Mastering Islamic Finance: A practical guide to Sharia-compliant banking, investment and insurance

A practical and accessible guide to Islamic finance that helps demystify the differences with conventional banking, enabling practitioners to develop Sharia compliant products for customers.

Klappentext

Mastering Islamic Finance will **give practitioners an understanding of Islamic finance, from the basic techniques, through to advanced applications. Helping to demystify and clarify the differences with conventional banking, it will enable practitioners to develop Sharia compliant products for customers.

Inhalt

About the author
Publisher's acknowledgements

Author's acknowledgements

Part 1: Background

1. The Islamic Finance Phenomenon

   Introduction

   The Islamic finance phenomenon

   Why does Islamic finance exist?

   Why is Islamic finance now a sizeable and growing market?

   Key challenges facing the industry

   Conclusion

2. Islam key beliefs, principles and practices

   Introduction

   Belief system

   Key practices the five pillars of action

   Importance of the Qur'an and the Sunnah

   Interpretation of the sharia

   The role of scholars and sharia supervisory boards in Islamic finance

   Conclusion

   3. How Islamic finance differs from conventional banking

   The Islamic economic model

   Key Islamic finance principles

   Conclusion

   4. Valid commercial contracts in Islamic finance

   Introduction

   Key conditions for validity of contracts

   Integrity of contractual arrangements

   Status and use of promises

   Part 2: Islamic Finance in Practice

   5. Key transaction types in Islamic finance

   Introduction

   Equity type: transactions

   Mudarabah (Partnership; one party contributes capital)

   Musharakah (Partnership; both parties contribute capital)

   Asset finance:

   Murabaha (Sale of an asset at a known profit mark up)

   Ijara (Leasing of an asset)

   Istisn'a (Sale of an item to be constructed or manufactured)

   Salam (Sale of fungible item yet to be produced)

   Other key transaction types:

   Wakala (Agent providing services to a Principal)

   Hawalah (Transferring a debt)

   Rahn (Providing security)

   Kafalah (Providing a guarantee)

   Conclusion

   6. Sukuk

   Introduction

   Definition

   Mechanics of a sukuk transaction

   Types of sukuk

   Asset-based versus asset-backed sukuk

   Sukuk and the secondary market

   A strong future for sukuk

   Conclusion

   7. Sharia- compliant investments and wealth management

   Introduction

   Sharia- compliant investments

   Zakat by Iqbal Nasim

   Sharia compliant estate distribution and Islamic wills by Haroon Rashid

   Conclusion

   8. Takaful Islamic insurance

   Introduction

   Sharia perspective on conventional insurance

   Takaful the Islamic alternative

   Takaful models

   Types of takaful policy

   The future of the takaful industry

   Conclusion

   9. The future of Islamic finance

   Introduction

   Recommendations for success by IFSB and IDB/IRTI

   Opinion pieces

   The Christian view of usury by Robert Van De Weyer

   The future of Islamic finance by Dr Sayd Farook

   The secret to long term success: get the direction of travel right by Faizal Karbani

   Index