By Bala Shanmugam
This straightforward yet finished creation to Islamic finance is reader pleasant and large in scope. It covers the fundamental techniques, markets, items, and problems with Islamic finance and indicates the various nature of Shari'a criteria in several nations.
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Additional info for A Primer on Islamic Finance
The al-bai contract is signed upon payment of the entire rental amount Customer 6. The bank transfers the asset ownership 1. The customer identifies the machine/equipment to be leased 2. The bank purchases the machine/equipment from the dealer Machine/Equipment Dealer end of the lease period, the ownership of the asset will be transferred to the lessee. The undertaking or the promise given is unilateral and does not become an integral part of the contract. Hence, the undertaking or promise does not become an integral part of the lease contract, whereby it would be conditional.
Challenged to adapt these new products to Shari’a, the Islamic financial markets struggled to maintain a competitive pace. The second factor slowing the pace of Islamic capital market development was the conflict surrounding interpretation of what constitutes Shari’a compliance (Iqbal and Tsubota 2006; Khan 2006). Yet, for the Islamic capital market to achieve sustainability, finding new and competitive products was imperative. Deregulation in several Muslim nations opened the door to the creation of two products largely responsible for the serious growth of the Islamic capital market—Shari’a-compliant equity funds and sukuk (Islamic bonds) (Iqbal and Tsubota 2006; Khan 2006).
2009 The Research Foundation of CFA Institute 39 A Primer on Islamic Finance Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand. According to Kuo (2008), Malaysia, with roughly 15 percent (about US$62 billion) of the entire assets of the Malaysian banking system attributable to Shari’a-compliant products, leads the region in terms of total Islamic banking assets. 12. Location and Aggregate Assets of Top 100 Islamic Banks, 2007 A. Number of Banks B. 3 Source: “Islamic Banks Are on the Rise” (2008).
A Primer on Islamic Finance by Bala Shanmugam