By Bala Shanmugam
This straightforward yet finished advent to Islamic finance is reader pleasant and huge in scope. It covers the fundamental innovations, markets, items, and problems with Islamic finance and indicates the various nature of Shari'a criteria in several nations.
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Extra resources for A Primer on Islamic Finance
Sukuk were created in response to a need for Shari’a-compliant medium-term to longterm debt-like instruments that would have good liquidity in the marketplace (Iqbal and Tsubota 2006). The word “sukuk” is the plural of the Arabic word “sakk,” which means “certificate,” so sukuk may be described as certificates of trust for the ownership of an asset, or certificates of usufruct. Sukuk differ from conventional bonds in that they do not pay interest. Islam forbids the payment of interest, but a financial obligation or instrument that is linked to the performance of a real asset is acceptable.
And the third agreement stipulates that the bank can sell the property in the event of default by the customer. 4 depicts such a typical BBA transaction structure. 4. Structure of Fixed-Rate Bai’ Bithaman Ajil Financing 3. The bank sells the assets to the customer at US$100,000 plus a profit margin of US$30,000 (the bank’s selling price is US$130,000) Islamic Bank Customer 4. , over 10 years) 1. The customer identifies the house that is to be purchased and signs a sales and purchase agreement with the developer/existing owner 2.
If not immediate, payment must be made when the seller submits the goods to the buyer. • Delivery of the goods is at a future date. • The deliverable goods are specific and can be clearly defined physically and quantitatively. 38 ©2009 The Research Foundation of CFA Institute Islamic Banking Qard hassan. Qard hassan financing refers to a gratuitous, or charitable, contract in which the borrower is required to repay only the amount borrowed with no profit (markup) to the lender. It may also be described as a form of benevolent financing extended on a goodwill basis.
A Primer on Islamic Finance by Bala Shanmugam