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ISLAMIC FINANCE IN A NUTSHELL

international institutions 171–2 see also individual institutions International Islamic Financial Market (IIFM) 184, 186–9 Master Agreements 188 objectives 186–7 recent developments 188 role of 186–8 Sharia’a Advisory Panel 189 International Islamic Rating Agency (IIRA) 189–97 CGRs 193 defaults 195 international ratings 191–2 mission 190 national ratings 191–2 objectives 191 p’ rating 192 rating changes 194 rating outlooks 194 rating symbols 191 Sharia’a board 195–6 Sharia’a compliance 192 suspending ratings 193–4 Watchlist 194–5 withdrawing ratings 194 investment accounts 128–30, 133–5, 224, 230–1 deposits 128–30 risk 6 Sharia’a principles 115–20 Iran vii, 44–5, 62, 127 Islam 99–101, 212 Islamic Bank of Britain (IBB) x Islamic Development Bank (IDB) 55, 172, 175 Islamic nancial institutions (IFIs) xiv, 170–2 Islamic Financial Services Board (IFSB) xvi, 176–81 awareness promotion role 181 background 176–7 objectives 177–8 organisational structure 178–80 standards adoption 180–1

Istihsan (allowance of exceptions) 213 Istisna’a contracts 24, 66–74 BOT agreements 73 conventional nance 73 denitions 66–7, 213 Dubai Islamic Bank 149 Ijara contracts 73–4 implementation 68–9 Kuwait Finance House 155 as mode of nance 65–6, 74 Parallel Istisna’a 66–7, 72, 213 parties involved 68–9 practical examples 71–3 Sharia’a compliance 68 Sharia’a rules 32, 70–1 IT systems xv

jahala (ignorance) 213 Jordan Islamic Bank 127–8 Jua’alah (wages) 214

Kafalah (suretyship) 214 Kharaj bi-al-Daman principle 215 khiyar (option) 215 Koran see Qur’an Kuwait Finance House 151–5, 175

leasing 58–60, 62–5 see also Ijara contracts ‘lemon market’ 9 lender-of-last-resort facilities ix letters of credit 34–5 liabilities 38–41 Liquidity Management Centre (LMC) 181–4 capital 182 market position 183 ownership 182 role of 181–2 shareholders 182 Sharia’a board 182 sponsors 182 Sukuk 183–5 liquidity risk management xv

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3/24/2010 7:36:06 PM

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