by Satan’s touch. That is because they say, “Trade is no different than interest.” But Allah has permitted trading and forbidden interest. Whoever refrains—after having received warning from their Lord—may keep their previous gains, and their case
5880-424: The property for 1.600.000 dinar . This practice was allowed according to classical scholar consensus, such as Ibn Taymiyyah in his Majmu Fatawa . According to Timur Kuran, by "the tenth century, Islamic law supported credit and investment instruments" that were "as advanced" as anything in the non-Islamic world, but prior to the 19th century there were no "durable" financial institutions "recognizable as banks" in
5964-425: The pursuit of social harmony". Some distinguish between Sharia- compliant finance and a more holistic, pure and exacting Sharia- based finance. " Ethical finance " has been called necessary, or at least desirable, for Islamic finance, as has a " gold-based currency ". Taqi Usmani declares that Islamic banking would mean less lending because it paid no interest on loans. This should not be thought of as presenting
6048-471: The region around Salalah. During this time, the brown landscape of Salalah and its surroundings are completely transformed to beautiful and lush green scenes. This provides picturesque scenes for photos. Cyclone Mekunu , which originated over the Arabian Sea, became an extremely severe cyclone before hitting the Salalah city on 25 May 2018. 200 km/was the recorded windspeed, and the city of Salalah
6132-640: The same as interest, and notes the lack of enthusiasm of orthodox scholars – such as the Council of Islamic Ideology – for credit sales-based Islamic Banking, which they (the council) call "no more than a second best solution from the viewpoint of an ideal Islamic system". Khan calls the distinction "frivolous and laboured", a way of charging interest using another name, necessary because businesses "cannot survive where cash and credit prices are equal". Others note that in terms of standard accounting practice and truth-in-lending regulations getting 90 days credit on
6216-424: The same term This disambiguation page lists articles about distinct geographical locations with the same name. If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Salala&oldid=1121697737 " Category : Place name disambiguation pages Hidden categories: Short description
6300-725: The subject of interest-free banking were authored by Muhammad Uzair (1955), Abdullah al-Araby (1967), Mohammad Najatuallah Siddiqui , al-Najjar (1971) and Muhammad Baqir al-Sadr . The involvement of institutions, governments, and various conferences and studies on Islamic banking (Conference of the Finance Ministers of the Islamic Countries held in Karachi in 1970, the Egyptian study in 1972, The First International Conference on Islamic Economics in Mecca in 1976, and
6384-413: The value added factor, increased exports, less imports, job creation, rehabilitation of the incapacitated and training of capable elements". The Sharia law that forms the basis of Islamic banking is itself based on the Quran (revealed to the Islamic prophet Muhammad ) and a hadith (the body of reports of the teachings, deeds and sayings of the Islamic prophet Muhammad that often explain verses in
6468-427: The word appearing eight times in total, three times in verses 2:275 , and once in 2:276 , 2:278 , 3:130 , 4:161 and 30:39 . Riba is mentioned numerous times in a hadith , including Muhammad's Farewell Sermon . A number of orthodox scholars point to Quranic verses (2:275–2:280) as declaring riba "categorically prohibited" and "unjust" ( zulm ), and defining it to mean any payment "over and above
6552-577: The world's first Islamic mutual fund (which invests only in Sharia-compliant equities), was created in 1986 in Indiana. From 1980 to 1985, Islamic investments underwent a "spectacular expansion" throughout the Muslim world, attracting deposits with the promise of "great gains" and "religious guarantees" supplied by Islamic jurists who were "recruited to issue fatwas denouncing conventional banks and recommending their Islamic rivals." This growth
6636-593: Was considered a success by many, as by that time there were nine similar banks in the country. In 1972, the Mit Ghamr Savings project became part of Nasr Social Bank, which as of 2016 was still in business in Egypt. Source: Islamic Finance Project Databank The influx of "petro-dollars" and a "general re-Islamisation" following the Yom Kippur War and 1973 oil crisis encouraged the development of
6720-832: Was established in Algiers by a group of Islamic financial institutions. Also in that year the Islamic bond market emerged when the first tradable sukuk – the Islamic alternative to conventional bonds – were issued by Shell MDS in Malaysia. In 2002, the Malaysia-based Islamic Financial Services Board (IFSB) was established as an international standard-setting body for Islamic financial institutions. By 1995, 144 Islamic financial institutions had been established worldwide, including 33 government-run banks, 40 private banks, and 71 investment companies. The large US-based Citibank began to offer Islamic banking services in 1996 when it established
6804-461: Was made up of 2,354 sukuk issues, and had become strong enough that several non-Muslim majority states – UK, Hong Kong, and Luxemburg – issued sukuk. There are multiple Shari'ah-compliant indexes, created by Shari'ah screening of companies. Such indexes include DJIM, S&PSI, MSCI and country-based indexes like KMI-Pakistan and SCM-Malaysia. To be consistent with the principles of Islamic law ( Sharia )—or at least an orthodox interpretation of
6888-661: Was pounded with over 617 mm (24.3 in) of rainfall, which is almost 5 years of Oman's average rainfall. The city, like many other in Arab states of the Arabian Peninsula , has a relatively large expatriate community, mainly from India , Pakistan , Bangladesh , and the Philippines . The majority of the Omani population (98.9%) in Salalah is Muslim . Unlike Omanis on the eastern coast of Oman in and around Muscat , most of which are Ibadis , most Muslims in Salalah follow
6972-531: Was temporarily reversed in 1988 in the largest Arab Muslim country, Egypt, when the Egyptian state – worried that Islamist movements were building up a "war chest" and being given financial independence – reversed its tacit support for the industry, and launched a media campaign against Islamic banks. The ensuing financial panic led to the bankruptcy of some companies. In 1990 an accounting organization for Islamic financial institutions ( Accounting and Auditing Organization for Islamic Financial Institutions , AAOIFI),
7056-519: Was the traditional capital of Dhofar , which reached the peak of prosperity in the 13th century thanks to the incense trade. Later it decayed, and in the 19th century it was absorbed by the Sultanate of Muscat and Oman . Between 1932 and 1970, Salalah was the residence of Sultan Said bin Taimur . His son, Qaboos , who acceded to his father's throne in 1970, decided to move his capital to Muscat,
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