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ISLAMIC FINANCE IN A NUTSHELL

Emirates airline 61 Etisalat telecommunications consortium 33–4 Europe xi–xii, xiv European Islamic Investment Bank xi

hedging techniques ix hiba (gift) 8–9, 209 hiring see Ijara contracts house purchase 35, 51 husah sales 206

Faqih (expert in law) 205 fasid (not viable) 204 Fatawa (religious rulings) 205

  • nance modes diagram 26

  • nancial institutions top 235 see also banks/banking; individual institutions

Financial Services Authority (FSA) x–xi

  • nancial statement analysis 121–65 balance sheet examples 138–65 bank accounts 130–5 bank funding sources 124–30 GCC countries 136–7 prot-sharing 122–4

  • nes for non-payment of loans 11

Fiqh al Mu’amalat (commercial jurisprudence) 206 Fiqh (Islamic law) 205–6

  • xed term (conventional) deposits 128

FSA (Financial Services Authority) x–xi funding for banks 124–30

current accounts 124–6 investment deposits 128–30 savings deposits 126–8 Fuqaha (experts in law) 205–6

Gatehouse Bank xi GCC (Gulf Cooperation Council) countries

136–7 gelatine 119–20 gharar (uncertainty) 7–8, 206–7 GSM licences 33–4

Hadith 3, 14–15, 90–1, 101, 116–17 halal (permitted) 115–16, 208 haram (forbidden) 208 Hassan, Dr Hussain Hamid 107–9 Hawala (bill of exchange) 208–9

IAIB (International Association of Islamic Banks) 103 Ibadat (worship) 99–100 IBB (Islamic Bank of Britain) x ibra’ (withdrawal of rights) 209 IDB (Islamic Development Bank) 55, 172, 175 IFIs (Islamic nancial institutions) xiv, 170–2 IFSB see Islamic Financial Services Board IIFM see International Islamic Financial Market IIRA see International Islamic Rating Agency Ijara contracts 8–9, 24, 54–65 Al Baraka Islamic Bank 162 asset maintenance 64 conventional banking 65 conventional leasing 62–5 denition 209–10 Dubai Islamic Bank 149 Ijara Muntahia Bittamleek 54–6, 210–11 Ijara wa Iqtina 55–6, 60–2, 210–11 implementation 57–8 Istisna’a contracts 73–4 leasing 58–60, 62–5 as mode of nance 54–5 practical examples 60–2 rules of leasing 58–60 Sharia’a compliance 56–7 steps involved 61 Ijma (consensus) 86–7, 92–3, 101, 211 Ijtihad principle 95, 101, 211 ‘Inah (loan) 211–12 ‘Inan partnerships 47, 212 injustice (zulm) 16–17 insurance 64, 230 interest see riba International Association of Islamic Banks (IAIB) 103

337

bindex.indd 337

3/24/2010 7:36:06 PM

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