• Islamic University of Technology

• HUM 4721

Books: 1. Engineering Economy by Leland T. Blank and Anthony J Tarquine 2. Engineering Economy by E. Paul DeGarmo, John R. Canada and William G. Sullivan Humor without Malice 1. A government office issued an urgent document to be distributed among its subsidiaries. To ensure that it would be delivered in time, the messenger was provided with a horse. Running behind the horse, the messenger whipped the horse until it was galloping at full speed. Someone asked him in amazement: ―If it’s such an urgent mission why don’t you ride the horse?‖ The messenger answered: ―Running on six legs is certainly quicker than on four, isn’t it?‖ 2. During a Q&A session, a scholar was asked, ―Will we get cigarettes in Jannah?‖ to which he replied, ―May be, but you’d have to go to Jahannam to light it‖. I LOVE YOU ALL FOR THE SAKE OF ALLAH SBWT. ISLAM is a COMPLETE SYSTEM of LIFE for the TOTAL WELFARE of Mankind. SYSTEM means putting together all elements for a complete whole. ISLAM = FULL SURRENDER and SUBMISSION and OBEDIENCE WITH SINCERITY (input and processing) = PEACE, PROGRESS, PROSPERITY and PARADISE (outcomes). TIME VALUE OF MONEY Interest is the price of capital. Interest is not an old word as a financial term. Relatively new. Original word was usury. It was used to take ―additional or extra‖ amount of money paid out of certain amount of loan for certain period. According to the Qur’anic word, interest or usury is termed as riba. According to some ahadith, the Prophet Muhammad (SAW) said there are either 70, 72, or 73 varieties (depending on the ahadith) of riba. ... Ribaan-jahiliya: usury was practiced in pre-Islamic Arabia referred to in The Quran 3:130. Usury (riba) was prohibited in Bible (Exodus 22: 21-27). In 1536, Protestant theory of usury was established by John Calvin, and it refuted the notion that interest was unlawful. Is Riba an interest? Riba is a concept in Islamic banking that refers to charged interest. It has also been referred to as usury, or the charging of unreasonably high interest rates. There is also another form of riba, according to most Islamic jurists, which refers to the simultaneous exchange of goods of unequal quantities or qualities. What is Riba in Quran? Riba defined in this way is called in fiqh riba al-duyun (debt usury). (Abdel-Rah