By Brian Kettell
Introduction to Islamic Banking and Finance is a succinct advisor to the foremost features of Islamic banking highlighting how those vary from traditional banking. This distinctive ebook illustrates how Islamic banking is in keeping with the Sharia'a, a key part of that is the prohibition on accumulating and paying curiosity. This crucial non secular principle appears to be like to rule out such a lot facets of contemporary finance however it does let funds for use for buying and selling tangible resources and company, that can then generate a revenue. Brian Kettell's publication seems in any respect features of Islamic banking, together with chapters on its production and evolution via to certain discussions of the problems concerned about the Sharia'a contracts of Murabaha, Mudaraba, Musharaka, Ijara, Istisna'a, and Salam. Islamic coverage (Takaful) can also be lined. ultimately the ebook takes a glance at Sharia'a legislation and Sharia'a forums, indicating the jobs and duties that include club.
Islamic banks were working in locations comparable to Bahrain, Saudi Arabia, Malaysia and Dubai for a while. traditional bankers have characteristically seen the field as a small, unique area of interest yet contemporary years have visible a dramatic surge in reputation. a few Western funding banks have set to work with Muslim clerics to create new levels of monetary items designed for religious Muslims, a wide and becoming marketplace. even if estimates of the dimensions of the Islamic finance fluctuate enormously, everybody is of the same opinion that it really is increasing swiftly and this can be the right e-book for a person seeking to comprehend the industry.Content:
Chapter 1 Muslim ideals (pages 1–11):
Chapter 2 Sharia'a legislation and Sharia'a forums: Roles, accountability and club (pages 13–30):
Chapter three Definition of Islamic Banking (pages 31–42):
Chapter four Murabaha as a method of Islamic Finance (pages 43–61):
Chapter five Mudaraba as a method of Islamic Finance (pages 63–76):
Chapter 6 Musharaka as a style of Islamic Finance (pages 77–88):
Chapter 7 Ijara as a method of Islamic Finance (pages 89–101):
Chapter eight Istisna'a as a method of Islamic Finance (pages 103–115):
Chapter nine Salam as a method of Islamic Finance (pages 117–126):
Chapter 10 Takaful: Islamic assurance (pages 127–139):
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Additional resources for Introduction to Islamic Banking and Finance
The Prophet clearly expressed the concern that nothing of his own Sunnah should be confused with the text of the Qur’an. This was, in fact, the main reason why he discouraged his Companions, at the early stage of his mission, from reducing the Sunnah into writing, lest it be confused with the Qur’an. The Sunnah, on the other hand, was mainly retained in memory by the Companions who did not, on the whole, keep a written record of the teachings of the Prophet. There were perhaps certain exceptions because the relevant literature suggests that some, though a small number, of the Companions held collections of the Hadith of the Prophet, which they wrote and kept in their private collections.
Being part and parcel of Islamic Muamalat, banking and ﬁnancial activities are therefore subject to the Sharia’a law on Muamalat. 4 SOURCES OF THE SHARIA’A Muslims view the Sharia’a as the ideal code of conduct or pure way of life. It has much wider scope and purpose than an ordinary legal system in the Western sense of the term. The Sharia’a aims at regulating the relationship of man with Allah and with each other. This is why Sharia’a law cannot be separated from Islamic ethics. The process of revelation of various injunctions of the Qur’an shows that the revelation came down when social, moral or religious necessity arose, or when some of the Companions of the Prophet (Sahaba) consulted the Prophet concerning any signiﬁcant problems that had wide repercussions on the lives of Muslims.
The Fatwa and Sharia’a board submits a complete annual report for the board of directors, summarising all the issues referred to the board, as well as its opinion on the bank’s transactional procedures. 8 SHARIA’A BOARD SCHOLAR QUALIFICATIONS The qualiﬁcations necessary to become a Sharia’a scholar are not deﬁned in any formalised manner from, say, some central institution, as one would ﬁnd in most professional bodies such as solicitors, architects and so on. A glance, however, at the CVs of some of the better known scholars, listed in this section, provides a ﬂavour of the qualiﬁcations needed to be a Sharia’a board scholar.
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