The basics of Sharia finance explained

As the Sharia prohibits dealing with interest, the products that you see in Islamic banks are generally based on one of the following concepts:

Profit Sharing  РThese are profit sharing arrangements in which the financier and the receiver of funds will share the profits and loss borne from the partnership. An example is a savings or current account called Mudarabah. When you deposit money into the account, profit is given to you based on the performance of the bank. The bank needs customers to place funds with them so that they can make a profit from having received customer deposits.

Buy and Sell – Charging a profit is justified when selling a product because of the risks...

Leave a Comment November 1, 2014

Personalised student assessment firm Xamcheck gets $1.8M funding from Aspada

Secunderabad-based PI Policy Innovations Pvt Ltd, the company behind Xamcheck, an independent third-party assessment, test design and feedback solution for K-12 schools in India, has secured Rs 11 crore ($1.8 million) in funding from Bangalore-based early stage investor Aspada Investment Company.

“The vast majority of schools do not offer personalised learning or use feedback from exams to remedy learning deficiencies. With Aspada’s investment, we will continue to invest heavily in our backend technology, while also focusing on achieving significant scale in bringing Xamcheck to the thousands of underserved K-12 schools in India,” said Varun Kumar, co-founder of Xamcheck.

The...

Leave a Comment October 31, 2014

Micamp Merchant Solutions Named Best Merchant Cash Advance Firm by …

NAPLES, FL–(Marketwired – October 29, 2014) – topcreditcardprocessors.com has reported the rankings of the 30 best merchant cash advance companies for October 2014. Micamp Merchant Solutions has been named the best company due to their impressive performance during the topcreditcardprocessors.com in-depth evaluation process. The ratings are released each month to assist clients of credit card processing services in selecting reputable companies.

These agencies are put through the topcreditcardprocessors.com genuine evaluation process in order to determine which agencies produce the top overall solution. Agencies are selected based on their performance in a benchmarking...

Leave a Comment October 31, 2014

How Crowdfinancing for Main Street Businesses Can Impact the Economy

Editors Note: The following is a guest post from Rob Misheloff, owner of Smarter Finance USA,a company that helps small business owners learn about the different options available to them for business financing. Misheloff looks at how peer-to-business financing can help small businesses to grow their operations and, if all goes well, hire more employees. As always, guest contributors opinions are their own and do not necessarily reflect the views of Crowdsourcing.org.

Media outlets are replete with examples of the power of crowdfunding. Almost daily, we hear fantastic stories about entrepreneurs on sites like Indiegogo and Kickstarter raising the funds they need to launch smart watches,...

October 31, 2014

Lending Club Preps For IPO Set To Alter Landscape For Short Term Lenders

Lending Club vs. Impact on Short-Term Lending

Lending Club is a peer-to-peer lending institution that successfully enjoys an investor payout of nearly $540 million at a five to ten percent payout per year.

Forbes Magazine considers Lending Club one of the most promising companies of the future. For investors and borrowers, Lending Club makes its crowd funded method of connecting customer borrowing needs and online investing a securities business, according to the SEC.

image source

Lending Club intends to do an Initial Policy Statement (IPS) which may impact short-term lending. Lending Club filed an S-1 form with the SEC, which is the first step toward...

October 30, 2014

Predatory posturing

The New York Times is again on the warpath against what it calls “predatory lending.”

Just what is predatory lending? It is lending that charges a higher interest rate than people like those at The New York Times approve of. According to such thinking — or lack of thinking — the answer is to have the government set an interest-rate ceiling at a level that will be acceptable to third parties such as The New York Times.

People who believe in government-set price controls — whether on interest rates charged for loans, rents charged for housing or wages paid under minimum-wage laws — seem to think that this is the end of the story. Yet there...

October 30, 2014

Are workplace loans the new payday loans?

Payday loans have never been the dandy of consumer advocates who say the short-term, high-interest loans can trap people in cycles of debt.
Defenders of the loans, however, say payday loans fulfill an essential need for a temporary financial need – such as a car repair.
But now there is a new type of loan surfacing across America. They are called workplace loans and some experts fear that they are just as bad as payday loans.
The Wall Street Journal, using industry-provided information, estimated that more than 100,000 employees in the United States have access to workplace loans – a number that could expand to more than 10 million employees in a few years....

October 30, 2014

Facilitating Nigeria’s regional trade through NEXIM: US EX-IM Bank Example

By, Robert Orya

The charter that authorized the establishment of the United States Export-Import Bank (US EX-IM) was due for renewal at the end of this past September. However, the re-authorisation of the charter renewal, which required congressional approval, seemed to have fallen due at the wrong time.

Bipartisan consensus on virtually anything has been difficult to come by for some time now, for reasons that could very easily be linked to the mid-term election in November, 2014. This had made the US EX-IM to teeter on the brink of dissolution until its charter was extended for nine months, pending long-term re-authorization.

I had expected the renewal of the charter...

October 29, 2014

While Not The Jetsons, Credit Unions Predict Technology Ruled Future

As credit union leaders gaze into their crystal ball, leveraging and growing technology seems to be a high priority.

Credit Unions Online asked several CEOs and executives from a variety of credit unions located throughout the country about their current and future attitudes of the industry. In response to what many see for the future, technology seems to be an important direction, not only for credit unions but the financial institution industry as a whole.

What has been one of the biggest changes/evolutions in the industry to date and what kind of impact has this change made?

We wanted to know what has shaped the current direction, but also how this evolution will impact...

October 29, 2014

Worries for those denied payday loans

The fate of people turned down for payday loans owing to stricter regulations on the industry has prompted polarised debate.

A trade body, the Consumer Financial Association, has claimed that only a quarter of those turned down ended up better off financially.

It said charges for late bill payments and overdraft fees meant many rejected applicants were worse off.

But debt experts suggest some should not be borrowing at all.

Price caps

The Financial Conduct Authority (FCA), which took over regulation of the consumer credit sector on 1 April, has been cracking down on payday lenders.

It has forced them to conduct more affordability checks and put controls...

October 29, 2014

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