Index
AAOIFI see Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
Abu Dhabi, 2nd
Abu Dhabi Commercial Bank (ADCB)
Abu Hanifa (Imam)
acceptance in sharia-compliant contracts, 2nd
accountability to God
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
approval of commodity murabaha
on contract combination
on guarantees
on impermissible industries
on istisn’a
as leading self-regulatory body
rates for financial screen
on short selling
on sukuk al musharakah
accounts
bank, 2nd
Islamic deposit
savings
acquisition, leasing with, 2nd, 3rd, 4th, 5th
action, pillars of
Adam, first human being
adult entertainment, prohibition
affluence, rise of Muslim, 2nd
Africa, sukuk launch
‘Against Usury’ (Van de Weyer), 2nd
agency see wakala (agency)
agricultural produce, use of salam
Al Rayan Bank (formerly Islamic Bank of Britain (IBB))
deposit accounts
home finance, 2nd
savings accounts
alcohol and alcohol trades, prohibition, 2nd, 3rd
allocation of finance
allocation of risk, Christian view
ambiguity see gharar (excessive uncertainty/ambiguity)
angels, belief
AON plc
aqd (contract) see contracts
Aquinas, Thomas
Arabian Gulf region
arbab-al-maal (owners of wealth)
arbun (non-refundable deposit), 2nd
artificial transactions
asabah (residuary beneficiaries)
asset classes, sharia-compliant investments
asset finance, 2nd
application of ijarah
asset-backed versus asset-based sukuk
asset-light sukuk
assets
protection in trust funds
zakatable
AT Kearney
Atlanticlux
back-to-back sales, prohibition
Bahrain, 2nd
bai al-inah (back-to-back sales)
bai bithaman ajil, sukuk al
bai muajjal, sukuk al
bank deposits, 2nd, 3rd
Bank of International Settlements (BIS)
banks and banking
community services
fractional reserve model, 2nd, 3rd
Islamic, 2nd
liquidity, 2nd
models
prohibition of conventional
regulation
barter, prohibition of interest
bay al mu’ajjal (transaction with deferred payment)
beneficiaries
residuary
trust funds
betting, conventional insurance
Bible, 2nd
on interest
on usury
bilateral contracts
blended-assets sukuk
bonds
conventional compared with sukuk
Islamic see sukuk
prohibition of usury
brokering services, and wakala contract
Bukhari (Imam)
business assets, subject to zakat
business finance, 2nd
business partnership, into a joint venture
calculation of zakat
Canada
capital appreciation, differences between musharakah and mudarabah
capital markets, based on ijarah
capital structure of a company
capitalism
cars
finance, based on ijarah wa iqtina
insurance, 2nd
leasing
cash and cash deposits
financial screen, 2nd
subject to zakat
Central Bank of Bahrain
challenges for Islamic finance industry
change of mind, option
charities, estate distribution
charity giving see also zakat
obligatory, 2nd, 3rd
voluntary
Christianity
percentage of world population
view of usury
view on interest
commercially driven Islamic finance
commodities
number of Islamic funds
salam finance
commodity murababa, 2nd, 3rd
copying interest-bearing loans
deposit accounts
scepticism fuelled by practice
community services banking
competitive products
conflict of interest, sharia-compliant products
congregational prayer
consistency, sharia-compliant products
construction finance
istisn’a
projects
contingent contracts, prohibition
contracting parties
contracts
contingent
ijarah
promises
Qur’an on
rahn
sharia-compliant commercial, 2nd
validity
contractual arrangements, integrity
conventional banking, prohibition
conventional debt ratio, financial screen
conventional financial services, prohibition
conventional insurance
dominance in Muslim world
prohibition
sharia perspective
crowd funding for SMEs
Cuba
customers, potential Islamic finance
Damascus, Syria
Day of Judgement, 2nd
death, belief in accountability after
deathbed illness
debts
conventional, financial screen
dangerous levels
deductible for zakat
estate distribution
defect, option
defence companies, prohibition
deliverability, item or service
deposit accounts
deposit banks
deposits, non-refundable, 2nd
differentiated products
diminishing musharakah
home finance, 2nd
disclosed agency
disposable income
distribution
estates
zakat
dividends, subject to zakat
divine decree, belief
el-Diwani, Tarek
donation, takaful
double entity structure of takaful
Dow Jones Citigroup Islamic Bond Index
Dow Jones Islamic Market Index, 2nd
Dubai
Dubai International Financial Exchange (DIFX)
Dubai Islamic Bank (DIB), 2nd, 3rd
personal finance
economic development, countries with large Muslim populations
economic models
Islamic
economic principles of Christian church
Egypt
Emirates NBD, 2nd
endowments
permanent
takaful
entertainment industries, prohibition
equities
finance system
investment
subject to zakat
number of Islamic funds
equity-type transactions
Ernst & Young, 2nd
estates
sharia-compliant distribution
taxation
ethical investments
existence, item or service
export/import finance, salam
faith see also Islam
six pillars of
testification
family, inheritors
family takaful
Farook, Dr Sayd
on the future of Islamic finance
fasting
fatwa (opinion/certification)
female versus male inheritance shares
financial planning
estate distribution
Islamic wills
financial screen, sharia-compliant investments
financial services, conventional, prohibition
fiqh (interpretation of Qur’an and Sunnah)
five pillars of action
fixed assets, subject to zakat
forced heirship, estate distribution
forward contract
forward leasing, 2nd, 3rd
fractional reserve banking model
debt
inflation
linked to interest
prohibition of interest
France
Friday, importance as holy day
FTSE Shariah Global Equity Index, 2nd
fund management, wakala contract
funeral expenses, estate distribution
fungible items, salam finance, 2nd, 3rd, 4th
futures contracts
FWU Group
gambling, prohibition, 2nd
GDP, world growth rate
general takaful, 2nd
gharar (excessive uncertainty/ambiguity)
bilateral contracts
conventional insurance, 2nd
ijarah
kafalah contracts
prohibition, 2nd
unilateral contracts
al-Ghazali, Abu Hamid (Imam)
on the sharia, 2nd, 3rd
global debt
‘Global Islamic Asset Management Report 2014’ (Thomson Reuters)
global share in Islamic finance industry
global sukuk issuance
Global Sukuk Plus Fund
‘Global Takaful Insights 2013’ (Ernst & Young)
God, belief in the one
gold, subject to zakat, 2nd
Gold Standard
Grameen microfinance
growth
Islamic finance industry
potential
reasons
guarantee, contracts
Gulf Cooperation Council (GCC)
sukuk growth
hadith (sayings of Prophet Muhammad)
Halim, Nazneen
Hanafi school of thought
Hanbal (Imam)
Hanbali school of thought
hawalah (transfer of debt)
heirship, forced
hire of persons
holy scriptures, 2nd
home finance, 2nd, 3rd, 4th
Hong Kong
human capital
ijarah (leasing)
with acquisition, 2nd, 3rd
application
compared with conventional leasing
compared with murabaha
in conjunction with istisn’a
contracts
forward, 2nd, 3rd
hire of persons
home finance
investments
money market funds
sukuk, 2nd, 3rd, 4th, 5th
transfer of right to use asset
ijarah ‘ala al-ashkash (hire of persons)
ijarah al-a’yan (transfer of right to use asset)
ijarah mawsoofa bil thimma (forward lease), 2nd, 3rd
ijarah muntahia bitamleek (lease ending in ownership)
ijarah wa iqtina (lease with acquisition), 2nd, 3rd, 4th, 5th
Ijma (consensus of the scholars)
illness, deathbed
immediate family as inheritors
impact, assessment
import finance, salam
INCIEF university
income, disposable
Independent Commission on Banking
Indian sub-continent
indices, Islamic bond
Indonesia, 2nd
industry screen, sharia-compliant investments
inflation
infrastructure projects finance
inheritance
taxation
inheritors
inspection, option
insurance
cars, 2nd
conventional
dominance in Muslim world
prohibition
sharia perspective
ijarah compared with conventional leasing
Islamic see takaful (insurance)
life
mutual
integration of Muslim and non-Muslim economies
integrity, contractual arrangements
inter-bank liquidity
wakala for facilitating
interest
conventional insurance
prohibition, 2nd, 3rd
fractional reserve banking model
reasons
the Qur’an on
International Islamic Financial Market (IIFM)
investment banks
investments
differences between musharakah and mudarabah
equity, subject to zakat
ijarah-based
impurities
liquid, subject to zakat
management in takaful
sharia-compliant
Iran
Iraq
Ireland
Islam
belief system
importance of Qur’an and Sunnah
importance to Islamic finance industry, 2nd, 3rd, 4th
interpretation of the sharia
key practices
percentage of world population
view on wealth, 2nd
Islamic assets
Islamic Bank of Britain (IBB)
deposit accounts
home finance, 2nd
savings accounts
Islamic Banking Act 1983 (Malaysia)
Islamic banks, 2nd
Islamic bond indices
Islamic bonds see sukuk
‘Islamic commercial law: an analysis of futures and options’ (Kamali)
Islamic deposit accounts
Islamic Development Bank (IDB), 2nd
blended-assets sukuk
Islamic economic model, 2nd
Islamic finance
challenges and opportunities, 2nd
distinguished value proposition, 2nd
future, 2nd
growing market
growth of industry, 2nd
key principles
reasons
recommendations for success
Islamic financial institutions (IFIs), future
Islamic Financial Services Board (IFSB)
‘Islamic Financial Services Industry Development: Ten-Year Framework and Strategies’ (IDB and IFSB)
Islamic Fiqh Academy
on commodity murabaha
on murabaha transactions
on promises in commercial dealings
Islamic inheritance law
Islamic law see sharia
Islamic Research and Training Institute (IRTI)
Islamic wills
ISRA government research institute
istisn’a (request for manufactured item), 2nd
application
compared with salam
sukuk al
Jaafar (Imam)
Jaafri school of thought
Jabir ibn Abdullah, 2nd
Jersey
‘just price,’ Christian principle
kafalah (guarantee)
Kamali, Mohammad Hashim
Kay, John
al-Khudri, Abu Sa’id
Kot Addu Power Company (KAPCO)
Kuwait
gaining market share
sharia-compliant funds
zakat system
late payment penalties
ijarah car finance
ijarah compared with conventional leasing
istisn’a
leasing see ijarah (leasing)
liabilities
deductible for zakat
differences between musharakah and mudarabah
estate distribution
life insurance
life interest trust will
life takaful
lifetime giving
lifetime trusts
liquidity
inter-bank, 2nd
Muslim nations
loans
conventional compared with murabaha
personal, subject to zakat
location of zakat distribution
London Central Portfolio Ltd (LCP)
London Metals Exchange
loss, risk, ijarah compared with conventional leasing
Luxembourg, 2nd
maintenance, ijarah compared with conventional leasing
Malaysia
asset-based sukuk al-ijarah
gaining market share
Islamic finance industry
sharia-compliant funds
sukuk growth
takaful, 2nd, 3rd
zakat system
male versus female inheritance shares
Malik (Imam)
Maliki school of thought
management
differences between musharakah and mudarabah
investments in takaful
maqasid al sharia see sharia
marawdul maut (deathbed illness)
‘maturity transformation’
maysir (betting)
Mecca, Saudi Arabia
Medina, Saudi Arabia
Meezan Bank Limited (MBL), 2nd
mixed assets, number of Islamic funds
Mohamad, Mahathir
money market funds
number of Islamic
money production
conventional and Islamic finance
Islamic perspective
monotheistic faith, Islam
mortgages, prohibition of usury
MSCI Islamic Index
mudarabah (profit-sharing transaction)
differences between musharakah and
Islamic deposit/savings accounts
sukuk, 2nd, 3rd
takaful investment
mudarib (project manager), 2nd, 3rd, 4th
Muhammad, Prophet
on accountability to God
on barter
on definition of nisab
on equity-type transactions
example and teachings in the Sunnah
on interest
on Islamic inheritance
on one-third
sanction of payment in advance to farmers
on wealth, 2nd
Mundell, Robert
murabaha (asset finance transaction), 2nd, 3rd
commodity, 2nd, 3rd, 4th, 5th, 6th
compared with ijarah
rahn
security contracts, 2nd
sukuk al, 2nd
musawamah (asset finance transactions)
musharakah (profit and loss sharing transaction), 2nd
application
differences between mudarabah and
diminishing, 2nd, 3rd
sukuk, 2nd, 3rd, 4th, 5th
Muslim countries
Islamic finance assets
tapping into the liquidity
Muslims
focus on the objectives of the sharia
percentage of Sunnis and Shias
population growth, 2nd
muttawallis (trustees)
mutual insurance
Nasim, Iqbal, on zakat
National Bank of Kuwait
ijarah investment fund
Islamic money market fund
new products, importance of sharia-compliant
nisab (threshold), 2nd
non-inheritors, estate distribution
non-Muslims
focus on the objectives of the sharia
inheritors
North Korea
obligations, estate distribution
obligatory inheritors
offer and acceptance, sharia-compliant contracts
oil, wealth
Old Testament, on usury
Oman
Islamic finance industry
prohibition of murabaha, 2nd
sukuk growth
Omani Central Bank
one-third threshold, investment impurities
OPEC (Organization of the Petroleum Exporting Countries)
options, contracts
Organisation of the Islamic Conference (OIC)
ownership, item or service
Oxfam International
Pakistan
car finance
sharia-compliant funds
sukuk al musharakah
waqf takaful
parallel istisn’a
parties to a contract
partnership
co-ownership
ijoint venture
payments
late penalties, 2nd, 2nd
zakat
penalties, late payment, 2nd, 3rd
pensions
estate distribution
subject to zakat
permanent endowments
permissible, item or service
personal finance, salam
personal loans, deductible for zakat
pilgrimage to Mecca, obligatory act
pillars of action
pillars of faith
planning see financial planning
poor and needy, distribution of zakat
pork and pork-related products, prohibition, 2nd, 3rd
pornography consumption, prohibition
power-producing companies, sukuk al musharakah
prayer
obligatory act
zakat
predestination, belief
pricing
ijarah compared with conventional leasing
option
uncertainty
principles of Islamic finance
products
evolving
new offerings
prohibited activities
commercial transactions
Islamic economic model
prohibition of interest
Islamic economic model
reasons
prohibition of uncertainty
project finance, 2nd
istisn’a in conjunction with ijarah
promises
sharia-compliant contracts
takaful
property
investment
istisn’a for development
number of Islamic funds
project finance
subject to zakat
prophets, belief
public interest, protection
Qatar, 2nd
Qatar Electricity & Water Company
Qatar International Islamic Bank (QIIB)
Qatar Islamic Bank (QIB), 2nd, 3rd
Qiyas, hierarchical order
Qur’an, 2nd
on distribution of zakat
hierarchical order, 2nd
importance of the
on inheritance
on interest, 2nd
on sharia-compliant contracts
on teachings of Prophet Muhammad
on wealth
on zakat
rabb-ul-maal (owner of wealth), 2nd, 3rd
investment management in takaful
rahn (to hold) contracts
Ramadan
rapid growth markets
Rashid, Haroon
on Islamic wills
on sharia-compliant estate distribution
real estate projects finance
istisn’a
real service or asset
risk incurred
regulation, 2nd
relatives as inheritors
rental
ijarah car finance
ijarah compared with conventional leasing
income, subject to zakat
residuary beneficiaries, inheritors
resources, productive use
resurrection after death, belief
retakaful
riba (interest)
conventional insurance
debt trading, 2nd, 3rd
penalty payments, 2nd
prohibition, 2nd
sukuk al salam
risk
Christian view on allocation
destruction/loss
level under ijarah, 2nd
return trade-off
Robertson, James
sadaqah (voluntary charity)
salam (sale of fungible object for full payment now), 2nd, 3rd
ahn
application
compared with istisn’a
sukuk al
salat (five daily prayers), zakat
Saudi Arabia
Friday as day off
gaining market share
Hanbali school of thought
Maliki school of thought
sharia-compliant funds
sukuk growth
takaful
savings accounts, wakala contract
scale, challenge faced by Islamic finance
scholars
role in Islamic finance
sharia, needed
secondary market, sukuk
‘secular’
security contracts
SEDCO Capital
settlors
Sha’afi school of thought
Shafi (Imam)
shares, subject to zakat
sharia
importance of authenticity
inheritance laws
interpretation and meaning
objectives, 2nd
permitted activities
‘sharia- loyalist customers’
sharia supervisory boards
sharia-compliant estate distribution
sharia-compliant products
copying conventional financial instruments
importance of faith perspective
investments, 2nd
numbers of funds
objectives
role of scholars in verifying
sharikah al-amwal (partnership by capital)
sharikah al-’aqd (business partnership in a joint venture)
sharikah al-mulk (partnership of co-ownership), 2nd
Sharjah Islamic Bank, 2nd
Shias
shirkah al-amal (partnership by work)
shirkah al-wujooh (partnership by face)
shirkal al-amwal (partnership based on capital contribution)
shirkat ul aqd
shirkat-ul-milk (joint ownership in property)
short selling, prohibition
silver, subject to zakat
single entity structure of takaful
six pillars of faith
socialism
socially responsible investment (SRI), 2nd
South Africa
Spain
start-ups finance
subject matter of a contract
uncertainty
sub-par products
sukuk (Islamic bond)
asset-based versus asset-backed
capital markets
capital raised through
compared with conventional bonds
definition, 2nd
growth, 2nd, 3rd
mechanics of transaction
secondary market
strong future
types
sukuk al bai bithaman ajil
sukuk al bai muajjal
sukuk al istisn’a
sukuk al mudarabah
sukuk al murabaha, 2nd
sukuk al musharakah
sukuk al salam
sukuk al wakala
sukuk al-ijarah, 2nd, 3rd, 4th, 5th
sukuk asset class
investment
number of Islamic funds
Sukuk Index (by HSBC)
Sunnah
hierarchical order, 2nd
importance
Sunnis
Swart, Richard
Swiss Re
tabarru (donation), takaful
takaful (insurance), 2nd
car insurance
future of the industry
Islamic insurance alternative
models
types of policy
wakala contract
Takaful Act 1984 (Malaysia)
tawarruq see commodity murabaha
taxation of estates
testamentary freedom
testification of faith, obligatory act
Thomson Reuters, 2nd, 3rd
time period, uncertainty
timing
distribution of zakat
zakat payment
tobacco and tobacco trades, prohibition, 2nd
Torah, 2nd
transactions
artificial
asset finance-type
equity-type
istisn’a
key types, 2nd
other key
trustees
trusts, lifetime
Turkey
Hanafi school of thought
takaful
UAE
gaining market share
sharia-compliant funds
takaful
UK
government sukuk, 2nd
Islamic finance assets
issue of sovereign sukuk
sharia-compliant funds
testamentary freedom
uncertainty see gharar (excessive uncertainty/ambiguity)
underwriting, service provided by takaful operator, 2nd
undisclosed agency
unilateral contracts
uqud (contracts) see contracts
usury
Christian view
prohibition
validity of contracts, key conditions
value
Islamic finance industry, 2nd
item or service
Van de Weyer, Robert
on the Christian view of usury
wa’d (promise) see promises
wakala (agency), 2nd
Islamic deposit/savings accounts
sukuk al
underwriting
wakil (agent), 2nd
waqfs (permanent endowments)
takaful
taxation
waqif (settlor)
wasiyyah, estate distribution
wasiyyah (will)
estate distribution
Watani USD Money Market Fund
wealth
distribution
inequality
Islamic system
management
owners see arbab-al-maal (owners of wealth)
pursuit, Islamic values
weapons, prohibition
Welby, Justin
welfare state, dictated by Islamic principles
wills
Islamic, 2nd
life interest trust
women, inheritance rules
zakat (giving percentage of wealth to charity)
calculation
distribution
linguistic meaning and spiritual significance
one of five pillars of Islam
paying
zakatable assets
zawil arhaam, inheritors
zawil furood
zukat, obligation
