Description
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
