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Read e-book online A Primer on Islamic Finance PDF

By Bala Shanmugam

ISBN-10: 1934667242

ISBN-13: 9781934667248

This easy yet accomplished creation to Islamic finance is reader pleasant and large in scope. It covers the fundamental strategies, markets, items, and problems with Islamic finance and exhibits the various nature of Shari'a criteria in numerous nations.

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Additional resources for A Primer on Islamic Finance

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Similar to conventional bank depositors, Islamic banking depositors are seeking safe custody of their funds and convenience in using their funds. Islamic banking depositors may also expect to earn some profit on deposit balances, but this profit is not guaranteed. Account holders may use automated teller machine (ATM) facilities, internet and mobile banking, and international debit cards. ■ Shareholder funds. An Islamic bank may raise initial equity by following the principle of musyarakah (equity participation).

Under this principle, the capital owner enters into a partnership with the bank by contributing equity in return for a share of the bank’s profit or loss on the basis of a predetermined ratio (for example, 70 percent/ 30 percent or 60 percent/40 percent), with the larger fraction due the investor. ■ Wadiah savings accounts. Islamic banks practice the principle of wadiah in operating customer savings accounts. 2. The bank may request permission to use customer funds deposited in these accounts as long as these funds will remain within the bank’s discretion.

The BBA structure is controversial; supporters of the structure argue that the profit earned is justified under Shari’a because it is derived from a buy-and-sell transaction and is not considered interest accrued from the lending of money. BBA financing involves essentially three separate agreements. In the case of real property, the first agreement details the bank’s purchase of the property from the developer. In the second agreement, the bank sells the property to the customer. And the third agreement stipulates that the bank can sell the property in the event of default by the customer.

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A Primer on Islamic Finance by Bala Shanmugam

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