The underpricing of initial public offerings (IPOs) is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano (2006) w...The underpricing of initial public offerings (IPOs) is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano (2006) where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari'ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index (JII), at least one period (one semester). Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.展开更多
This paper argues that ritual is not only restricted to religious activities, but can also be ethological, sociological, and ecological in nature. The artistic, stylistic, and functional characteristics of one particu...This paper argues that ritual is not only restricted to religious activities, but can also be ethological, sociological, and ecological in nature. The artistic, stylistic, and functional characteristics of one particular festival of the Bamana in Mali to celebrate the harvest and new planting season will be analyzed. This festival primarily takes on the form of animal masquerades in which masks, puppets, drumming, singing, and dancing are blended into a ritualistic celebration of a certain cultural identity. The Bamana culture has lost religion as a marker, as Islam is now the dominant religion in Mali, but traditional social relationships and morals among the Bamana as a patriarchal society are concretized and objectified by their animal masquerades. Apart from being a seasonal festival, events from the past are commemorated; customary gender roles are defined; and some fundamental and complex social concepts are reinforced by a performance mode which relies on a collective memory and oral transmission.展开更多
This study is concerned with William Davenant's dramatization of Solyman the Magnificent as an ideal man of war and peace. The structure of the play and characters are designed to reveal Solyman's honorable characte...This study is concerned with William Davenant's dramatization of Solyman the Magnificent as an ideal man of war and peace. The structure of the play and characters are designed to reveal Solyman's honorable character. In the introduction, the author reviews the critical history of The Siege of Rhodes (1661). The section "The Siege" is concerned with the Sultan's attitude to war and his behavior towards his foes, which is marked by ambition and valor. In the section "Victory", the author traces Solyman's generosity and mercy towards the defeated Rhodians. Ianthe and Alphonso dominate the "Characters" sections, which reveal how both characters play a central role in stressing Solyman's honorable conduct in war and peace. The dramatic centre of the play, as highlighted by the author, is Solyman's honorable character. With such dramatization Davenant departs from the conventional presentation of Turks as moral and political transgressors.展开更多
The concept of capital and ownership of capital in market economy and Islamic economy is different. Also the role that capital is expected to play in the economy is different in two economic systems. One of the key el...The concept of capital and ownership of capital in market economy and Islamic economy is different. Also the role that capital is expected to play in the economy is different in two economic systems. One of the key elements in creation of the capital (capital formation) is interest rate. In Islam interest is strictly forbidden. This paper reviews the concept of capital and the process of capital formation both before and after industrial revelation. In that context it also looks at the function of interest rate during the time of Prophet Mohammed and the present time.展开更多
Ethos and logos of the Jain thought and practice (world view) is based on reality perceived by senses. Atheistic roots of Jain Dharm have nourished growth, maintained viability and vitality, and kept it relevant for...Ethos and logos of the Jain thought and practice (world view) is based on reality perceived by senses. Atheistic roots of Jain Dharm have nourished growth, maintained viability and vitality, and kept it relevant for over the last five millennia. Unlike Judeo-Christian-Islam or Brahminical faith, it does not rely on omniscient supreme or god. Its atheistic and anti-theistic thrust is generally known, yet its followers do not call themselves Nastik (non-believers). They emphasize action-consequence relations as guide for successful behaviors with ethical conduct. The basis of their arguments follows from the Jain logic (Saptbhangi Syad Nay) of evidence based inference with multiple orthogonal affirmed assertions (Jain 2011). It conserves information by acknowledging the remaining doubt in an inference. It does not assume binary complementation to force closure for deduction with incomplete knowledge which leads to self-reference and loss of information. This approach offers a rational and practical alternative to conundrum of western atheism even though its arguments are logical and consistent with available evidence. It also obviates need to extract religious morality from social mores. Objective truth and knowledge of established generalizations is necessary but not sufficient for subjective searches to shape desires and for what the future ought to be.展开更多
Retakaful is an arrangement to risk of retention limit funding takaful. Similarly, risk arrangements are operated by reinsurance to insurance funding. But, how is the retakaful legal status in Islamic law and the diff...Retakaful is an arrangement to risk of retention limit funding takaful. Similarly, risk arrangements are operated by reinsurance to insurance funding. But, how is the retakaful legal status in Islamic law and the differences between reinsurance. The objective of this study is to identify the status of the retakaful in Islamic law and identify the differences between reinsurance. The study to found that retakaful is prescribed and an alternative to reinsurance, as well as a method of financial protection against the various risks of the takaful industry in excess of the retention limit, which may occur at any time in accordance with the principles of Sharia. Also in this method of risk arrangements, It is found that there are very significant differences in risk between retakaful and conventional reinsurance.展开更多
Recent climate change phenomenon and other prevailing environmental problems have marked a need for human beings to rethinking their way of life, particularly in their relationship with the environment. In Islam, huma...Recent climate change phenomenon and other prevailing environmental problems have marked a need for human beings to rethinking their way of life, particularly in their relationship with the environment. In Islam, human beings are made responsible at his/her best efforts in preserving the environment including practising pro-environmental behaviour. Due to strong pressures by Western public movements since past decades, the emergence of green products in marketplace has provided an alternative and better way of consumption in reducing adverse environmental impacts. However, little attention has been paid on relating green product purchase behaviour with Islamic teachings. Therefore, the paper discusses the role of green products purchase behaviours in reducing adverse environmental impacts and its relationship with Islamic teachings as mentioned in AI-Quran and As-Sunnah. Besides, the importance of green product knowledge in determining green product purchase behaviour is also discussed. Implications from the study would provide some insights on links between green product purchase behaviours and Islamic teachings as well as improving understanding on the influence of knowledge on pro-environmental behaviours both in empirical manner and as being outlined in Islam.展开更多
The paper describes and analyzes the chronology of radical Islamism activities in Georgia, the threats and challenges for Georgian state coming from terrorist organizations, the spread of Ideas of Militant Islamism an...The paper describes and analyzes the chronology of radical Islamism activities in Georgia, the threats and challenges for Georgian state coming from terrorist organizations, the spread of Ideas of Militant Islamism and Jihadism, the possibilities of using Georgian territories by the foreign and local fighters and steps taken by Georgian State. Also popularization of the idea of creation world Islamic Caliphate in the Middle East and ISIL Caucasus Province, joining the terrorist organizations ISIL and A1-Nusra Front in Iraq and Syria by some of the Georgian Muslims. The author analyzes the factors of the popularization of radical Islamism ideas among the young generation, the problems of Georgian Muslim communities and gives the recommendations for state actors.展开更多
Ibn Batuta's book The Rihla gives us a unique insight into life of a 14th C travelling scholar in the golden age of Dar AI Islam (the world of Islam). This paper is a reflection on Ibn Battuta focusing on three cur...Ibn Batuta's book The Rihla gives us a unique insight into life of a 14th C travelling scholar in the golden age of Dar AI Islam (the world of Islam). This paper is a reflection on Ibn Battuta focusing on three curious things we don't know about him. First, we don't know what he looks like--what does this tell us about visual culture, ethnicity and the idea of self-image in 14th Century. Second, we don't know if he really went to China--if not why would this section be included? Third, we don't know how his story became lost to history, which it certainly was for close to 400 years--what does this tell us about the man, the book, it's intended audience and the changes happening within Dar AI Islam at that time.展开更多
The old-aged confrontation between “East” and “West”, between “civilization” and “barbarism”, between “Christianity” and “Islam” came to new heights in the early modern times and found its arena in Central...The old-aged confrontation between “East” and “West”, between “civilization” and “barbarism”, between “Christianity” and “Islam” came to new heights in the early modern times and found its arena in Central Europe. Since the late 15th century, the Ottoman Turks had been feared as menace, as the most dreadful enemies not only of the inhabitants of the Habsburg ruled countries but of the whole world of Christianity, and the Ottoman Turks did pose a permanent threat to their neighbours in Central Europe. The situation changed around 1700 when the Habsburgs succeeded in integrating the entire Hungarian Kingdom into their empire. From the early 18th century onwards the Ottoman Turks were no longer regarded as fierce fighters but increasingly as neighbours living in an unknown and totally different world and gained more and more curious attention. This change was not only the consequence of the new balance in power politics but mainly a sequel of gaining much more information. Up to the late 17th century the knowledge about the Ottoman Turks was based primarily on what had been reported by ambassadors travelling to Constantinople while in the 18th century people of several strands of life reported about their experiences. After the Peace of Passarowitz in 1718 trade agreements between the two states enabled activities of merchants and tradesmen who learned to know things about their eastern neighbours which were totally new to the Middle European contemporaries. Additionally, some elements of this "oriental" culture were taken over and were to become typical for Central Europe later on. The Turks were curiously observed as strange and fascinating neighbours. In the course of the movement of enlightenment from the middle of the 18th century onwards one aspect of this culture lost much of its dreadfulness: the fact that the Ottoman Turks were infidels. So it did not take very long until Ottomans were seen as being capable of true humanity regardless their religion. In the 19th century the multiethnic state organizations of the Ottoman Empire and the Habsburg Monarchy became outmoded in this age of nationalism. They realized their common interests and started a cooperation which eventually ended up as alliance in theWorld War I. From the point of view of power politics however, the Ottoman Empire was regarded as “sick man at the Bosporus”. In the following the changes of the image are shown as an overview by observing the criteria against the background of the most important historical events. The details of how this process worked are still pretty murky. Further investigations are already on the way and will bring more light into the reasons and the mechanism of this development.展开更多
One major feature of printing and publishing in England in the 16th and 17th centuries and repeated in subsequent centuries was that of travel tales to foreign spaces where Protestant males not only met believers in I...One major feature of printing and publishing in England in the 16th and 17th centuries and repeated in subsequent centuries was that of travel tales to foreign spaces where Protestant males not only met believers in Islam but also encountered other Europeans (mostly Catholics) in those foreign spaces. This paper will attempt to show those travellers' tales written by Englishmen of the early modern period as well as subsequently were not only based upon Protestant foundations but also contributed to the making of the nation.展开更多
The paper investigates Saudi English textbooks in order to trace the ways in which culture was dealt with in the English curriculum in the last 33 years. To this end, the three textbooks which were published one after...The paper investigates Saudi English textbooks in order to trace the ways in which culture was dealt with in the English curriculum in the last 33 years. To this end, the three textbooks which were published one after another for the third-grade secondary school students in the last three decades were analyzed. The paper finds that in the first book published in 1982, the writer introduced only those cultural elements from outside Saudi Arabia, which could be subordinated to the self-enclosed cohesive Saudi national culture that rested and was shaped on and around the faith of Islam. The same cultural pattern is maintained in the second book published in 1998, but in the third book published in 2013, a huge number of western and multicultural elements were accommodated without any attempt to assimilate them to Saudi national culture. The paper concludes that in these textbooks, culture was taken either as Parsons's "system"--pattern-maintaining national culture-or as Rothkopf's and Friedman's "pattern-breaking" western culture, but it was seldom treated as Bauman's "matrix".展开更多
Development of Biotechnology has brought a feasibility of the scientific analysis on this biological data and the processing of personal data content within human biological materials. In this sense, it has been recog...Development of Biotechnology has brought a feasibility of the scientific analysis on this biological data and the processing of personal data content within human biological materials. In this sense, it has been recognized as the main principle to protect the privacy of biological data belonging to individual since it can determine genetic makeup of an individual processing of personal data in the biological materials of human origin. Speaking of this context, Islam accepts human as the most dignified creation. This dignity given to human makes biological materials of human origin and human private. Privacy brings immunity. The responsibility to protect the human body has been given to mankind in order not to lose this dignity. This responsibility is not bounded by human's own body. It must protect the body privacy of next generation which is the heir of genetic heritage. This study will focus on the reflection of the privacy perception of the Islamic law towards body on the legality of human biological materials usage for research purposes.展开更多
The article is written with the support of Shota Rustaveli National Science Foundation and is based on the materials obtained in Azerbaijan relating to the spread of Salafism in Azerbaijan, the interviews with A. Shir...The article is written with the support of Shota Rustaveli National Science Foundation and is based on the materials obtained in Azerbaijan relating to the spread of Salafism in Azerbaijan, the interviews with A. Shirinov, an associate professor at the faculty of Theology at Baku State University, S. Hasanli, a rector of Baku Islamic University and G Suleymanov, a leader of Azerbaijan Salafi community, which were recorded during the scientific visit in Azerbaijan.展开更多
Micro-finance is providing financial services to poor people, who traditionally lack access to banking and related services. In India, the population of Muslims is about 180 million and the majority of them live below...Micro-finance is providing financial services to poor people, who traditionally lack access to banking and related services. In India, the population of Muslims is about 180 million and the majority of them live below poverty line. The regions where poor Muslims are in majority are marked as negative for providing loans by the banks. Study on interest-free (Islamic) micro-finance for implementation in a country like India can be very helpful in eradicating poverty and developing micro-enterprises together with sustainable development of poor and country as a whole. The primary aim of Islamic teachings (economics) is social justice to all irrespective of caste, creed, race, colour, and religion. Due to this reason, interest (riba) is prohibited not only in Islam but also in Christianity. This paper studies an Islamic micro-finance institution (Anjuman Islahul Muslemeen) situated in Bhopal (Madhya Pradesh), India. The institution was registered in 1918 by a group of Muslims to help the poor. Today, about 98 years have passed by and all group members have changed but the organization is still growing with the aim of the well-being of poor people, not only Muslims but non-Muslims as well and is serving the humanity.展开更多
文摘The underpricing of initial public offerings (IPOs) is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano (2006) where investors worry also about the after-market illiquidity that may result from asymmetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari'ah-based firms and 34 non Shariah-based firms. Shariah-based firms are those included in Jakarta Islamic Index (JII), at least one period (one semester). Regression results show that the relationship between after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.
文摘This paper argues that ritual is not only restricted to religious activities, but can also be ethological, sociological, and ecological in nature. The artistic, stylistic, and functional characteristics of one particular festival of the Bamana in Mali to celebrate the harvest and new planting season will be analyzed. This festival primarily takes on the form of animal masquerades in which masks, puppets, drumming, singing, and dancing are blended into a ritualistic celebration of a certain cultural identity. The Bamana culture has lost religion as a marker, as Islam is now the dominant religion in Mali, but traditional social relationships and morals among the Bamana as a patriarchal society are concretized and objectified by their animal masquerades. Apart from being a seasonal festival, events from the past are commemorated; customary gender roles are defined; and some fundamental and complex social concepts are reinforced by a performance mode which relies on a collective memory and oral transmission.
文摘This study is concerned with William Davenant's dramatization of Solyman the Magnificent as an ideal man of war and peace. The structure of the play and characters are designed to reveal Solyman's honorable character. In the introduction, the author reviews the critical history of The Siege of Rhodes (1661). The section "The Siege" is concerned with the Sultan's attitude to war and his behavior towards his foes, which is marked by ambition and valor. In the section "Victory", the author traces Solyman's generosity and mercy towards the defeated Rhodians. Ianthe and Alphonso dominate the "Characters" sections, which reveal how both characters play a central role in stressing Solyman's honorable conduct in war and peace. The dramatic centre of the play, as highlighted by the author, is Solyman's honorable character. With such dramatization Davenant departs from the conventional presentation of Turks as moral and political transgressors.
文摘The concept of capital and ownership of capital in market economy and Islamic economy is different. Also the role that capital is expected to play in the economy is different in two economic systems. One of the key elements in creation of the capital (capital formation) is interest rate. In Islam interest is strictly forbidden. This paper reviews the concept of capital and the process of capital formation both before and after industrial revelation. In that context it also looks at the function of interest rate during the time of Prophet Mohammed and the present time.
文摘Ethos and logos of the Jain thought and practice (world view) is based on reality perceived by senses. Atheistic roots of Jain Dharm have nourished growth, maintained viability and vitality, and kept it relevant for over the last five millennia. Unlike Judeo-Christian-Islam or Brahminical faith, it does not rely on omniscient supreme or god. Its atheistic and anti-theistic thrust is generally known, yet its followers do not call themselves Nastik (non-believers). They emphasize action-consequence relations as guide for successful behaviors with ethical conduct. The basis of their arguments follows from the Jain logic (Saptbhangi Syad Nay) of evidence based inference with multiple orthogonal affirmed assertions (Jain 2011). It conserves information by acknowledging the remaining doubt in an inference. It does not assume binary complementation to force closure for deduction with incomplete knowledge which leads to self-reference and loss of information. This approach offers a rational and practical alternative to conundrum of western atheism even though its arguments are logical and consistent with available evidence. It also obviates need to extract religious morality from social mores. Objective truth and knowledge of established generalizations is necessary but not sufficient for subjective searches to shape desires and for what the future ought to be.
文摘Retakaful is an arrangement to risk of retention limit funding takaful. Similarly, risk arrangements are operated by reinsurance to insurance funding. But, how is the retakaful legal status in Islamic law and the differences between reinsurance. The objective of this study is to identify the status of the retakaful in Islamic law and identify the differences between reinsurance. The study to found that retakaful is prescribed and an alternative to reinsurance, as well as a method of financial protection against the various risks of the takaful industry in excess of the retention limit, which may occur at any time in accordance with the principles of Sharia. Also in this method of risk arrangements, It is found that there are very significant differences in risk between retakaful and conventional reinsurance.
文摘Recent climate change phenomenon and other prevailing environmental problems have marked a need for human beings to rethinking their way of life, particularly in their relationship with the environment. In Islam, human beings are made responsible at his/her best efforts in preserving the environment including practising pro-environmental behaviour. Due to strong pressures by Western public movements since past decades, the emergence of green products in marketplace has provided an alternative and better way of consumption in reducing adverse environmental impacts. However, little attention has been paid on relating green product purchase behaviour with Islamic teachings. Therefore, the paper discusses the role of green products purchase behaviours in reducing adverse environmental impacts and its relationship with Islamic teachings as mentioned in AI-Quran and As-Sunnah. Besides, the importance of green product knowledge in determining green product purchase behaviour is also discussed. Implications from the study would provide some insights on links between green product purchase behaviours and Islamic teachings as well as improving understanding on the influence of knowledge on pro-environmental behaviours both in empirical manner and as being outlined in Islam.
文摘The paper describes and analyzes the chronology of radical Islamism activities in Georgia, the threats and challenges for Georgian state coming from terrorist organizations, the spread of Ideas of Militant Islamism and Jihadism, the possibilities of using Georgian territories by the foreign and local fighters and steps taken by Georgian State. Also popularization of the idea of creation world Islamic Caliphate in the Middle East and ISIL Caucasus Province, joining the terrorist organizations ISIL and A1-Nusra Front in Iraq and Syria by some of the Georgian Muslims. The author analyzes the factors of the popularization of radical Islamism ideas among the young generation, the problems of Georgian Muslim communities and gives the recommendations for state actors.
文摘Ibn Batuta's book The Rihla gives us a unique insight into life of a 14th C travelling scholar in the golden age of Dar AI Islam (the world of Islam). This paper is a reflection on Ibn Battuta focusing on three curious things we don't know about him. First, we don't know what he looks like--what does this tell us about visual culture, ethnicity and the idea of self-image in 14th Century. Second, we don't know if he really went to China--if not why would this section be included? Third, we don't know how his story became lost to history, which it certainly was for close to 400 years--what does this tell us about the man, the book, it's intended audience and the changes happening within Dar AI Islam at that time.
文摘The old-aged confrontation between “East” and “West”, between “civilization” and “barbarism”, between “Christianity” and “Islam” came to new heights in the early modern times and found its arena in Central Europe. Since the late 15th century, the Ottoman Turks had been feared as menace, as the most dreadful enemies not only of the inhabitants of the Habsburg ruled countries but of the whole world of Christianity, and the Ottoman Turks did pose a permanent threat to their neighbours in Central Europe. The situation changed around 1700 when the Habsburgs succeeded in integrating the entire Hungarian Kingdom into their empire. From the early 18th century onwards the Ottoman Turks were no longer regarded as fierce fighters but increasingly as neighbours living in an unknown and totally different world and gained more and more curious attention. This change was not only the consequence of the new balance in power politics but mainly a sequel of gaining much more information. Up to the late 17th century the knowledge about the Ottoman Turks was based primarily on what had been reported by ambassadors travelling to Constantinople while in the 18th century people of several strands of life reported about their experiences. After the Peace of Passarowitz in 1718 trade agreements between the two states enabled activities of merchants and tradesmen who learned to know things about their eastern neighbours which were totally new to the Middle European contemporaries. Additionally, some elements of this "oriental" culture were taken over and were to become typical for Central Europe later on. The Turks were curiously observed as strange and fascinating neighbours. In the course of the movement of enlightenment from the middle of the 18th century onwards one aspect of this culture lost much of its dreadfulness: the fact that the Ottoman Turks were infidels. So it did not take very long until Ottomans were seen as being capable of true humanity regardless their religion. In the 19th century the multiethnic state organizations of the Ottoman Empire and the Habsburg Monarchy became outmoded in this age of nationalism. They realized their common interests and started a cooperation which eventually ended up as alliance in theWorld War I. From the point of view of power politics however, the Ottoman Empire was regarded as “sick man at the Bosporus”. In the following the changes of the image are shown as an overview by observing the criteria against the background of the most important historical events. The details of how this process worked are still pretty murky. Further investigations are already on the way and will bring more light into the reasons and the mechanism of this development.
文摘One major feature of printing and publishing in England in the 16th and 17th centuries and repeated in subsequent centuries was that of travel tales to foreign spaces where Protestant males not only met believers in Islam but also encountered other Europeans (mostly Catholics) in those foreign spaces. This paper will attempt to show those travellers' tales written by Englishmen of the early modern period as well as subsequently were not only based upon Protestant foundations but also contributed to the making of the nation.
文摘The paper investigates Saudi English textbooks in order to trace the ways in which culture was dealt with in the English curriculum in the last 33 years. To this end, the three textbooks which were published one after another for the third-grade secondary school students in the last three decades were analyzed. The paper finds that in the first book published in 1982, the writer introduced only those cultural elements from outside Saudi Arabia, which could be subordinated to the self-enclosed cohesive Saudi national culture that rested and was shaped on and around the faith of Islam. The same cultural pattern is maintained in the second book published in 1998, but in the third book published in 2013, a huge number of western and multicultural elements were accommodated without any attempt to assimilate them to Saudi national culture. The paper concludes that in these textbooks, culture was taken either as Parsons's "system"--pattern-maintaining national culture-or as Rothkopf's and Friedman's "pattern-breaking" western culture, but it was seldom treated as Bauman's "matrix".
文摘Development of Biotechnology has brought a feasibility of the scientific analysis on this biological data and the processing of personal data content within human biological materials. In this sense, it has been recognized as the main principle to protect the privacy of biological data belonging to individual since it can determine genetic makeup of an individual processing of personal data in the biological materials of human origin. Speaking of this context, Islam accepts human as the most dignified creation. This dignity given to human makes biological materials of human origin and human private. Privacy brings immunity. The responsibility to protect the human body has been given to mankind in order not to lose this dignity. This responsibility is not bounded by human's own body. It must protect the body privacy of next generation which is the heir of genetic heritage. This study will focus on the reflection of the privacy perception of the Islamic law towards body on the legality of human biological materials usage for research purposes.
文摘The article is written with the support of Shota Rustaveli National Science Foundation and is based on the materials obtained in Azerbaijan relating to the spread of Salafism in Azerbaijan, the interviews with A. Shirinov, an associate professor at the faculty of Theology at Baku State University, S. Hasanli, a rector of Baku Islamic University and G Suleymanov, a leader of Azerbaijan Salafi community, which were recorded during the scientific visit in Azerbaijan.
文摘Micro-finance is providing financial services to poor people, who traditionally lack access to banking and related services. In India, the population of Muslims is about 180 million and the majority of them live below poverty line. The regions where poor Muslims are in majority are marked as negative for providing loans by the banks. Study on interest-free (Islamic) micro-finance for implementation in a country like India can be very helpful in eradicating poverty and developing micro-enterprises together with sustainable development of poor and country as a whole. The primary aim of Islamic teachings (economics) is social justice to all irrespective of caste, creed, race, colour, and religion. Due to this reason, interest (riba) is prohibited not only in Islam but also in Christianity. This paper studies an Islamic micro-finance institution (Anjuman Islahul Muslemeen) situated in Bhopal (Madhya Pradesh), India. The institution was registered in 1918 by a group of Muslims to help the poor. Today, about 98 years have passed by and all group members have changed but the organization is still growing with the aim of the well-being of poor people, not only Muslims but non-Muslims as well and is serving the humanity.