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"Key challenges" to the Islamic finance industry as a whole—including sukuk—as of 2016 include (according to the State of the Global Islamic Economy Report, 2015/16 and the IMF) are "Low levels" of awareness and understanding of Islamic finance products and services among the public, leading them to not buy; [65] [66]
The market for Islamic Sukuk bonds in that year was made up of 2,354 sukuk issues, [89] and had become strong enough that several non-Muslim majority states – UK, Hong Kong, [90] and Luxemburg [91] – issued sukuk. There are multiple Shari'ah-compliant indexes, created by Shari'ah screening of companies.
Murabaha financing is basically the same as a rent-to-own arrangement in the non-Muslim world, with the intermediary (e.g., the lending bank) retaining ownership of the item being sold until the loan is paid in full. [3] There are also Islamic investment funds and sukuk (Islamic bonds) that use murabahah contracts. [4]
The industry has been praised for turning a "theory" into an industry that has grown to about $2 trillion in size; [6] [7] [8] for attracting banking users whose religious objections have kept them away from conventional banking services, [9] drawing non-Muslim bankers into the field, [2] and (according to other supporters) introducing a more stable, less risky form of finance.
Islamic non-banking finance has grown to encompass a wide range of services, but as of 2013, banking still dominates and represented about four-fifths of total assets in Islamic finance. [ 60 ] [ 44 ] The sukuk market is also a fast-growing segment with assets equivalent to about 15 percent of the industry.
Islamic finance theorist Muhammad Taqi Usmani lists seventeen "Basic Rules of Leasing" (leasing referring to Islamic leasing which Usmani uses interchangeably with ijarah) in his work Islamic Finance: Principles and Practice — although "the principles of ijarah are so numerous that a separate volume is required for their full discussion". [5]
Structure of simple mudaraba contract [11]. Mudarabah is a partnership where one party provides the capital while the other provides labor and both share in the profits. [12] [13] The party providing the capital is called the rabb-ul-mal ("silent partner", "financier"), and the party providing labor is called the mudarib ("working partner").
According to critic of Islamic finance, Mahmoud A. El-Gamal, one way the Islamic finance industry gets around prohibitions on the use of options is to use conventional banks/financers as a "buffer" between the haram income and its sharia obedient customers — employing conventional banks as partners or advisers and paying them with the haram ...
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