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by Syeda Fahmida Habib
Fundamentals of Islamic Finance and Banking
Cover
List of Figures
List of Tables
Acknowledgements
About the Author
Preface
About the Website
CHAPTER 1: Introduction to Islamic Finance and Islamic Economics
INTRODUCTION
CREATION OF MONEY AND CONVENTIONAL FINANCE AND BANKING
DEFINITION OF ISLAMIC FINANCE AND BANKING
ECONOMICS AND ISLAM
ISLAM AND THE WELFARE ECONOMY
EVOLUTION OF ISLAMIC FINANCE
RAPID GROWTH OF THE ISLAMIC FINANCE AND BANKING INDUSTRY
ISLAMIC FINANCE AND BANKING IN MUSLIM COMMUNITIES AND COUNTRIES
ISLAMIC FINANCE AND BANKING IN NON-MUSLIM COUNTRIES
SUB-SECTORS IN THE ISLAMIC FINANCE AND BANKING INDUSTRY
CURRENT STATUS OF MODERN ISLAMIC FINANCE AND BANKING
TIMELINE OF DEVELOPMENT OF CONTEMPORARY ISLAMIC FINANCE AND BANKING
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 2: Shariah Law and the Shariah Supervisory Board
INTRODUCTION TO THE ISLAMIC LAW – SHARIAH
SOURCES OF SHARIAH
SCHOOLS OF ISLAMIC JURISPRUDENCE
ETHICS IN SHARIAH-COMPLIANT BUSINESS AND FINANCE
MAJOR SHARIAH PROHIBITIONS AND PRINCIPLES AND THEIR IMPLICATIONS
SHARIAH SUPERVISORY BOARD (SSB)
CORPORATE AND SHARIAH GOVERNANCE
SHARIAH GOVERNANCE PROCESS
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 3: Islamic Banking versus Conventional Banking
INTRODUCTION TO ISLAMIC BANKING
ISLAMIC BANKING VERSUS CONVENTIONAL BANKING
RISKS OF BANKS – GENERIC AND SPECIFIC TO ISLAMIC BANKS
FINANCIAL INTERMEDIATION
DISTRIBUTION OF ISLAMIC BANKING PRODUCTS
CONVENTIONAL VERSUS ISLAMIC FINANCIAL INTERMEDIATION
BALANCE SHEET OF AN ISLAMIC BANK – SOURCES AND USES OF FUNDS BY AN ISLAMIC BANK
CONTRACTS IN SHARIAH LAW
CONTRACTS OF EXCHANGE IN SHARIAH-COMPLIANT COMMERCE AND FINANCE
COMMON ISLAMIC BANKING PRODUCTS
FINANCIAL ACCOUNTING IN ISLAMIC BANKING
CHALLENGES FACED BY ISLAMIC BANKS
ISLAMIC FINANCE AND THE FINANCIAL CRISIS
INTERNATIONAL ISLAMIC REGULATORY AND STANDARD SETTING BODIES
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 4: Murabaha
INTRODUCTION TO MURABAHA
CONDITIONS RELATED TO MURABAHA
CALCULATION OF MURABAHA PROFIT
THE MURABAHA PROCESS
PRACTICAL APPLICATIONS OF MURABAHA
TAWARRUQ, REVERSE MURABAHA OR COMMODITY MURABAHA
CHALLENGES AND PROBLEMS ASSOCIATED WITH MURABAHA
COMPARISON OF MURABAHA WITH CONVENTIONAL LOANS
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 5: Mudaraba
INTRODUCTION TO MUDARABA
USE OF MUDARABA FOR FINANCIAL INTERMEDIATION OF ISLAMIC BANKS
PROFIT CALCULATION IN MUDARABA
PROVISIONS AND RESERVES RELATED TO MUDARABA
MUDARABA AS A LIMITED RECOURSE DEBT FINANCE
TYPES OF MUDARABA
SHARIAH CONDITIONS RELATED TO MUDARABA
CHALLENGES AND PROBLEMS RELATED TO MUDARABA
PRACTICAL APPLICATIONS OF MUDARABA
COMPARISON OF MUDARABA WITH INTEREST-BASED CONVENTIONAL BANKING
ACCOUNTING ISSUES RELATED TO MUDARABA
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 6: Musharaka
INTRODUCTION TO MUSHARAKA
TYPES OF MUSHARAKA
SHARIAH RULES AND GENERAL PRINCIPLES GUIDING MUSHARAKA CONTRACTS
PROBLEMS RELATED TO MUSHARAKA
PRACTICAL USES OF MUSHARAKA
COMPARISON OF MUSHARAKA WITH INTEREST-BASED FINANCING
COMPARISON OF MUSHARAKA WITH MUDARABA FINANCING
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 7: Ijara
INTRODUCTION TO IJARA
IJARA IN ISLAMIC BANKS
TYPES OF IJARA
IJARA, REGULAR IJARA OR OPERATING LEASE
IJARA WA IQTINA, IJARA MUNTAHIA BITTAMLEEK OR FINANCIAL LEASE
IJARA THUMMA AL BAY
SHARIAH RULES AND GENERAL PRINCIPLES GUIDING IJARA CONTRACTS AND THEIR CHARACTERISTICS
DOCUMENTATION RELATED TO THE IJARA CONTRACT
MAIN DIFFERENCES BETWEEN IJARA AND A CONVENTIONAL LEASE
DIFFERENCES BETWEEN IJARA AND A CONVENTIONAL LOAN CONTRACT
DIFFERENCES AND SIMILARITIES BETWEEN IJARA WA IQTINA AND DIMINISHING MUSHARAKA
PRACTICAL APPLICATIONS OF THE IJARA CONTRACT
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 8: Salam
INTRODUCTION TO SALAM
IMPORTANT CHARACTERISTICS OF THE SALAM CONTRACT
HISTORY OF THE SALAM CONTRACT AND ITS SHARIAH ACCEPTABILITY
BENEFITS OF THE SALAM CONTRACT
ROLE OF ISLAMIC BANKS IN SALAM AND THE PARALLEL SALAM CONTRACT
SALAM AND PARALLEL SALAM DIAGRAM AND PROCESS
PRACTICAL APPLICATION OF SALAM
PROBLEMS RELATED TO SALAM CONTRACTS
COMPARISON OF SALAM CONTRACT WITH CONVENTIONAL BANKING
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 9: Istisna
INTRODUCTION TO ISTISNA
SHARIAH RULES AND GENERAL PRINCIPLES GUIDING ISTISNA CONTRACTS AND THEIR CHARACTERISTICS
ROLE OF ISLAMIC BANKS IN ISTISNA AND PARALLEL ISTISNA
PROBLEMS RELATED TO ISTISNA AND PARALLEL ISTISNA
COMPARISON OF ISTISNA WITH INTEREST-BASED FINANCE, SALAM AND IJARA
DIFFERENCE BETWEEN SALAM AND ISTISNA
COMPARISON OF ISTISNA WITH IJARA
PRACTICAL APPLICATION OF ISTISNA
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 10: Takaful
BACKGROUND OF TAKAFUL
MODERN TAKAFUL INDUSTRY AS AN ALTERNATIVE TO CONVENTIONAL INSURANCE
PARTIES IN TAKAFUL
SHARIAH RULES AND GENERAL PRINCIPLES GUIDING TAKAFUL CONTRACTS AND THEIR CHARACTERISTICS
THE DEVELOPMENT OF TAKAFUL
CHALLENGES FACED BY THE MODERN TAKAFUL INDUSTRY
TYPES OF TAKAFUL
OPERATIONAL STRUCTURE OF TAKAFUL
TAKAFUL MODELS
UNDERWRITING SURPLUS OR DEFICIT AND TECHNICAL PROVISIONS
CONVENTIONAL MUTUAL INSURANCE AND TAKAFUL
SIMILARITIES AND DIFFERENCE BETWEEN TAKAFUL AND CONVENTIONAL INSURANCE
RETAKAFUL
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 11: Islamic Investments and Sukuks
INVESTMENT MARKETS AND PRODUCTS
ISLAMIC INVESTMENTS
ISLAMIC ASSET AND FUND MANAGEMENT
RISKS AND CHALLENGES INHERENT IN THE ISLAMIC CAPITAL MARKETS
SHARIAH GOVERNANCE AND THE SHARIAH SUPERVISORY BOARD IN ISLAMIC INVESTMENT
COMPARISON OF ISLAMIC INVESTMENTS WITH CONVENTIONAL INVESTMENTS
INTRODUCTION TO SUKUKS
CHARACTERISTICS OF THE ISLAMIC INVESTMENT PRODUCT – SUKUK
TYPES OF SUKUKS
CONTROVERSY RELATED TO SUKUKS
RATING OF SUKUKS
TRADING OF SUKUKS ON THE SECONDARY MARKETS
COMPARISON OF SUKUKS WITH CONVENTIONAL BONDS
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
CHAPTER 12: Global Standing of Islamic Finance and Banking
BACKGROUND OF MODERN ISLAMIC FINANCE AND BANKING
CONVENTIONAL VERSUS ISLAMIC FINANCE
GLOBAL GROWTH OF THE ISLAMIC FINANCE AND BANKING INDUSTRY
ISLAMIC FINANCE AND BANKING AND THE MUSLIM COMMUNITY
BANKING AND ISLAMIC BANKING IN THE MIDDLE EAST AND THE GCC
BANKING AND ISLAMIC BANKING IN SOUTH AND SOUTH-EAST ASIA AND BEYOND
ACHIEVEMENTS AND OPPORTUNITIES IN GLOBAL ISLAMIC FINANCE AND BANKING
CHALLENGES FACED BY ISLAMIC FINANCE AND BANKING
SOCIAL RESPONSIBILITIES OF ISLAMIC FINANCE
GOING FORWARD
KEY TERMS AND CONCEPTS
CHAPTER SUMMARY
END OF CHAPTER QUESTIONS AND ACTIVITIES
Glossary
References
Index
End User License Agreement
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List of Tables
List of Figures
Figure 3.1
Islamic financial intermediation in comparison with conventional financial intermediation
Figure 4.1
Murabaha contract
Figure 5.1
Comparison of Mudaraba-based financial intermediation with interest-based financial intermediation
Figure 6.1
Musharaka Mutanaqisa
Figure 7.1
The Ijara contracts
Figure 8.1
Salam and parallel Salam contracts
Figure 9.1
Istisna and parallel Istisna contracts
Figure 10.1
Pure Wakala model
Figure 10.2
Pure Mudaraba model
Figure 10.3
Wakala and Mudaraba combined model
Figure 10.4
Waqf–Wakala–Mudaraba combined model
Figure 11.1
Ijara Sukuk
Figure 11.2
Istisna Sukuk
Figure 11.3
Salam Sukuk
Figure 11.4
Murabaha Sukuk
Figure 11.5
Mudaraba Sukuk
Figure 11.6
Musharaka Sukuk
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