Modern Financial Transaction Under Shari Ah
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Modern Financial Transaction Under Shari Ah
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Author : Mohd. Ma'sum Billah
language : en
Publisher:
Release Date : 2003
Modern Financial Transaction Under Shari Ah written by Mohd. Ma'sum Billah and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business categories.
Contracts And Deals In Islamic Finance
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Author : Hussein Kureshi
language : en
Publisher: John Wiley & Sons
Release Date : 2014-12-29
Contracts And Deals In Islamic Finance written by Hussein Kureshi and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-29 with Business & Economics categories.
A very accessible and concise guide to Islamic finance Contracts and Deals in Islamic Finance provides a clear breakdown of Islamic financial contracts and deal structures for beginners. The embedded requirements within selected Islamic financial contracts, such as risk weightage, capital structures, creations of cash flows, and balance sheets, are explained fully to provide a solid understanding of the backbone of the industry. Aimed primarily at beginners and those with a background in conventional banking, this book guides readers through the major contracts, how they're applied, and how to discern a contract's legitimacy. Case studies and interviews with bankers and global regulators provide real-life examples of contract application, and the author's own experiences provide deep insight into the everyday issues that arise. Ancillary instructor's materials include PowerPoint slides and lecture notes that facilitate use in the classroom. Literature describing the application of Islamic financial contracts is few and far between, and those providing a basic breakdown of these contracts and questioning their validity are rarer still. This book is the first of its kind, offering a basic approach to understanding Islamic contracts, designed for the true beginner. Understand the current contracts applied in Islamic banking Learn how contracts are applied across different jurisdictions Identify illegitimate contracts and those not in the spirit of Shariah law Examine the current economic realities surrounding Islamic finance By highlighting the underlying themes in Islamic finance and assessing the current practices, this book gives readers the solid understanding and up-to-date perspective that form a solid foundation upon which successful Islamic finance is practiced. For a solid introduction to the Islamic finance industry, Contracts and Deals in Islamic Finance is an accessible, practical guide.
Theory And Practice Of Modern Islamic Finance
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Author : Abu Umar Faruq Ahmad
language : en
Publisher: Universal-Publishers
Release Date : 2009-12
Theory And Practice Of Modern Islamic Finance written by Abu Umar Faruq Ahmad and has been published by Universal-Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12 with Business & Economics categories.
" ... Seeks to contribute to the existing body of work in the area of Islamic finance through examining the extent of divergence in practice of Islamic financing from the traditional Shari'ah in the Australian context. The author makes a discursive analysis of the regulation of Islamic finance in Australia in terms of (a) the financing instruments used, (b) certainty of transactions between participants in the system, and (c) institutional risk management of Islamc financial institutions."--Back cover.
Islamic Finance And The Shari Ah
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Author : Michael J. T. McMillen
language : en
Publisher: CreateSpace
Release Date : 2013-12-26
Islamic Finance And The Shari Ah written by Michael J. T. McMillen and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-26 with Religion categories.
This book is about how Islamic finance is conducted in contemporary times. It is also about change and how change occurs in two areas. The first area is change in a body of law, both generally and specifically with respect to Islamic Shari`ah in the areas of commerce and finance. The second area is Islamic finance. Change in the Shari`ah and in Islamic finance are intimately and inextricably related: the Shari`ah defines and constrains change in Islamic finance. Legal change necessarily involves consideration of the interpretive modalities that are employed in effecting that legal change, and interpretive modalities in Islamic finance are also considered.The book is divided into four parts. Part I outlines the context and provides background for later discussions. Part II introduces the Shari`ah and its interpretation. Part III discusses a specific fatwa issued to Dow Jones in 1998 in respect of equity investing and equity indices (the Dow Jones Fatwa), its sequelae, and murabaha transactions. And Part IV addresses issues pertaining to and criticisms of Islamic finance.Part I describes the objectives and organization of the book, provides a short history of modern Islamic finance, and sets forth a categorized summary of the issues and criticisms raised by various critics.The discussion of Shari`ah matters in Part II begins with a summary of the nature of the Shari`ah (Islamic law) as applied in Islamic finance. This is followed by a detailed description of the Shari`ah scholars and Shari`ah boards that interpret and apply Islamic law in the field of Islamic finance. Topics considered include the qualifications of scholars, the nature and structure of Shari`ah boards and how they are comprised and operate, and the roles and functions of Shari`ah boards. The final chapter in this Part discusses the fatwa (legal opinion) that implements Islamic law in the transactional, operational entity and standard-setting context. Part III provides detailed discussions of the Dow Jones Fatwa, its equity investment tests, permissible and impermissible equity instruments, permissible and impermissible business activities, financial screens for impermissible interest income, and other important principles. In particular, the discussion focuses on the principles of “permissible variance” (or “permissible impurity”) and “purification” that have been instrumental in the development and growth of Islamic finance. Succeeding chapters in this Part trace how the permissible variance principles have evolved and expanded in areas such as equity, private equity and real estate investing, and the financing of those activities, and in project and infrastructure finance. Six areas of evolution and expansion are considered. These include (1) modification of the initial tests, (2) new equity investing tests, (3) permissible and impermissible business activities in different areas of practice and the variations in impurity that are permitted in those areas, (4) the most commonly used structures in modern Islamic finance (the lease or ijara and the murabaha or cost-plus sale), and) (5) when and how purification (largely by donation to charity) are effected.The final group of chapters, in Part IV, discuss the various issues and criticisms in detail. Topics include (i) the amount of discretion afforded Shari`ah scholars, (ii) the intentions of different transactional parties in Islamic finance transactions, (iii) the degree of formalism in application of interpretive modalities, (iv) complexities and transaction costs (both absolutely and relative to corresponding conventional transactions), (v) social justice and policy issues, and (vi) the application of interpretative modalities and their relationship to different jurisprudential theories of legal change.The book includes an extensive bibliography and index.For further information, please see http://www.islamicfinanceinpractice.com
An Introduction To Islamic Finance
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Author : Mufti Muhammad Taqi Usmani
language : en
Publisher: BRILL
Release Date : 2021-10-18
An Introduction To Islamic Finance written by Mufti Muhammad Taqi Usmani and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-18 with Law categories.
Although the principles of Shari'ah require banks and financial institutions to be structured on an interest-free basis, this does not mean that such institutions are charitable concerns. As long as a person advancing money expects to share in the profits earned (or losses incurred) by the other party, a stipulated proportion of profit is legitimate. The philosophy is enshrined in the traditional Islamic concepts of musharakah and mudarabah, along with their specialized modern variants murabahah, ijarah, salam, and istisna'. This invaluable guide to Islamic finance clearly delineates the all-important distinctions between Islamic practices and conventional procedures based on interest. Justice Usmani of Pakistan, who chairs several Shari'ah supervisory boards for Islamic banks, clearly explains the various modes of financing used by Islamic banks and non-banking financial institutions, emphasizing the necessary requirements for their acceptability from the Shari'ah standpoint and the correct method for their application. He deals masterfully with practical problems as they arise in the course of his presentation, and offers possible solutions in each instance.
Rethinking Islamic Finance
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Author : Ayesha Bhatti
language : en
Publisher: Routledge
Release Date : 2018-12-12
Rethinking Islamic Finance written by Ayesha Bhatti and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-12 with Business & Economics categories.
Islamic finance’s phenomenal growth owes to the Shariah compliant nature of its financial instruments. Shariah forbids the charging of interest (Riba) and instead promulgates risk-sharing and trade-based modes of financing. The Islamic financial industry has been subject to both critique and admiration. Critics argue that Islamic instruments (bearing debt-based structures) differ from their conventional counterparts only in legal lexicon and not in economic impact. The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with ‘juristically sound’ Islamic principles. This book aims to reconcile the above dispute. It argues that the financial impact of instruments is a consequence of the way they are priced and structured. The similarity in pricing and structures is an outcome not of the underlying Islamic financial modes but of the competitive environment in which Islamic instruments compete. Even risk-sharing and trade-based Islamic structures, if implemented in such an environment, would have a financial impact similar to that of conventional instruments. This book has a wider appeal for both academic and non-academic audiences. It can complement undergraduate and graduate courses as an additional reading on the intricacies of Islamic financial instruments and markets. For PhD students, it would help identify future research areas. To non-academics, it offers a deeper understanding regarding the working of the Islamic finance industry.
Introducing Islamic Financial Transactions
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Author : Safaruk Z. Chowdhury
language : en
Publisher: CreateSpace
Release Date : 2013-10-28
Introducing Islamic Financial Transactions written by Safaruk Z. Chowdhury and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-28 with Religion categories.
A small textbook introducing key financial contracts in Islam as well as the rules and precepts governing them. It covers among other related areas, various contracts such as insurance arrangements, warranties, forex trading, derivatives contracts and Islamic Home purchase schemes.
The Chancellor Guide To The Legal And Shari A Aspects Of Islamic Finance
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Author : Humayon A. Dar
language : en
Publisher: Harriman House Limited
Release Date : 2012-01-09
The Chancellor Guide To The Legal And Shari A Aspects Of Islamic Finance written by Humayon A. Dar and has been published by Harriman House Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-09 with Business & Economics categories.
Unprecedented economic growth and wealth accumulation in predominately Muslim countries have prompted many financial institutions in the US and Europe to position their investment teams across the Middle East and Asia to be closer to the markets in which they invest, and to take advantage or asset-gathering opportunities. This growth has also encouraged an increasing number of western industrialised countries to adopt legislation that responds to the requirements of the Musli investment community. To be effective in these markets it is essential that professionals have an understanding of how Shari'a legal principles are applied in the financial sector. Failure to do so exposes them and their clients to potential financial, legal and reputational pitfalls. The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance is the first professional reference to focus specifically on the legal dimension of Islamic Finance. The guide brings together nineteen Islamic Finance legal practitioners and advisers to provide a comprehensive yet practical legal perspective on the subject. Each contributor draws on several years' hands-on experience in Islamic Finance product development and advice to leading financial institutions to provide a real-world, contemporary assessment of the key legal issues in Islamic Finance. The guide's hands-on approach and accessible style make it required reading for everyone with a professional interest in Islamic Finance, be they lawyers, accountants, regulators, bankers or investors. It is also a unique reference for academic institutions worldwide.
Governing Principals Of Shari Ah
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Author : Dr. Syed Muhammad Abdul Rehman Shah
language : en
Publisher:
Release Date : 2020
Governing Principals Of Shari Ah written by Dr. Syed Muhammad Abdul Rehman Shah and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Islamic law of business transaction is an integral area of Islamic law dealing with the general principles of contracts, the elements of contracts, eligibility criteria of contracting parties, conditions of subject matter, the nature of remuneration or compensation in contracts, classification of contracts in terms of valid, invalid and void contracts. In modern practices of Islamic capital market, the law of Halal and Haram provides basis to Shari'ah screening methodology that is used to segregate the Shari'ah compliant stocks from non-Shari'ah compliant stocks in a particular market. Further, disturbing external attributes must be made as explicit as possible in order to avoid Riba (Interest), Gharar (Uncertainty) and Zulam (Injustice) to any of the parties. Interest-prohibition is investigated from global religious perspective. In history, the Christianity in much of Medieval Europe, the Judaism, the Hinduism, the Buddhism and Islam in many parts of the world today, have regarded charging any kind of interest for loans as sinful. As the matter of fact, this interest-sensitive theory of economic perspective is institutionalized by Muslim intellectuals through inception of modern Islamic banking in recent decades. This study reviews the classical literature of Islamic law of business contracts to provide a conceptual foundation to contemporary practices of Islamic financial institutions. The Islamic financial industry now comprises 430 full-fledged Islamic banks and financial institutions and around 191 conventional banks having Islamic banking windows operating in more than 75 countries.
Contemporary Issues In Islamic Law Economics And Finance
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Author : Flavia Cortelezzi
language : en
Publisher: Taylor & Francis
Release Date : 2022-08-12
Contemporary Issues In Islamic Law Economics And Finance written by Flavia Cortelezzi and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-12 with Business & Economics categories.
This book explores how Islam can impact the structures and performance of firms, financial institutions and capital markets across a range of countries and industries. The Islamic finance industry represents an important reality not only because of the oil wealth of the Gulf states, which have fueled demand for such financial services, but also for an increased demand from a growing Muslim population in the West that aspires to express a full and all-inclusive religious identity. The increased demand for Muslim financial institutions has prompted Western non-Islamic firms to begin providing these services in an interesting effort of acculturation to the new plural scenario. By adopting a multidisciplinary approach, which also takes into account the theological, legal and geopolitical framework, the book offers a comprehensive picture of Islamic financial tools, contracts and business opportunities. Drawing on different fields of expertise, it deals with various themes, such as the theological roots of Islamic economics and finance and its geopolitical impact; the EU policy of cooperation with MENA and GCC countries; the instruments of Islamic finance, its legal principle and ability to become an instrument for enhancing business opportunities; the functioning of Islamic banks; the development of capital markets within a financial model influenced by religious constraints and, finally, the new relationships of this religious financial system with Western legal systems. The book thus provides a complete and extensive overview of the practice of Islamic finance through the lenses offered by studies of economics and management. Providing a careful analysis and an integrated framework of geo-economic and political issues, the book will be a valuable resource for academics, researchers and professionals in International Business, Entrepreneurship and Small Business Management, Law and Religion and Intercultural Studies.