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The Sasanian Empire had a general tax on land and a poll tax having several rates based on wealth, with an exemption for aristocracy. [186] In Iraq , which was conquered mainly by force, Arabs controlled taxation through local administrators, keeping the graded poll tax, and likely increasing its rates to 1, 2 and 4 dinars. [ 186 ]
ushr - a 10% tax on the harvests of irrigated land and 10% tax on harvest from rain-watered land and 5% on Land dependent on well water. [6] The term has also been used for a 10% tax on merchandise imported from states that taxed the Muslims on their products. [7] Caliph `Umar ibn Al-Khattāb was the first Muslim ruler to levy ushr. [citation ...
[2] [3] It is often used to refer to interest charged on loans, [Note 1] and the widespread belief among Muslims that all loan or bank interest is riba forms the basis of the $2 trillion Islamic banking industry. [7] However, not all Islamic scholars have equated riba with all forms of interest, nor do they agree on whether riba is a major sin ...
Islamic government raises revenue "on the basis of the taxes that Islam has established", namely khums (a 20% tax on commercial profits), zakat (a tithe of 2.5%), jizya (a tax on non-Muslims), and kharaj (a tax on land owned by non-Muslims). [50] [note 5] This will be plenty because khums is a "huge source of income". [51]
Around 46 privately owned television channels were permitted by the Government of Bangladesh as of 2023, [1] of which thirty-six are currently on air. Six television channels, namely STV-US, CSB News, Channel 1, Diganta Television, Islamic TV, and Channel 16, have been taken off air. Bangladesh has four state-owned television stations, of which ...
For companies, the tax day (i.e. tax return due date) is now the 15th day of seventh month following the end of income year; alternatively, where that fifteenth day is before 15 September, the tax day is 15 September of the year following the end of the income year. [3]
Structure of simple mudaraba contract [11]. Mudarabah is a partnership where one party provides the capital while the other provides labor and both share in the profits. [12] [13] The party providing the capital is called the rabb-ul-mal ("silent partner", "financier"), and the party providing labor is called the mudarib ("working partner").
The Islamic finance equivalent of a conventional call option (where the buyer has the right but not the obligation to buy in the future at a preset price, and so will make a profit if the price of the underlying asset rises above the preset price) are known as an urbun (down-payment) sale where the buyer has the right to cancel the sale by ...