By Bala Shanmugam
This straightforward yet finished advent to Islamic finance is reader pleasant and vast in scope. It covers the fundamental thoughts, markets, items, and problems with Islamic finance and indicates the various nature of Shari'a criteria in several nations.
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Extra info for A Primer on Islamic Finance
Such loans may be given to the needy for a fixed term. ” The use of qard refers to the fact that the giving of the loan depletes a certain amount of the lender’s property. The word “hassan” derives from the Arabic “ihsan,” which means kindness to others. So, hassan is an act that benefits a party other than the party from whom the act proceeds and requires no obligation from the receiving party. 8 The Islamic banking industry now encompasses Muslim and non-Muslim participants, including major Western financial institutions, such as Citibank, HSBC, Standard Chartered Bank, the Royal Bank of Scotland, the Australia and New Zealand Banking Group, and JPMorgan Chase.
Structure of Wadiah Savings Account Depositor 1. The depositor signs a contract with bank and deposits a certain amount of money Islamic Bank 2. Permission is given to the bank to make use of funds 3. The bank uses the money in various forms of investments or financing 5. Hibah (gift) is paid to depositor, is based on the bank’s discretion, and is not promised up front 4. Profit is earned by the bank In certain countries, such as Iran, the principle of qard hassan (a benevolent or interest-free loan) governs the use of depositors’ funds by the bank.
The nation now boasts six full-fledged Islamic banks with 230 branches and 12 conventional banks with 103 Islamic branches. The State Bank of Pakistan, the central bank, plans to strengthen regulation of Islamic banking while expanding market share of the sector to 12 percent by 2012 (Al-Huda 2008). ” They are a small but rapidly expanding segment of the Turkish financial sector. 5 billion in assets, representing 5 percent of the Turkish banking system. The Islamic banking market share in Turkey is expected to double within the next 10 years (“Islamic Finance in Turkey 2009” 2009).
A Primer on Islamic Finance by Bala Shanmugam