Islamic Angel Financing
A Banking Concept
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The scholars of 762 A.D. up to 1261 A.D. developed various new concepts including Finance. These scholars were believers of religion Islam. The rest of the world adopted Al Farabi and Ibn Sina six sections study of Ethics, Economics, Politics, Physics (including Chemistry, and Biology), Mathematics and Theology. Among those six famous studies only Economics (Islamic Finance) was divided into two extremes; Socialism and Capitalism. For instance the concepts of "Bill of Exchange" and "Letter of Credit" were called Suftajah whereas "Limited Companies" concept adopted by Italian scholars was taken...
The scholars of 762 A.D. up to 1261 A.D. developed various new concepts including Finance. These scholars were believers of religion Islam. The rest of the world adopted Al Farabi and Ibn Sina six sections study of Ethics, Economics, Politics, Physics (including Chemistry, and Biology), Mathematics and Theology. Among those six famous studies only Economics (Islamic Finance) was divided into two extremes; Socialism and Capitalism. For instance the concepts of "Bill of Exchange" and "Letter of Credit" were called Suftajah whereas "Limited Companies" concept adopted by Italian scholars was taken from the Islamic Finance concept of Mudaraba by the name of "commenda". British Partnership Act of 1890 influenced by "Hedaya" a work of Islamic Finance which has been translated by Charles Hamilton in 1870. The purpose of this book is try merging the divided concept and provide a possibility of a new concept of parallelizing by carrying modern Angel Financing and SPC concepts side by side.
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