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Islamic Banking

Theory & Practice

Islamic banking is based on principles of Islamic financial laws. Interest is prohibited by Islamic law hence operations of Islamic banking are different from conventional banking although both types of banking fulfill the same needs of customers. In financing customers' needs Islamic banks use either asset based financing or profit and loss sharing modes of financing. Islamic banking was started in last quarter of 20th century to cater the needs of Muslims around the world although it is not limited to Muslims only. It has shown marvelous growth and expansion worldwide. This book is written with a clear focus on learning of Islamic banking by accounting, business and finance students/professionals. Resources available on the subject have so for focused on legal side and very negligible work is available on financial front for a common user. This book is written in financial perspective and author has focused upon financial impacts, generated by application of Islamic financial laws. However a summary of Islamic commercial laws of each chapter has been provided. Author has adopted balance sheet method to inculcate the knowledge; hence, understanding of elementary balance sheet is pre-requisite to get maximum out of this book. A special section in each chapter is developed for concept building through illustrations. To test the concept essay questions, true/false statements, multiple choice questions and sufficient number of exercises in addition to mini cases are included at chapters end.This book is useful for MBA/BBA students as a three credit hour course as well as practitioners of Islamic banking. It is also useful for accounting & finance professionals, trainers in Islamic banking, regulators, investors, corporate managers and general public interested in understanding Islamic finance. For Comments please send message at [email protected].

It has shown marvelous growth and expansion worldwide. This book is written with a clear focus on learning of Islamic banking by accounting, business and finance students/professionals.

Islamic Banking - A $300 Billion Deception

Observations and Arguments on Riba (interest Or Usury), Islamic Banking Practices, Venture Capital and Enlightenment

Islamic banks currently control about $300 billion in assets. This book assesses the underlying rationale of Islamic banking, that the Quran prohibits all forms of interest. The author maintains that, first, a correct interpretation of the Quran, keeping in mind the context, would indicate that what the Quran prohibits is usury -exorbitant interest. Second, Islamic banks do not practice what they preach; they all charge interest, but disguised in Islamic garb. Thus they engage in deceptive and dishonest banking practices. The author also offers some policy recommendations, including the need for Ijtihad, Enlightenment, and critical thinking. Islamic banks, if they wish to practice genuine and authentic Islamic banking, should become more like venture capital firms.

Islamic banks currently control about $300 billion in assets. This book assesses the underlying rationale of Islamic banking, that the Quran prohibits all forms of interest.

The Islamic Banking System - Not Conductive to the Start-up of Young, Innovative Business Firms

Seminar paper from the year 2006 in the subject Orientalism / Sinology - Islamic Studies, grade: 1,3, Ben Gurion University (Middle East Institute), course: Middle East Economics, 81 entries in the bibliography, language: English, comment: This term paper analyses the Islamic Banking System, derived out of the principles of Islamic Economics, in its consequences for the start-up of young, innovative businesses. An analysis of the Profit-Loss-Sharing concepts Mudaraba and Musharaka, the Leasing Concepts of Ijara and Ijara-wa-iktina and the Trade Financing Concept of Murabaha, illustrated with case studies, explains why this banking system has several disadvanatges for ther start-up of young businessesand how it can be improved., abstract: The Islamic banking system is a relatively young institution that gains influence not only in the Islamic world but also in non-Muslim countries with big Muslim communities. The first Islamic bank, Dubai Islamic Bank, was erected in 1975; today about 265 Islamic finance institutions operate in more than 70 countries, and their assets have increased more than 40-fold since 1982 to exceed $230 billion. More and more western banks erect Islamic branches; the first was Citibank in 1996. This paper discusses the influence of an Islamic banking system on the start-up of young, innovative businesses. A negative influence would hinder these businesses to develop - if not counterbalanced by other measures like state involvement. In non-Muslim countries it would constrain religious Muslims from participating in the contemporary economical changes, determined by an opening-up of markets and privatization, which requires the start-up of new businesses. The Islamic banking system operates according to Islamic law; hence several Islamic restrictions, the most important is the prohibition of riba (=interest), limit its freedom to develop suitable financing instruments for the support of young, innovative businesses. These restrictions enlar

Seminar paper from the year 2006 in the subject Orientalism / Sinology - Islamic Studies, grade: 1,3, Ben Gurion University (Middle East Institute), course: Middle East Economics, 81 entries in the bibliography, language: English, comment: ...

Islamic Banking

A Guide for Small and Medium-sized Enterprises

This guide is part of International Trade Centre's (ITC) Trade Finance programme, which provides assistance to help small firms in developing countries develop their capacities to link to global markets through exports. It is intended primarily for trade support institutions of developing countries, and owners or finance managers of small firms. The aim is to help these firms decide whether Islamic banking options are feasible for them, and how to use them. This guide intends to help the non-specialist reader understand and use Islamic finance. Part I – Understanding Islamic Finance – covers the key principles and perspectives of Islamic banking relevant to small firms. Part II – Using Islamic Finance – consists of a "how to" guide to use Islamic banking instruments for specific transactions.

This guide is part of International Trade Centre's (ITC) Trade Finance programme, which provides assistance to help small firms in developing countries develop their capacities to link to global markets through exports.

Mudarabah in Islamic Banking

A Study on Classical Doctrine and Its Contemporary Practice

The contrast between the theory and practice of Islamic banking is generally acknowledged by many scholars. After more than three decades in operation, the rapid growth of the Islamic banking industry is, in reality being driven by the application of the debt-like contracts (e.g. murabahah and ijarah) rather than the profit and loss sharing contracts (e.g. mudarabah and musharakah). As the adaptation of the former contracts creates "unauthentic" Islamic financial products, many have questioned their compliance with shariah principles. The present study analyses this issue by examining the application of mudarabah rules in Malaysian Islamic banking practices. It evaluates the extent to which the current practices fulfil the principles and the ethical framework of the mudarabah contract as propounded by the classical jurists. The study also analyses the justifications of Malaysian shariah scholars for modification of the doctrine, adapting it to the modern banking business.

After more than three decades in operation, the rapid growth of the Islamic banking industry is, in reality being driven by the application of the debt-like contracts (e.g. murabahah and ijarah) rather than the profit and loss sharing ...

Monetary Operations and Government Debt Management Under Islamic Banking

This paper outlines the recent progress in developing Islamic financial instruments for the management of monetary policy and public borrowing requirements and provides details on new instruments currently being developed in the Islamic Republic of Iran and Sudan. The paper also touches on the institutional arrangements for interbank market operations and the design of effective central bank credit facilities that are needed under Islamic banking to support the development and operation of these new instruments.

This paper outlines the recent progress in developing Islamic financial instruments for the management of monetary policy and public borrowing requirements and provides details on new instruments currently being developed in the Islamic ...

Critical Issues on Islamic Banking and Financial Markets

Islamic Economics, Banking, and Finance, Investments, Takaful, and Financial Planning

Felicia Wainwright has it all—beauty, education, talent and a handsome, successful husband who is madly in love with her. To make their lives perfect, she and her husband, Warren, decide to have a baby. Someone close to Felicia wants what she has and tries to sabotage her life. And the consequences turn ugly and violent. Shattered Dreams is a story of love, betrayal, jealousy and revenge.

Felicia Wainwright has it all—beauty, education, talent and a handsome, successful husband who is madly in love with her.