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These products—and Islamic finance in general—are based on Islamic commercial contracts (aqad i.e. a commitment between two parties) and contract law, [61] with products generally named after contracts (e.g. mudaraba) though they may be combinations of more than one type of contract.
Because compliance with shariah law is the raison d'être of Islamic finance, Islamic banks and banking institutions that offer Islamic banking products and services should establish a Shariah Supervisory Board (SSB) – to advise them on whether or not some proposed transactions or products follows the Sharia, and to ensure that the operations ...
Islamic products have to be approved by banking regulators who deal with the conventional financial world and so must be identical in function to conventional financial products. [ 70 ] But banks in countries whose governments favor Islamic banking over conventional – i.e. Malaysia, Pakistan, Sudan, Iran – show no more inclination towards ...
For Islamic banks this product is an ideal for Agriculture financing but can also be used to finance the working capital needs to the business customer. It is one of the most popular Islamic Modes of finance used by banks in Islamic countries to promote riba-free transactions. [1] Early and contemporary jurists agree on the legitimacy of Salam. [2]
A student in finance, management, law or economics aiming to learn about Islamic finance needs this side of legal theory in order to understand the peculiarity of this sector. All the particular aspects of Islamic finance in all these sides (legal, accounting, financial) are based on the legal particularities of contracts in traditional Islamic ...
Global Islamic Finance Report (GIFR) is an annual publication, covering recent developments in the global Islamic financial services industry. It was produced by Edbiz Consulting, a London-based Islamic advisory firm in conjunction with the Cambridge Institute of Islamic Finance.
Because compliance with Sharia law is the underlying reason for the existence of Islamic finance, Islamic banks (and conventional banking institutions that offer Islamic banking products and services) should establish a Sharia Supervisory Board (SSB) to advise them on whether their products comply, and to ensure that their operations and ...
Challenges in Islamic finance; Islamic banking and finance; Islamic finance products, services and contracts; Islamic International Ratings Agency; Profit and loss sharing; Sharia and securities trading