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ISLAMIC FINANCE IN A NUTSHELL

Lloyds TSB xiv LMC see Liquidity Management Centre loans

‘Aariyah 8–9, 201

  • nes for non-payment 11

‘Inah 211–12 Qard 5, 125–6, 222–3 Salaf 226

Madhabib schools of law 215–16 maisir (gambling) 216 makruh (class of actions) 216 mal (wealth) 216–17 manfa’a (benet) 217 Maqasid al-Sharia’a concept 217 markets 9, 183, 184, 186–9 Master Agreements, IIFM 188 mithli (fungible goods) 218 Mohammed see Prophet Mohammed money 28–30 mal 216–17 money made from money 7 as purchasing power 7 shares and liquidity 119 time value 116–17 moral hazard 10–11 mortgages 33 Muamalat (man-to-man activities) 99–100 Mudaraba bank accounts 131, 133–5 Mudaraba contracts 11, 25, 36–46, 122–3 Al Baraka Islamic Bank 162 Al Muqayyadah 37–8 Al Mutlaqah 38 conventional banking 45–6 denitions 36, 218 Dubai Islamic Bank 149 as mode of nance 36 practical examples 43–5 restricted/unrestricted 37–40 Sharia’a compliance 41 Sharia’a rules 41–3 terminology 38, 41 two-tier contracts 38–41

Mufawada partnerships 46–7 Mugharasaha contracts 218 Mujtahid (legal expert) 219 Murabaha contracts 24–36 car/house purchase 35 commoditites xv conventional nance 35–6 denition 219 Dubai Islamic Bank 149 GSM licences 33–4 Kuwait Finance House 154 letters of credit 34–5 as mode of nance 26 mortgages 33 practical examples 32–5 Sharia’a compliance 27–9 Sharia’a rules 30–2 syndicated credits 33 to the purchase-orderer 26–7 working capital 33 Musaqa partnerships 220 Musawamah sales 219 Musharaka partnerships 25, 46–53, 123–4 Al Baraka Islamic Bank 162 basic principles 48 constant 46, 219 conventional banking 53 denitions 46–8, 219–20 diminishing 46, 50–2, 220 Dubai Islamic Bank 149 practical examples 49–50 Sharia’a rules 48–9 Musleh, Sheikh Dr Abdullah bin Abdulaziz Al 113 Muzabana agreements 220 Muzara’a agreements 220

nisab (zakat exemption limit) 220–1

‘p’ ratings 192 Pakistan 114–15 Parallel Istisna’a contracts 66–7, 72, 213 Parallel Salam contracts 74, 79, 227

339

bindex.indd 339

3/24/2010 7:36:06 PM

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