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Islamic banking (G2)<br />A distinctive type of banking which attempts to avoid the Koranic prohibitions concerning riba (usury). Usury was objected to both for exploiting the poor who needed to borrow and for giving a reward unrelated to productive effort. Later medieval Islamic thinkers devised intricate hiyal (stratagems) to circumvent this problem. Today, Islamic banks impose service charges, instead of interest, on bank loans; these charges, based on a percentage of the value of the loan, resemble interest. Also, money lenders often lend in kind, e.g. purchasing a piece of equipment and then leasing it to the borrower who pays instalments which, in total, are in excess of the original purchase price.<br /> There have been Arab-owned banks since the 1920s, the period in which the Banque Misr of Egypt and the Arab Bank of Palestine were founded. After the oilprice rise of 1973-4, new banks operating according to strict Islamic principles have been established. The largest are in Saudi Arabia: the Islamic Development Bank founded in 1975 as a specialist development assistance agency not dealing with the general public, the Al-Baraka Group founded in 1982 and the Al-Rajhi Company founded in 1985. To allow riba-free participation in Western markets, Dar a!- Maal al-Islami, the House of Islamic Funds, was founded in Geneva in 1981: although it has some short-term funds in cash and commodities, it invests chiefly in property and equities.<br /> The expansion of Islamic banks into competition with traditional banking is difficult as they cannot be accepted as commercial banks in Western countries until they have Western government securities as part of their assets; their lack of official status prevents them from soliciting for deposits from the public. Although Islamic banks are often regarded as a new development in banking, Islamic authors argue that many banking principles, including the use of bank deposits and cheques, have been practised from the early days of Islam.<br /><em>Reference</em><br />Abdeen, A.N. and Shook, D.N. (1984) The Saudi Financial System in the Context of Western and Islamic Finance, Chichester: Wiley.<br /> Mills, P.S. and Presley, J.R. (1999) Islamic finance: theory and practice, New York: StMartin's Press; London: Macmillan.<br /> Rodinson, M. (1974) Islam and Capitalism, London: Allen Lane.<br /> Saleh, N.A. (1986) Unlawful Gain and Legitimate Profit in Islamic Law: Riba, Gharar and Islamic Bartering, Cambridge: Cambridge University Press.<br /> Wilson, R. (1983) BankingandFinanceinthe Arab Middle East, London: Macmillan.
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<strong>Estimated Financial Assistance/Aid (EFA)</strong> – A school' s estimation of the amount of financial aid for which the student is eligible during any given enrollment period. EFA may include loan, grant, or scholarship aid from federal, state, institutional, or other sources.
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