How mudaraba application would enhance economic prosperity

Assignment Help Finance Basics

Reference no: EM132491595 , Length: word count:1200

Mini-report

Intructions:

Please answer the following two questions and make sure:

1. You use your own words in the answer and none of your content is plagiarized
2. Make sure you don't share your answers with an tone as that might jeopardize your grade
3. Make sure you meet the deadline

QUESTION 1
A relative of yours had a frank discussion with you about the Idea of Islamic banking.

After a lengthy and heated debate, they openly share with you their strong views on the concept of Islamic banking and its practicality and tell you the following:

Honestly speaking, I don't believe in the idea itself because of the following reasons:

1. It is just a copy paste of conventional finance or in other words, it is a conventional finance in Islamic costume.

2. Equtiy -based Islamic financial contracts such as Mudaraba and Musharaka are not practical and can't be applied by Islamic banks which defeats the objective

3. Islamic banks are purely profit-oriented and do not do well on the corporate social responsibility front

How would you respond to them? Please tackle each point separately

QUESTION 2
Explain how Mudaraba application would enhance economic prosperity for everybody and why its application by Islamic banks is minimal.

Attachment:- Mini-report.rar

Reference no: EM132491595

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