Islamic Finance in a Nutshell
A Guide for Non-Specialists
Editorial Review
The ongoing turbulence in the global financial markets has drawn attention to an alternative system of financial intermediation, Islamic banking and finance. This sector has so far remained on the sidelines of the unrest. The sector has grown rapidly in recent years and this new found prominence has raised many questions as to what exactly is Islamic banking and how does it work. This book provides answers to most of these questions.
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Wisdom to Share
Islamic financial institutions are those that are based, in their objectives and operations, on Qur’anic principles.
Profit-and-loss sharing is at the heart of the Islamic system: In pure Islamic banking both the investor and the entrepreneur share the results of the project in an equitable way.
Lexically, Ijara means to give something for rent. In Islamic jurisprudence, the term Ijara is used for two different situations.
Sharia’a is the religious law of Islam. As Islam makes no distinction between religion and daily life, Sharia’a law covers not only the religious rituals but every aspect of life.
Musharaka is a form of partnership between an Islamic bank and its clients whereby each party contributes to the capital of the partnership to establish a new project or share in an existing one.
All Islamic banks operate current accounts on behalf of their clients. These accounts are operated for the safe custody of deposits and for the convenience of customers.
Mudaraba is a partnership in profit between capital and work. It is conducted between investment account holders, as owners of capital, and the Islamic bank as Mudarib.
Muslims have a moral obligation to conduct their business activities in accordance with the requirements of their religion. They should be fair, honest and just towards others.
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