ISLAMIC FINANCE pdf

[...]... of about 80–90% of Islamic banks’ resources Murabahah in traditional fiqh (Islamic jurisprudence) is a spot sale contract where the price is based on a cost plus profit margin formula The contract has been 7 QFinance Modes of Finance Best Practice • Instruments Islamic Modes of Finance and the Role of Sukuk by Abdel-Rahman Yousri Ahmad QFinance Instruments • Best Practice Islamic Finance: Instruments... 2003 Websites: Institute of Islamic Banking and Finance: www .islamic- banking.com Islamic Banking and Finance: www.islamicbankingandfinance.com Middle East Insurance Review: www.meinsurancereview.com 19 This page intentionally left blank exEcutive summary • Harmonization and standardization within the Islamic financial industry, as well as with the conventional banking and finance industry, are the biggest... Articles: Akhtar, Shamshad Islamic finance: Its sustainability and challenges.” Journal of Islamic Banking and Finance 25:1 (2008) Thomas, Abdulkader, and Sheikh Muhamed Becic “Are sukuk Islamic? ” Islamic Business and Finance 26 (January 2008) Online at: tinyurl.com/yej8x8p Â� Reports: Ainley, Michael, Ali Mashayekhi, Robert Hicks, Arshadur Rahman, and Ali Ravalia Islamic finance in the UK: Regulation... textbooks and of 30 articles, most on Islamic economics and Islamic finance Hassan Ahmed Yusuf is operational risk manager at Masraf Al Rayan (Al Rayan Bank), an Islamic financial institution in Qatar Currently a PhD candidate in Islamic finance at the International Islamic University Malaysia, he holds a MSc in economics from that university He also holds a MBA in finance from the University of Poona... schools of thought in Islamic jurisprudence, for example, Hanafi, Shafi’i, Hanbali, Maliki, and 21 QFinance In order to understand Islamic finance it must be known that the underlying theme of Islamic finance is the niyah or “good intention”—the element that drives the Islamic socioeconomic system for ensuring the enhancement of the welfare of society The niyah may represent the Islamic philosophy of... Since 2002 he has focused exclusively on Islamic finance He is a distinguished fellow of the Islamic Banking and Finance Institute Malaysia (IBFIM), a Chartered Islamic Finance Professional (CIFP), and a former board member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) He was the first managing director of Hong Leong Islamic Bank, after which he became chief... Karim, Rifaat Ahmed Abdel, and Simon Archer (eds) Islamic Finance: Innovation and Growth London: Euromoney Books, 2002 Warde, Ibrahim Islamic Finance in the Global Economy Edinburgh, UK: Edinburgh University Press, 2007 Yousri, Abdel-Rahman Islamic banking modes of finance: Proposals for further evolution.” In€Munawar Iqbal and Rodney Wilson (eds) Islamic Perspectives on Wealth Creation: Studies in... liquid • The Islamic Financial Services Board’s Ten-Year Master Plan for Islamic financial services is a good starting point to tackle the regulatory challenges Introduction Globally, Islamic finance has exhibited its potential through the ever-increasing number of Islamic financial institutions (IFIs) Unofficial estimates figure Islamic financial assets of the IFIs at nearly US$1 trillion The Islamic financial... whose value derives from that of an underlying asset, 11 QFinance To consider the basics of Islamic financial risk management products it is helpful to summarize the Islamic principles and jurisprudence on which Islamic finance is based • Speculation: contracts which involve speculation (maysir) are not permissible Â� (haram) and are considered void Islamic law does not prohibit general commercial speculation,... strategies More Info QFinance Books: El-Gamal, M A Basic Guide to Contemporary Islamic Banking and Finance Houston, TX: Rice University, 2000 Jaffer, S (ed) Islamic Insurance: Trends, Opportunities and the Future of Takaful London: Euromoney Books, 2007 Â� Kassar, Khaled, Omar Clark Fisher, et al What’s Takaful—A Guide to Islamic Insurance Beirut: BISC Group, 2008 Ma’sum Billah, M Islamic Insurance (Takaful) . Law 147 Islamic Equity Funds 149 Islamic Joint Ventures 151 QFinance Contents v vi QFinance Contents Islamic Finance: Instruments and Markets Islamic. Board in Islamic Finance 137 Sukuk : Islamic Bonds 139 Takaful Insurance 141 Checklists—Markets 143 Business Ethics in Islamic Finance 145 Islamic