Understanding Islamic finance:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Chichester [u.a.]
West Sussex
2007
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| Ausgabe: | repr. |
| Schriftenreihe: | Wiley finance series
|
| Schlagworte: | |
| Online-Zugang: | Contributor biographical information Publisher description Table of contents only Inhaltsverzeichnis |
| Beschreibung: | XXVI, 516 S. Ill. |
| ISBN: | 9780470030691 |
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| 856 | 4 | |u http://www.loc.gov/catdir/enhancements/fy0743/2007035537-t.html |3 Table of contents only | |
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Datensatz im Suchindex
| _version_ | 1804137689108185088 |
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| adam_text | Contents
List of Boxes and Figures xvii
Foreword xix
Preface xxi
Acknowledgements xxv
PARTI FUNDAMENTALS 1
1 Introduction 3
1.1 Economic Scenario in the Neoclassical Framework 3
1.2 Conventional Debt: A Recipe for Exploitation 4
1.3 Growth per se May not Lead to Socio-economic Justice 6
1.4 Social Welfare Activities of the States 8
1.5 The Main Culprit 8
1.6 The Need of the Hour 9
1.7 Economics and Religion 10
1.8 Islamic Principles Can Make the Difference 11
1.9 Regulating Trade and Business 13
1.10 Islamic Finance Passing Significant Milestones 15
1.11 Could it Work to Achieve the Objectives? 16
1.12 About this Book 17
2 Distinguishing Features of the Islamic Economic System 21
2.1 Introduction 21
2.2 Islamic Shari ah and its Objectives 21
2.2.1 Sources of SharTah Tenets 21
2.2.2 Objectives (Maqasid) of SharT ah 22
2.3 Why Study Islamic Economics? 25
2.3.1 The Role of Islamic Economists 27
2.4 Islamic Economics: What should it be? 30
2.4.1 Islamic Economics Defined 31
2.5 Paraphernalia of Islamic Economics 32
2.5.1 Ownership of Resources and Property Rights 33
2.5.2 Islamic Welfare Approach 34
Understanding Islamic Finance
2.5.3 The Factors of Production 35
2.5.4 Restrained Individual Freedom 37
2.5.5 Liberalism versus State Intervention 38
2.6 Summary 41
3 The Main Prohibitions and Business Ethics in Islamic
Economics and Finance 43
3.1 Introduction 43
3.2 The Basic Prohibitions 43
3.2.1 Prohibition of Riba 44
3.2.2 Prohibition of Gharar 57
3.2.3 Prohibition of Maisir/Qimar (Games of
Chance) 61
3.3 Business Ethics and Norms 64
3.3.1 Justice and Fair Dealing 64
3.3.2 Fulfilling the Covenants and Paying
Liabilities 67
3.3.3 Mutual Cooperation and Removal of
Hardship 68
3.3.4 Free Marketing and Fair Pricing 68
3.3.5 Freedom from Dharar (Detriment) 69
3.4 Summary and Conclusion 70
4 The Philosophy and Features of Islamic Finance 73
4.1 Introduction 73
4.2 The Philosophy of Islamic Finance 73
4.2.1 Avoiding Interest 74
4.2.2 Avoiding Gharar 75
4.2.3 Avoiding Gambling and Games of Chance 76
4.2.4 Alternative Financing Principles 76
4.2.5 Valid Gains on Investment 78
4.2.6 Entitlement to Profit - With Risk and
Responsibility 81
4.2.7 Islamic Banks Dealing in Goods not in Money 82
4.2.8 Transparency and Documentation 83
4.2.9 Additional Risks Faced by Islamic Banks 84
4.3 Debt versus Equity 85
4.4 Islamic Banking: Business versus Benevolence 86
4.5 Exchange Rules 87
4.6 Time Value of Money in Islamic Finance 89
4.7 Money, Monetary Policy and Islamic Finance 90
4.7.1 Status of Paper Money 91
4.7.2 Trading in Currencies 91
4.7.3 Creation of Money from the Islamic Perspective 92
4.7.4 Currency Rate Fluctuation and Settlement
of Debts 94
4.8 Summary 96
Contents
PART II CONTRACTUAL BASES IN ISLAMIC FINANCE 99
5 Islamic Law of Contracts and Business Transactions 101
5.1 Introduction 101
5.2 Mai (Wealth), Usufruct and Ownership 101
5.2.1 Defining Various Related Terms 103
5.3 General Framework of Contracts 105
5.4 Elements of a Contract 106
5.4.1 Offer and Acceptance: Form of the Contract 106
5.4.2 Elements of the Subject Matter 108
5.5 Broad Rules for the Validity of Mu amalat 110
5.5.1 Free Mutual Consent 110
5.5.2 Prohibition of Gharar 110
5.5.3 Avoiding Riba 111
5.5.4 Avoiding Qimar and Maisir (Games of Chance) 112
5.5.5 Prohibition of Two Mutually Contingent Contracts 112
5.5.6 Conformity of Contracts with the Maqasid of Shart ah 113
5.5.7 Profits with Liability 113
5.5.8 Permissibility as a General Rule 114
5.6 W adah (Promise) and Related Matters 114
5.6.1 Token Money (Hamish Jiddiyah) and Arbun 116
5.7 Types of Contracts 117
5.7.1 Valid Contracts 118
5.7.2 Voidable (Fasid) Contracts 120
5.7.3 Void (Batil) Contracts 123
5.8 Commutative and Noncommutative Contracts 124
5.8.1 Uqood-e-Mu awadha (Commutative Contracts) 124
5.8.2 Uqood Ghair Mu awadha (Tabarru ) or Gratuitous Contracts 125
5.8.3 Legal Status of Commutative and Noncommutative Contracts 125
5.9 Conditional or Contingent Contracts 126
5.10 Summary 127
6 Trading in Islamic Commercial Law 129
6.1 Introduction 129
6.2 Bai - Exchange of Values 130
6.3 Legality of Trading 131
6.3.1 Trade (Profit) versus Interest: Permissibility versus Prohibition 132
6.4 Types of Bai 133
6.5 Requirements of a Valid Sale Contract 133
6.5.1 The Object of the Sale Contract 135
6.5.2 Prices and the Profit Margin 138
6.5.3 Cash and Credit Prices 139
6.6 Riba Involvement in Sales 142
6.7 Gharar - A Cause of Prohibition of Sales 143
6.8 Conditional Sales and Two Bargains in One Sale 144
6.9 Bai al Arbun (Downpayment Sale) 145
6.10 Bai al Dayn (Sale of Debt) 146
Understanding Islamic Finance
6.11 Al Inah Sale and the Use of Ruses (Hiyal) 147
6.12 Options in Sales (Khiyar) 150
6.13 Summary 152
7 Loan and Debt in Islamic Commercial Law 155
7.1 Introduction 155
7.2 The Terms Defined 155
7.3 Illegality of Commercial Interest 157
7.4 Loaning and the Banking System 158
7.5 Guidance from the Holy Qur an on Loans and Debts 159
7.6 The Substance of Loans 159
7.7 Repayment of the Principal Only 160
7.8 Time Value of Money in Loans and Debts 160
7.9 Instructions for the Debtor 161
7.10 Instructions for the Creditor 162
7.11 Husnal Qadha (Gracious Payment of Loan/Debt) 162
7.12 Remitting a Part of a Loan and Prepayment Rebate 163
7.13 Penalty on Default 165
7.13.1 Insolvency of the Debtor 167
7.14 Hawalah (Assignment of Debt) 167
7.15 Security/Guarantee (Kafalah) in Loans 168
7.15.1 Risk and Reward in Pledge 170
7.15.2 Benefits from Pledge 171
7.16 Bai al Dayn (Sale of Debt/Debt Instruments) 172
7.17 Impact of Inflation on Loans/Debts 172
7.18 Summary 174
PART HI ISLAMIC FINANCE - PRODUCTS AND PROCEDURES 177
8 Overview of Financial Institutions and Products: Conventional and
Islamic 179
8.1 Introduction 179
8.2 What is Banking or a Bank? 179
8.3 The Strategic Position of Banks and Financial
Institutions 180
8.4 Categories of Conventional Financial Business 181
8.4.1 Commercial Banking 181
8.4.2 Investment Banking 184
8.4.3 Other NBFIs 185
8.4.4 Conventional Financial Markets 185
8.5 The Need for Islamic Banks and NBFIs 185
8.5.1 The Structure of Islamic Banking 186
8.5.2 The Deposits Side of Islamic Banking 188
8.5.3 Instruments on the Assets Side 191
8.6 The Issue of Mode Preference 195
8.7 Islamic Investment Banking 199
Contents
8.8 Islamic Financial Markets and Instruments 199
8.8.1 Islamic Funds 201
8.8.2 Principles Relating to Stocks 203
8.8.3 Investment Sukuk as Islamic Market Instruments 204
8.8.4 Trading in Financial Instruments 205
8.8.5 Inter-bank Funds Market 205
8.8.6 Islamic Forward Markets 206
8.8.7 Foreign Exchange Market in the Islamic Framework 209
8.8.8 Derivatives and Islamic Finance 209
8.9 Summary and Conclusion 211
9 Murabaha and Musawamah 213
9.1 Introduction 213
9.2 Conditions of Valid Bai 214
9.3 Murabaha - a Bai al Amanah 215
9.4 Bai Murabaha in Classical Literature 215
9.5 The Need for Murabaha 216
9.6 Specific Conditions of Murabaha 217
9.6.1 Bai Murabaha and Credit Sale (Murabaha-Mu ajjal) 219
9.7 Possible Structures of Murabaha 220
9.7.1 Direct Trading by Bank Management 221
9.7.2 Bank Purchases Through a Third Party/Agent 221
9.7.3 Murabaha Through the Client as Agent 222
9.8 Murabaha to Purchase Orderer (MPO) 222
9.8.1 MPO - A Bunch of Contracts 224
9.8.2 Promise to Purchase in Murabaha 224
9.8.3 MPO - The Customer as the Bank s Agent to Buy and
Related Matters 225
9.9 Issues in Murabaha 229
9.9.1 Avoiding Buy-back 230
9.9.2 Khiyar (Option to Rescind the Sale) in Murabaha 230
9.9.3 Time of Executing Murabaha 231
9.9.4 Defaults by the Clients 231
9.9.5 Rebates on Early Payment 232
9.9.6 Rollover in Murabaha 232
9.9.7 Murabaha Through Shares 233
9.9.8 Commodity Murabaha 233
9.10 Precautions in Murabaha Operations 233
9.11 Musawamah (Bargaining on Price) 234
9.11.1 Musawamah as a Mode of Financing 238
9.12 Summary 238
10 Forward Sales: Salam and Istisna a 241
10.1 Introduction 241
10.2 Bai Salam/Salaf 241
10.3 Benefits of Salam and the Economic Role of Bai Salam 242
10.4 Features of a Valid Salam Contract 243
Understanding Islamic Finance
10.4.1 Subject Matter of Salam 244
10.4.2 Payment of Price: Salam Capital 246
10.4.3 Period and Place of Delivery 247
10.4.4 Khiyar (Option) in Salam 248
10.4.5 Amending or Revoking the Salam Contract 248
10.4.6 Penalty for Nonperformance 249
10.5 Security, Pledge and Liability of the Sureties 249
10.6 Disposing of the Goods Purchased on Salam 250
10.6.1 Alternatives for Marketing Salam Goods 251
10.7 Salam - Post Execution Scenarios 252
10.7.1 Supply of Goods as Per Contract 252
10.7.2 Failure in Supply of Goods 253
10.7.3 Supply of Inferior Goods 253
10.8 Salam-Based Securitization - Salam Certificates/Sukuk 254
10.9 Summary of Salam Rules 255
10.10 Salam as a Financing Technique by Banks 257
10.10.1 Risks in Salam and their Management 258
10.11 Istisna a (Order to Manufacture) 263
10.11.1 Definition and Concept 263
10.11.2 Subject Matter of Istisna a 264
10.11.3 Price in Istisna a 265
10.11.4 Penalty Clause: Delay in Fulfilling the Obligations 266
10.11.5 The Binding Nature of an Istisna a Contract 266
10.11.6 Guarantees 267
10.11.7 Parallel Contract - Subcontracting 267
10.11.8 Istisna a and Agency Contract 268
10.11.9 Post Execution Scenario 268
10.11.10 The Potential of Istisna a 269
10.11.11 Risk Management in Istisna a 269
11 Jjarah - Leasing 279
11.1 Introduction 279
11.2 Essentials of Ijarah Contracts 280
11.2.1 Ijarah and Bai Compared 280
11.3 General Juristic Rules of Ijarah 281
11.3.1 Execution of an Ijarah Contract 282
11.3.2 Determination of Rent 283
11.3.3 Sub-lease by the Lessee 284
11.3.4 Security/Guarantee in Ijarah 285
11.3.5 Liabilities of the Parties 285
11.3.6 Termination/Amendment of the Contract and Implications 286
11.3.7 Failure in Payment of Due Rent 287
11.4 Modern Use of Ijarah 287
11.4.1 Financial Lease or Hire-Purchase 288
11.4.2 Security or Financing Lease 288
11.4.3 Operating Lease 289
11.4.4 Appraisal of Conventional Leases from the SharT ah Angle 289
Contents xiii
11.4.5 Combining Two Contracts 289
11.4.6 Takaful/Insurance Expenses 291
11.5 Islamic Banks Ijarah Muntahia-bi-Tamleek 291
11.5.1 Procedure for Ijarah Muntahia-bi-Tamleek 293
11.5.2 Issues Concerning Modern Use of Ijarah 295
11.5.3 Assignment of the Leased Assets and Securitization of Leases 297
11.5.4 Potential of Ijarah 297
11.6 Summary of Guidelines for Islamic Bankers on Ijarah 298
12 Participatory Modes: Shirkah and its Variants 307
12.1 Introduction 307
12.2 Legality, Forms and Definition of Partnership 308
12.2.1 Partnership in Ownership (Shirkatulmilk) 309
12.2.2 Partnership by Contract (Shirkatul aqd) 309
12.3 Basic Rules of Musharakah 312
12.3.1 Conditions with Respect to Partners 312
12.3.2 Rules Relating to Musharakah Capital 313
12.3.3 Mutual Relationship Among Partners and Musharakah
Management Rules 314
12.3.4 Treatment of Profit and Loss 316
12.3.5 Guarantees in Shirkah Contracts 318
12.3.6 Maturity/Termination of Musharakah 318
12.4 The Concept and Rules of Mudarabah 320
12.4.1 The Nature of Mudarabah Capital 323
12.4.2 Types of Mudarabah and Conditions Regarding Business 324
12.4.3 Work for the Mudarabah Business 325
12.4.4 Treatment of Profit/Loss 325
12.4.5 Termination of a Mudarabah Contract 327
12.5 Mudarabah Distinguished from Musharakah 327
12.6 Modern Corporations: Joint Stock Companies 328
12.7 Modern Application of the Concept of Shirkah 330
12.7.1 Use of Shirkah on the Deposits Side of the Banking System 331
12.7.2 Use of Shirkah on the Assets Side 332
12.7.3 Securitization on a Shirkah Basis 334
12.8 Diminishing Musharakah 337
12.9 Diminishing Musharakah as an Islamic Mode of Finance 339
12.9.1 Diminishing Musharakah in Trade 339
12.9.2 Procedure and Documentation in Diminishing
Musharakah 340
12.10 Summary and Conclusion 343
13 Some Accessory Contracts 347
13.1 Introduction 347
13.2 Wakalah (Agency) 347
13.2.1 Types of Wakalah 347
13.2.2 Wakalatul Istismar 349
13.3 Tawarruq 349
Understanding Islamic Finance
13.3.1 Use of Tawarruq for Liquidity Management 351
13.4 Ju alah 351
13.4.1 Parties to Ju alah 351
13.4.2 Subject Matter of Ju alah and Reward 352
13.4.3 Execution of a Ju alah Contract 353
13.4.4 Parallel Ju alah Contracts 353
13.4.5 Practical Process in Ju alah by Islamic Banks 353
13.4.6 Some Islamic Financial Products Based on Ju alah 354
13.5 Bai al Istijrar (Supply Contract) 355
14 Application of the System: Financing Principles and Practices 357
14.1 Introduction 357
14.2 Product Development 358
14.2.1 Procedure for Product Development 358
14.3 The Nature of Financial Services/Business 358
14.3.1 Management of Deposit Pools and Investments 359
14.3.2 Selection of the Mode for Financing 360
14.3.3 Tenor of Financing 362
14.3.4 SharT ah Compliance and Internal SharT ah Controls 363
14.3.5 Operational Controls 367
14.4 Prospects and Issues in Specific Areas of Financing 369
14.4.1 Working Capital Finance 369
14.4.2 Trade Financing by Islamic Banks 370
14.4.3 Project Financing 373
14.4.4 Liquidity Management 374
14.4.5 Forward Contracts and Foreign Exchange Dealings 375
14.4.6 Refinancing by the Central Banks 377
14.4.7 Cards: Debit, Charge, Credit and ATM 379
14.5 Islamic Banks Relationship with Conventional Banks 384
14.6 Fee-based Islamic Banking Services 384
14.6.1 Underwriting 384
14.6.2 Letters of Guarantee (L/G) 384
14.6.3 Letters of Credit (L/C) 385
14.7 Summary and Conclusion 386
Appendix: The Major Functions of a SharT ah Supervisory Board In the Light
of the AAOIFI s Sharl ah Standard 387
15 Sukuk and Securitization: Vital Issues in Islamic Capital Markets 389
15.1 Introduction 389
15.2 The Capital Market in an Islamic Framework 390
15.3 Securitization and Sukuk 391
15.3.1 Parties to Sukuk Issue/Securitization 393
15.3.2 Special Purpose Vehicle (SPV) 394
15.3.3 Risk, Contract and Cash Flow Analysis 395
15.3.4 SharT ah Bases of Sukuk Issue 396
15.3.5 Categories of Sukuk 398
15.3.6 Tradability of Sukuk 407
Contents
15.3.7 Issues in Terms and Structures of Sukuk 409
15.3.8 Potential of Sukuk in Fund Management and Developing the
Islamic Capital Market 411
15.4 Summary and Conclusion 412
16 Takaful: An Alternative to Conventional Insurance 417
16.1 Introduction 417
16.2 The Need for Takaful Cover 417
16.2.1 Why Conventional Insurance is Prohibited 418
16.3 The Shaff ah Basis of Takaful 420
16.3.1 Main Objective of the Takaful System 422
16.4 How the Takaful System Works 422
16.4.1 Models of Takaful 423
16.4.2 Issues in the Mudarabah Model 426
16.4.3 Issues in Wakalah and Wakalah-Mudarabah Models 426
16.5 Takaful and Conventional Insurance Compared 427
16.6 Status and Potential of the Takaful Industry 428
16.7 Takaful Challenges 429
Appendix: Fatawa (Juristic Opinions) on Different Aspects of
Insurance 430
17 An Appraisal of Common Criticism of Islamic Banking and
Finance 433
17.1 Introduction 433
17.2 The Common Myths and Objections 433
17.3 Appraisal of Conceptual Criticism 436
17.3.1 The Connotation of the Word Riba 436
17.3.2 Rent on Money Capital 437
17.3.3 Inflation and Interest 438
17.3.4 Time Value of Money and Islamic Banking 439
17.3.5 Charging Interest from Rich Debtors 441
17.3.6 Different SharTah Interpretations 441
17.3.7 Islamic Banks Using Debt-creating Modes 442
17.3.8 Islamic Financial Institutions - Banks or Trade
Houses? 444
17.3.9 Islamic Banks to Act as Social Welfare Institutions? 445
17.4 Appraisal of Criticism on Islamic Banking Practice 445
17.4.1 Divergence between Theory and Practice 445
17.4.2 IFIs using Interest Income as Seed/Base Capital 446
17.4.3 Difference between Islamic and Conventional Banking 447
17.4.4 Imposing Penalties on Defaulters 454
17.4.5 Availability of Cash for Overhead Expenses and Deficit
Financing 455
17.4.6 Socio-economic Impact of the Present Islamic Banking
System 455
17.5 Conclusion 456
XVI
Understanding Islamic Finance
18 The Way Forward
18.1 Introduction
18.2 Agenda for the Policymakers
18.2.1 Muslim States and Islamic Finance
18.3 Potential, Issues and Challenges for Islamic Banking
18.3.1 Promising Potential
18.3.2 Issues in Islamic Finance
18.3.3 The Challenges
18.4 Conclusion
Acronyms
Glossary
Bibliography English Sources
Arabic/Urdu Sources
Suggested Further Readings
Index
457
457
457
459
461
463
465
474
479
481
485
497
503
505
509
List of Boxes and Figures
Boxes
8.1 Deposit Management in Islamic Banks on Mudarabah Basis 190
8.2 Islamic Banking Products and Services 194
8.3 Islamic Capital Market Instruments and Operations 207
9.1 Risk Management in Murabaha 234
9.2 Possible Steps for Murabaha in Import Financing 235
9.3 Accounting Treatment by Islamic Banks in Murabaha 236
9.4 Murabaha Financing for Exports: Process and Steps 237
10.1 Flow of Salam Transactions by Banks 256
10.2 The Difference between Salam and Murabaha 257
10.3 Possible Risk Mitigation in Salam 258
10.4 Case Study 259
10.5 Salam - Preshipment Export Financing 260
10.6 Salam and Refinance by the Central Banks (CBs) 260
10.7 Salam for Working Capital Finance 261
10.8 Accounting Treatment by Islamic Banks in Salam and Parallel Salam 262
10.9 Risk Mitigation in Istisna a 270
10.10 Differences between Istisna a and Salam and Ijarah (Ujrah) 270
10.11 Accounting Treatment by Islamic Banks (as Seller) in Istisna a 271
10.12 Accounting Treatment by Islamic Banks (as Buyer) in Istisna a 273
10.13 Housing Finance through Istisna a 274
10.14 Istisna a for Preshipment Export Finance 275
10.15 Parallel Istisna a for Building Project Finance 276
10.16 Parallel Istisna a - Government Projects 277
11.1 Risk Mitigation in the Case of Ijarah 299
11.2 Auto Ijarah Compared with Conventional Leasing Products 300
11.3 A Hypothetical Case Study on Ijarah 301
11.4 Accounting Treatment of Ijarah 303
12.1 Rules Relating to Sharing of Profit/Loss in Shirkah 319
12.2 Case Study on the Use of Musharakah for Trade Financing 334
12.3 Musharakah-based TFCs Issued by Sitara Industries, Pakistan 335
12.4 Construction of a House on a Customer s Land or Renovation of a House 341
Understanding Islamic Finance
12.5 Hypothetical Case Study on Housing Finance Through Diminishing
Musharakah (Partnership by Ownership) 341
12.6 Accounting Treatment of Mudarabah (Financing Side) 344
12.7 Accounting Treatment of Musharakah 345
14.1 Salient Features of Major Modes of Financing 361
14.2 Example of Using Salam and Murabaha Combined 362
15.1 Developing Islamic Depository Receipts (IDRs) 390
15.2 Securitization Mitigates the Risks 395
15.3 Tradability of Sukuk in the Secondary Market 408
15.4 Prominent Sukuk Issues in Various Countries 408
15.5 DP World s Nakheel Sukuk 412
15.6 yyljarah Sukuk Offering by the Government of Pakistan 413
15.7 Ijarah Sukuk Issue by WAPDA, Pakistan 414
15.8 Case Study of Hanco Fleet Securitization (Saudi Arabia) 414
16.1 Flowchart of the Wakalah with Waqf Model of Takaful 425
18.1 Shari ah Compliance Framework Introduced by the State Bank of Pakistan 473
Figures
6.1 Forms of Bai with respect to counter values 134
6.2 Elements of valid Bai 135
13.1 The Ju alah process 354
15.1 Flow diagram of the securitization process 394
15.2 Flow diagram of IDB mixed portfolio Sukuk issue, 2003 407
|
| adam_txt |
Contents
List of Boxes and Figures xvii
Foreword xix
Preface xxi
Acknowledgements xxv
PARTI FUNDAMENTALS 1
1 Introduction 3
1.1 Economic Scenario in the Neoclassical Framework 3
1.2 Conventional Debt: A Recipe for Exploitation 4
1.3 Growth per se May not Lead to Socio-economic Justice 6
1.4 Social Welfare Activities of the States 8
1.5 The Main Culprit 8
1.6 The Need of the Hour 9
1.7 Economics and Religion 10
1.8 Islamic Principles Can Make the Difference 11
1.9 Regulating Trade and Business 13
1.10 Islamic Finance Passing Significant Milestones 15
1.11 Could it Work to Achieve the Objectives? 16
1.12 About this Book 17
2 Distinguishing Features of the Islamic Economic System 21
2.1 Introduction 21
2.2 Islamic Shari'ah and its Objectives 21
2.2.1 Sources of SharTah Tenets 21
2.2.2 Objectives (Maqasid) of SharT'ah 22
2.3 Why Study Islamic Economics? 25
2.3.1 The Role of Islamic Economists 27
2.4 Islamic Economics: What should it be? 30
2.4.1 Islamic Economics Defined 31
2.5 Paraphernalia of Islamic Economics 32
2.5.1 Ownership of Resources and Property Rights 33
2.5.2 Islamic Welfare Approach 34
Understanding Islamic Finance
2.5.3 The Factors of Production 35
2.5.4 Restrained Individual Freedom 37
2.5.5 Liberalism versus State Intervention 38
2.6 Summary 41
3 The Main Prohibitions and Business Ethics in Islamic
Economics and Finance 43
3.1 Introduction 43
3.2 The Basic Prohibitions 43
3.2.1 Prohibition of Riba 44
3.2.2 Prohibition of Gharar 57
3.2.3 Prohibition of Maisir/Qimar (Games of
Chance) 61
3.3 Business Ethics and Norms 64
3.3.1 Justice and Fair Dealing 64
3.3.2 Fulfilling the Covenants and Paying
Liabilities 67
3.3.3 Mutual Cooperation and Removal of
Hardship 68
3.3.4 Free Marketing and Fair Pricing 68
3.3.5 Freedom from Dharar (Detriment) 69
3.4 Summary and Conclusion 70
4 The Philosophy and Features of Islamic Finance 73
4.1 Introduction 73
4.2 The Philosophy of Islamic Finance 73
4.2.1 Avoiding Interest 74
4.2.2 Avoiding Gharar 75
4.2.3 Avoiding Gambling and Games of Chance 76
4.2.4 Alternative Financing Principles 76
4.2.5 Valid Gains on Investment 78
4.2.6 Entitlement to Profit - With Risk and
Responsibility 81
4.2.7 Islamic Banks Dealing in Goods not in Money 82
4.2.8 Transparency and Documentation 83
4.2.9 Additional Risks Faced by Islamic Banks 84
4.3 Debt versus Equity 85
4.4 Islamic Banking: Business versus Benevolence 86
4.5 Exchange Rules 87
4.6 Time Value of Money in Islamic Finance 89
4.7 Money, Monetary Policy and Islamic Finance 90
4.7.1 Status of Paper Money 91
4.7.2 Trading in Currencies 91
4.7.3 Creation of Money from the Islamic Perspective 92
4.7.4 Currency Rate Fluctuation and Settlement
of Debts 94
4.8 Summary 96
Contents
PART II CONTRACTUAL BASES IN ISLAMIC FINANCE 99
5 Islamic Law of Contracts and Business Transactions 101
5.1 Introduction 101
5.2 Mai (Wealth), Usufruct and Ownership 101
5.2.1 Defining Various Related Terms 103
5.3 General Framework of Contracts 105
5.4 Elements of a Contract 106
5.4.1 Offer and Acceptance: Form of the Contract 106
5.4.2 Elements of the Subject Matter 108
5.5 Broad Rules for the Validity of Mu'amalat 110
5.5.1 Free Mutual Consent 110
5.5.2 Prohibition of Gharar 110
5.5.3 Avoiding Riba 111
5.5.4 Avoiding Qimar and Maisir (Games of Chance) 112
5.5.5 Prohibition of Two Mutually Contingent Contracts 112
5.5.6 Conformity of Contracts with the Maqasid of Shart'ah 113
5.5.7 Profits with Liability 113
5.5.8 Permissibility as a General Rule 114
5.6 W'adah (Promise) and Related Matters 114
5.6.1 Token Money (Hamish Jiddiyah) and 'Arbun 116
5.7 Types of Contracts 117
5.7.1 Valid Contracts 118
5.7.2 Voidable (Fasid) Contracts 120
5.7.3 Void (Batil) Contracts 123
5.8 Commutative and Noncommutative Contracts 124
5.8.1 Uqood-e-Mu'awadha (Commutative Contracts) 124
5.8.2 Uqood Ghair Mu'awadha (Tabarru') or Gratuitous Contracts 125
5.8.3 Legal Status of Commutative and Noncommutative Contracts 125
5.9 Conditional or Contingent Contracts 126
5.10 Summary 127
6 Trading in Islamic Commercial Law 129
6.1 Introduction 129
6.2 Bai'- Exchange of Values 130
6.3 Legality of Trading 131
6.3.1 Trade (Profit) versus Interest: Permissibility versus Prohibition 132
6.4 Types of Bai' 133
6.5 Requirements of a Valid Sale Contract 133
6.5.1 The Object of the Sale Contract 135
6.5.2 Prices and the Profit Margin 138
6.5.3 Cash and Credit Prices 139
6.6 Riba Involvement in Sales 142
6.7 Gharar - A Cause of Prohibition of Sales 143
6.8 Conditional Sales and 'Two Bargains in One Sale" 144
6.9 Bai' al'Arbun (Downpayment Sale) 145
6.10 Bai' al Dayn (Sale of Debt) 146
Understanding Islamic Finance
6.11 Al 'Inah Sale and the Use of Ruses (Hiyal) 147
6.12 Options in Sales (Khiyar) 150
6.13 Summary 152
7 Loan and Debt in Islamic Commercial Law 155
7.1 Introduction 155
7.2 The Terms Defined 155
7.3 Illegality of Commercial Interest 157
7.4 Loaning and the Banking System 158
7.5 Guidance from the Holy Qur'an on Loans and Debts 159
7.6 The Substance of Loans 159
7.7 Repayment of the Principal Only 160
7.8 Time Value of Money in Loans and Debts 160
7.9 Instructions for the Debtor 161
7.10 Instructions for the Creditor 162
7.11 Husnal Qadha (Gracious Payment of Loan/Debt) 162
7.12 Remitting a Part of a Loan and Prepayment Rebate 163
7.13 Penalty on Default 165
7.13.1 Insolvency of the Debtor 167
7.14 Hawalah (Assignment of Debt) 167
7.15 Security/Guarantee (Kafalah) in Loans 168
7.15.1 Risk and Reward in Pledge 170
7.15.2 Benefits from Pledge 171
7.16 Bai' al Dayn (Sale of Debt/Debt Instruments) 172
7.17 Impact of Inflation on Loans/Debts 172
7.18 Summary 174
PART HI ISLAMIC FINANCE - PRODUCTS AND PROCEDURES 177
8 Overview of Financial Institutions and Products: Conventional and
Islamic 179
8.1 Introduction 179
8.2 What is Banking or a Bank? 179
8.3 The Strategic Position of Banks and Financial
Institutions 180
8.4 Categories of Conventional Financial Business 181
8.4.1 Commercial Banking 181
8.4.2 Investment Banking 184
8.4.3 Other NBFIs 185
8.4.4 Conventional Financial Markets 185
8.5 The Need for Islamic Banks and NBFIs 185
8.5.1 The Structure of Islamic Banking 186
8.5.2 The Deposits Side of Islamic Banking 188
8.5.3 Instruments on the Assets Side 191
8.6 The Issue of Mode Preference 195
8.7 Islamic Investment Banking 199
Contents
8.8 Islamic Financial Markets and Instruments 199
8.8.1 Islamic Funds 201
8.8.2 Principles Relating to Stocks 203
8.8.3 Investment Sukuk as Islamic Market Instruments 204
8.8.4 Trading in Financial Instruments 205
8.8.5 Inter-bank Funds Market 205
8.8.6 Islamic Forward Markets 206
8.8.7 Foreign Exchange Market in the Islamic Framework 209
8.8.8 Derivatives and Islamic Finance 209
8.9 Summary and Conclusion 211
9 Murabaha and Musawamah 213
9.1 Introduction 213
9.2 Conditions of Valid Bai' 214
9.3 Murabaha - a Bai' al Amanah 215
9.4 Bai' Murabaha in Classical Literature 215
9.5 The Need for Murabaha 216
9.6 Specific Conditions of Murabaha 217
9.6.1 Bai'Murabaha and Credit Sale (Murabaha-Mu'ajjal) 219
9.7 Possible Structures of Murabaha 220
9.7.1 Direct Trading by Bank Management 221
9.7.2 Bank Purchases Through a Third Party/Agent 221
9.7.3 Murabaha Through the Client as Agent 222
9.8 Murabaha to Purchase Orderer (MPO) 222
9.8.1 MPO - A Bunch of Contracts 224
9.8.2 Promise to Purchase in Murabaha 224
9.8.3 MPO - The Customer as the Bank's Agent to Buy and
Related Matters 225
9.9 Issues in Murabaha 229
9.9.1 Avoiding Buy-back 230
9.9.2 Khiyar (Option to Rescind the Sale) in Murabaha 230
9.9.3 Time of Executing Murabaha 231
9.9.4 Defaults by the Clients 231
9.9.5 Rebates on Early Payment 232
9.9.6 Rollover in Murabaha 232
9.9.7 Murabaha Through Shares 233
9.9.8 Commodity Murabaha 233
9.10 Precautions in Murabaha Operations 233
9.11 Musawamah (Bargaining on Price) 234
9.11.1 Musawamah as a Mode of Financing 238
9.12 Summary 238
10 Forward Sales: Salam and Istisna'a 241
10.1 Introduction 241
10.2 Bai' Salam/Salaf 241
10.3 Benefits of Salam and the Economic Role of Bai' Salam 242
10.4 Features of a Valid Salam Contract 243
Understanding Islamic Finance
10.4.1 Subject Matter of Salam 244
10.4.2 Payment of Price: Salam Capital 246
10.4.3 Period and Place of Delivery 247
10.4.4 Khiyar (Option) in Salam 248
10.4.5 Amending or Revoking the Salam Contract 248
10.4.6 Penalty for Nonperformance 249
10.5 Security, Pledge and Liability of the Sureties 249
10.6 Disposing of the Goods Purchased on Salam 250
10.6.1 Alternatives for Marketing Salam Goods 251
10.7 Salam - Post Execution Scenarios 252
10.7.1 Supply of Goods as Per Contract 252
10.7.2 Failure in Supply of Goods 253
10.7.3 Supply of Inferior Goods 253
10.8 Salam-Based Securitization - Salam Certificates/Sukuk 254
10.9 Summary of Salam Rules 255
10.10 Salam as a Financing Technique by Banks 257
10.10.1 Risks in Salam and their Management 258
10.11 Istisna'a (Order to Manufacture) 263
10.11.1 Definition and Concept 263
10.11.2 Subject Matter of Istisna'a 264
10.11.3 Price in Istisna'a 265
10.11.4 Penalty Clause: Delay in Fulfilling the Obligations 266
10.11.5 The Binding Nature of an Istisna'a Contract 266
10.11.6 Guarantees 267
10.11.7 Parallel Contract - Subcontracting 267
10.11.8 Istisna'a and Agency Contract 268
10.11.9 Post Execution Scenario 268
10.11.10 The Potential of Istisna'a 269
10.11.11 Risk Management in Istisna'a 269
11 Jjarah - Leasing 279
11.1 Introduction 279
11.2 Essentials of Ijarah Contracts 280
11.2.1 Ijarah and Bai'Compared 280
11.3 General Juristic Rules of Ijarah 281
11.3.1 Execution of an Ijarah Contract 282
11.3.2 Determination of Rent 283
11.3.3 Sub-lease by the Lessee 284
11.3.4 Security/Guarantee in Ijarah 285
11.3.5 Liabilities of the Parties 285
11.3.6 Termination/Amendment of the Contract and Implications 286
11.3.7 Failure in Payment of Due Rent 287
11.4 Modern Use of Ijarah 287
11.4.1 Financial Lease or Hire-Purchase 288
11.4.2 Security or Financing Lease 288
11.4.3 Operating Lease 289
11.4.4 Appraisal of Conventional Leases from the SharT'ah Angle 289
Contents xiii
11.4.5 Combining Two Contracts 289
11.4.6 Takaful/Insurance Expenses 291
11.5 Islamic Banks'Ijarah Muntahia-bi-Tamleek 291
11.5.1 Procedure for Ijarah Muntahia-bi-Tamleek 293
11.5.2 Issues Concerning Modern Use of Ijarah 295
11.5.3 Assignment of the Leased Assets and Securitization of Leases 297
11.5.4 Potential of Ijarah 297
11.6 Summary of Guidelines for Islamic Bankers on Ijarah 298
12 Participatory Modes: Shirkah and its Variants 307
12.1 Introduction 307
12.2 Legality, Forms and Definition of Partnership 308
12.2.1 Partnership in Ownership (Shirkatulmilk) 309
12.2.2 Partnership by Contract (Shirkatul'aqd) 309
12.3 Basic Rules of Musharakah 312
12.3.1 Conditions with Respect to Partners 312
12.3.2 Rules Relating to Musharakah Capital 313
12.3.3 Mutual Relationship Among Partners and Musharakah
Management Rules 314
12.3.4 Treatment of Profit and Loss 316
12.3.5 Guarantees in Shirkah Contracts 318
12.3.6 Maturity/Termination of Musharakah 318
12.4 The Concept and Rules of Mudarabah 320
12.4.1 The Nature of Mudarabah Capital 323
12.4.2 Types of Mudarabah and Conditions Regarding Business 324
12.4.3 Work for the Mudarabah Business 325
12.4.4 Treatment of Profit/Loss 325
12.4.5 Termination of a Mudarabah Contract 327
12.5 Mudarabah Distinguished from Musharakah 327
12.6 Modern Corporations: Joint Stock Companies 328
12.7 Modern Application of the Concept of Shirkah 330
12.7.1 Use of Shirkah on the Deposits Side of the Banking System 331
12.7.2 Use of Shirkah on the Assets Side 332
12.7.3 Securitization on a Shirkah Basis 334
12.8 Diminishing Musharakah 337
12.9 Diminishing Musharakah as an Islamic Mode of Finance 339
12.9.1 Diminishing Musharakah in Trade 339
12.9.2 Procedure and Documentation in Diminishing
Musharakah 340
12.10 Summary and Conclusion 343
13 Some Accessory Contracts 347
13.1 Introduction 347
13.2 Wakalah (Agency) 347
13.2.1 Types of Wakalah 347
13.2.2 Wakalatul Istismar 349
13.3 Tawarruq 349
Understanding Islamic Finance
13.3.1 Use of Tawarruq for Liquidity Management 351
13.4 Ju'alah 351
13.4.1 Parties to Ju'alah 351
13.4.2 Subject Matter of Ju'alah and Reward 352
13.4.3 Execution of a Ju'alah Contract 353
13.4.4 Parallel Ju'alah Contracts 353
13.4.5 Practical Process in Ju'alah by Islamic Banks 353
13.4.6 Some Islamic Financial Products Based on Ju'alah 354
13.5 Bai' al Istijrar (Supply Contract) 355
14 Application of the System: Financing Principles and Practices 357
14.1 Introduction 357
14.2 Product Development 358
14.2.1 Procedure for Product Development 358
14.3 The Nature of Financial Services/Business 358
14.3.1 Management of Deposit Pools and Investments 359
14.3.2 Selection of the Mode for Financing 360
14.3.3 Tenor of Financing 362
14.3.4 SharT'ah Compliance and Internal SharT'ah Controls 363
14.3.5 Operational Controls 367
14.4 Prospects and Issues in Specific Areas of Financing 369
14.4.1 Working Capital Finance 369
14.4.2 Trade Financing by Islamic Banks 370
14.4.3 Project Financing 373
14.4.4 Liquidity Management 374
14.4.5 Forward Contracts and Foreign Exchange Dealings 375
14.4.6 Refinancing by the Central Banks 377
14.4.7 Cards: Debit, Charge, Credit and ATM 379
14.5 Islamic Banks' Relationship with Conventional Banks 384
14.6 Fee-based Islamic Banking Services 384
14.6.1 Underwriting 384
14.6.2 Letters of Guarantee (L/G) 384
14.6.3 Letters of Credit (L/C) 385
14.7 Summary and Conclusion 386
Appendix: The Major Functions of a SharT'ah Supervisory Board In the Light
of the AAOIFI's Sharl'ah Standard 387
15 Sukuk and Securitization: Vital Issues in Islamic Capital Markets 389
15.1 Introduction 389
15.2 The Capital Market in an Islamic Framework 390
15.3 Securitization and Sukuk 391
15.3.1 Parties to Sukuk Issue/Securitization 393
15.3.2 Special Purpose Vehicle (SPV) 394
15.3.3 Risk, Contract and Cash Flow Analysis 395
15.3.4 SharT'ah Bases of Sukuk Issue 396
15.3.5 Categories of Sukuk 398
15.3.6 Tradability of Sukuk 407
Contents
15.3.7 Issues in Terms and Structures of Sukuk 409
15.3.8 Potential of Sukuk in Fund Management and Developing the
Islamic Capital Market 411
15.4 Summary and Conclusion 412
16 Takaful: An Alternative to Conventional Insurance 417
16.1 Introduction 417
16.2 The Need for Takaful Cover 417
16.2.1 Why Conventional Insurance is Prohibited 418
16.3 The Shaff'ah Basis of Takaful 420
16.3.1 Main Objective of the Takaful System 422
16.4 How the Takaful System Works 422
16.4.1 Models of Takaful 423
16.4.2 Issues in the Mudarabah Model 426
16.4.3 Issues in Wakalah and Wakalah-Mudarabah Models 426
16.5 Takaful and Conventional Insurance Compared 427
16.6 Status and Potential of the Takaful Industry 428
16.7 Takaful Challenges 429
Appendix: Fatawa (Juristic Opinions) on Different Aspects of
Insurance 430
17 An Appraisal of Common Criticism of Islamic Banking and
Finance 433
17.1 Introduction 433
17.2 The Common Myths and Objections 433
17.3 Appraisal of Conceptual Criticism 436
17.3.1 The Connotation of the Word Riba 436
17.3.2 Rent on Money Capital 437
17.3.3 Inflation and Interest 438
17.3.4 Time Value of Money and Islamic Banking 439
17.3.5 Charging Interest from Rich Debtors 441
17.3.6 Different SharTah Interpretations 441
17.3.7 Islamic Banks Using Debt-creating Modes 442
17.3.8 Islamic Financial Institutions - Banks or Trade
Houses? 444
17.3.9 Islamic Banks to Act as Social Welfare Institutions? 445
17.4 Appraisal of Criticism on Islamic Banking Practice 445
17.4.1 Divergence between Theory and Practice 445
17.4.2 IFIs using Interest Income as Seed/Base Capital 446
17.4.3 Difference between Islamic and Conventional Banking 447
17.4.4 Imposing Penalties on Defaulters 454
17.4.5 Availability of Cash for Overhead Expenses and Deficit
Financing 455
17.4.6 Socio-economic Impact of the Present Islamic Banking
System 455
17.5 Conclusion 456
XVI
Understanding Islamic Finance
18 The Way Forward
18.1 Introduction
18.2 Agenda for the Policymakers
18.2.1 Muslim States and Islamic Finance
18.3 Potential, Issues and Challenges for Islamic Banking
18.3.1 Promising Potential
18.3.2 Issues in Islamic Finance
18.3.3 The Challenges
18.4 Conclusion
Acronyms
Glossary
Bibliography English Sources
Arabic/Urdu Sources
Suggested Further Readings
Index
457
457
457
459
461
463
465
474
479
481
485
497
503
505
509
List of Boxes and Figures
Boxes
8.1 Deposit Management in Islamic Banks on Mudarabah Basis 190
8.2 Islamic Banking Products and Services 194
8.3 Islamic Capital Market Instruments and Operations 207
9.1 Risk Management in Murabaha 234
9.2 Possible Steps for Murabaha in Import Financing 235
9.3 Accounting Treatment by Islamic Banks in Murabaha 236
9.4 Murabaha Financing for Exports: Process and Steps 237
10.1 Flow of Salam Transactions by Banks 256
10.2 The Difference between Salam and Murabaha 257
10.3 Possible Risk Mitigation in Salam 258
10.4 Case Study 259
10.5 Salam - Preshipment Export Financing 260
10.6 Salam and Refinance by the Central Banks (CBs) 260
10.7 Salam for Working Capital Finance 261
10.8 Accounting Treatment by Islamic Banks in Salam and Parallel Salam 262
10.9 Risk Mitigation in Istisna'a 270
10.10 Differences between Istisna'a and Salam and Ijarah (Ujrah) 270
10.11 Accounting Treatment by Islamic Banks (as Seller) in Istisna'a 271
10.12 Accounting Treatment by Islamic Banks (as Buyer) in Istisna'a 273
10.13 Housing Finance through Istisna'a 274
10.14 Istisna'a for Preshipment Export Finance 275
10.15 Parallel Istisna'a for Building Project Finance 276
10.16 Parallel Istisna'a - Government Projects 277
11.1 Risk Mitigation in the Case of Ijarah 299
11.2 Auto Ijarah Compared with Conventional Leasing Products 300
11.3 A Hypothetical Case Study on Ijarah 301
11.4 Accounting Treatment of Ijarah 303
12.1 Rules Relating to Sharing of Profit/Loss in Shirkah 319
12.2 Case Study on the Use of Musharakah for Trade Financing 334
12.3 Musharakah-based TFCs Issued by Sitara Industries, Pakistan 335
12.4 Construction of a House on a Customer's Land or Renovation of a House 341
Understanding Islamic Finance
12.5 Hypothetical Case Study on Housing Finance Through Diminishing
Musharakah (Partnership by Ownership) 341
12.6 Accounting Treatment of Mudarabah (Financing Side) 344
12.7 Accounting Treatment of Musharakah 345
14.1 Salient Features of Major Modes of Financing 361
14.2 Example of Using Salam and Murabaha Combined 362
15.1 Developing Islamic Depository Receipts (IDRs) 390
15.2 Securitization Mitigates the Risks 395
15.3 Tradability of Sukuk in the Secondary Market 408
15.4 Prominent Sukuk Issues in Various Countries 408
15.5 DP World's Nakheel Sukuk 412
15.6 yyljarah Sukuk Offering by the Government of Pakistan 413
15.7 Ijarah Sukuk Issue by WAPDA, Pakistan 414
15.8 Case Study of Hanco Fleet Securitization (Saudi Arabia) 414
16.1 Flowchart of the Wakalah with Waqf Model of Takaful 425
18.1 Shari'ah Compliance Framework Introduced by the State Bank of Pakistan 473
Figures
6.1 Forms of Bai' with respect to counter values 134
6.2 Elements of valid Bai' 135
13.1 The Ju'alah process 354
15.1 Flow diagram of the securitization process 394
15.2 Flow diagram of IDB mixed portfolio Sukuk issue, 2003 407 |
| any_adam_object | 1 |
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| author | Ayub, Muhammad |
| author_facet | Ayub, Muhammad |
| author_role | aut |
| author_sort | Ayub, Muhammad |
| author_variant | m a ma |
| building | Verbundindex |
| bvnumber | BV023337739 |
| classification_rvk | QK 010 |
| ctrlnum | (OCoLC)633675762 (DE-599)BVBBV023337739 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | repr. |
| format | Book |
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| id | DE-604.BV023337739 |
| illustrated | Illustrated |
| index_date | 2024-07-02T21:00:22Z |
| indexdate | 2024-07-09T21:16:17Z |
| institution | BVB |
| isbn | 9780470030691 |
| language | English |
| lccn | 2007035537 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016521574 |
| oclc_num | 633675762 |
| open_access_boolean | |
| owner | DE-M382 DE-92 DE-29 DE-858 |
| owner_facet | DE-M382 DE-92 DE-29 DE-858 |
| physical | XXVI, 516 S. Ill. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | West Sussex |
| record_format | marc |
| series2 | Wiley finance series |
| spelling | Ayub, Muhammad Verfasser aut Understanding Islamic finance Muhammad Ayub repr. Chichester [u.a.] West Sussex 2007 XXVI, 516 S. Ill. txt rdacontent n rdamedia nc rdacarrier Wiley finance series Religion Wirtschaft Finance Islamic countries Finance Religious aspects Islam Economics Religious aspects Islam Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Finanzinstrument (DE-588)4461672-7 gnd rswk-swf Islam (DE-588)4027743-4 gnd rswk-swf Islam (DE-588)4027743-4 s Finanzwirtschaft (DE-588)4017214-4 s Finanzinstrument (DE-588)4461672-7 s DE-604 http://www.loc.gov/catdir/enhancements/fy0743/2007035537-b.html Contributor biographical information http://www.loc.gov/catdir/enhancements/fy0743/2007035537-d.html Publisher description http://www.loc.gov/catdir/enhancements/fy0743/2007035537-t.html Table of contents only HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016521574&sequence=000008&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Ayub, Muhammad Understanding Islamic finance Religion Wirtschaft Finance Islamic countries Finance Religious aspects Islam Economics Religious aspects Islam Finanzwirtschaft (DE-588)4017214-4 gnd Finanzinstrument (DE-588)4461672-7 gnd Islam (DE-588)4027743-4 gnd |
| subject_GND | (DE-588)4017214-4 (DE-588)4461672-7 (DE-588)4027743-4 |
| title | Understanding Islamic finance |
| title_auth | Understanding Islamic finance |
| title_exact_search | Understanding Islamic finance |
| title_exact_search_txtP | Understanding Islamic finance |
| title_full | Understanding Islamic finance Muhammad Ayub |
| title_fullStr | Understanding Islamic finance Muhammad Ayub |
| title_full_unstemmed | Understanding Islamic finance Muhammad Ayub |
| title_short | Understanding Islamic finance |
| title_sort | understanding islamic finance |
| topic | Religion Wirtschaft Finance Islamic countries Finance Religious aspects Islam Economics Religious aspects Islam Finanzwirtschaft (DE-588)4017214-4 gnd Finanzinstrument (DE-588)4461672-7 gnd Islam (DE-588)4027743-4 gnd |
| topic_facet | Religion Wirtschaft Finance Islamic countries Finance Religious aspects Islam Economics Religious aspects Islam Finanzwirtschaft Finanzinstrument Islam |
| url | http://www.loc.gov/catdir/enhancements/fy0743/2007035537-b.html http://www.loc.gov/catdir/enhancements/fy0743/2007035537-d.html http://www.loc.gov/catdir/enhancements/fy0743/2007035537-t.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016521574&sequence=000008&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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