Introduction to Islamic Banking and Finance: Principles and Practice

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International Journal of Islamic and Middle Eastern Finance and Management

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PART I - INTRODUCTION 1. Status of the Global Islamic Finance Industry 2. Source and Principles of Islamic Law in Relation to Finance 3. Islamic Financial Institutions 4. Accounting and Taxation Approaches 5. Corporate Governance for Institutions Offering Islamic Financial Services PART II - ISLAMIC LAW AND CONTRACTS IN PRACTICE 6. Mudaraba and Musharaka 7. Mudaraba and Tawaruq 8. Derivatives in Islamic Finance 9. Istisna and Ijara 10. Sukuk 11. Takaful 12. Dispute Resolution 13. Appendix: Guide to Further Reading

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The raison d'être of this article is to supply basic insights on the origin and characteristics of the Islamic Banking system, its distinguishing features, and related contentious issues that have remained the subject of ongoing debates among Sharia' scholars and members of the academia. These were analyzed by referring to the principles of Muammalat (Islamic economic transaction), which are derived from the Holy Quran, Sunnah of Prophet Muhammad (p.b.u.h.), and Ijma' (consensus) of prominent Sharia' scholars. Contrary to the conventional banks, Islamic banks are required to operate according to the principles of Muammalat, which are identified as the avoidance of Riba', Gharar, Maysir, Hilah, and the promotion of ethical business practices such as justice, fairness and transparency. The 2008 global financial meltdown has created a unique awareness among banking consumers on the need of an alternative to complement the conventional banking system, which was viewed by financial scholars as suffering from a crisis of failed morality as a result of greed, exploitation, and corruption. Likewise, many may viewed that the Islamic Banking system is merely another attempt to capitalize on the pulling power of religion towards people, yet there are a number of interestingly unique features that accentuate it from the other banking alternatives. In essence, it is aspired that this article may assist fellow readers, especially those who are still new to this alternative financial system, in understanding and appreciating its unique features, and further stimulate future research in this field. Insha'Allah (God's willing).

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BLOOMS BURRY ISBN-9789356400009

When the planet looks spinal at 2011, it'll reproduce on a time of world slump, when job markets sustained to agonize and also the tenure bailout was daily. Unabridged nations too regions dared irrepressible responsibility also people's anticipations with the monetary malaise rushed worldwide, proletarian actions against companies and administrations. The year 2011 also observed the Arab spring and frequent protests against administrations in Muslim-majority republics. Though news intellects regularly mentioned the condition and high joblessness, Islamic finance is different from government policy and construction. The Islamic finance manufacturing sustained to embellishment, while current to elegance universal banners as a scrape of faithfulness and unintended in an else disturbed and worried global market. Its mounting petition to depositors was highlighted in an exceedingly forecast by Deutsche Bank that within five years, Islamic finance would double its assets. While usually consuming an attendance in Asian, Middle Eastern and North African markets, besides ongoing to increase their decided the year, Islamic finance sustained to merchandise inner steps privileged the us and other Western nations. The Islamic finance manufacturing is currently measured at about US$1 trillion, with a mounting development rate of unevenly fifteen per cent every year. This can be not amazing then Islamic finance is legendary from the unadventurous archetypal as a high quality based backing technique. While the conservative model of speculation and economics is contingent mainly on conjecture, the Islamic method forbids dealings that don't bounce depositors an up to date refuge to assign to their speculation. This past year, depositor pinched to the stability start in Sharia biddable crops since of the economic haven rooted within the industry's essential philosophies. This paper will acme numerous large communications and trials universal within the Islamic finance industry in 2011.

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