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ISLAMIC FINANCE IN A NUTSHELL

Ijtihad 95 investment 115–20 Istisna’a contracts 70–1 meaning of ‘Sharia’a’ 228 Mudaraba contracts 41–3 Murabaha contracts 30–2 Musharaka partnerships 48–9 objectives 98 Qiyas 93–5 Qur’an 85–9, 91–2, 101 Salam contracts 76–9 shares 118–19 sources 85–91 Sunnah 85–6, 89–92, 101 terminology 99 see also Sharia’a... Sharia’a Advisory Panel, IIFM 189 Sharia’a boards see Sharia’a Supervisory Boards Sharia’a compliance viii–xvi, 101–2 approved contracts 8 banking infrastructure 192, 197–8 denition 98 IIRI 191 Ijara contracts 54–5 Istisna’a contracts 66 Mudaraba contracts 41 Murabaha contracts 27–9 Sharia’a Supervisory Boards (SSBs) 97, 102–15 denition 102 Dubai Islamic Bank 107–8 IIRA 196–7 interest-based issues 118 LMC 182 responsibilities 102–6 roles 103–6 scholars 103–15 State Bank of Pakistan 114–15 Shiite Islam 101 Shirkah contracts 228–9

small businesses 52 society, corruption of 18–20 SSBs see Sharia’a Supervisory Boards standards xv, xvii, 176–81 State Bank of Pakistan 114–15 Sukuk (bonds) viii, 183–5, 229 Sunnah 3, 85–6, 89–92, 101, 229 Sunni Islam 101 syndicated credits 33

Tabarru’ contracts 229 takaful (insurance) 230 tapir (wasteful expenditure) 230 Tawarruq contracts 230 term deposit accounts 133–5 time value of money 29, 116–17 trends x–xi Turkey xii

UK (United Kingdom) x, xiv, 72 Ulema (religious scholars) 85, 87–90 uncertainty (gharar) 7–8 Usmani, Sheikh Muhammed Taqi 111–12 usufruct 54, 55–6, 231

wa’d (binding promise) 231 Wadiah

current account 130–1 denition 232 savings account 132 Wadiah Yad Dhamanah 132, 232 Wakala (agency) 150, 155, 232 Waqf (charitable trust) 233 Wasiyah (will) 233 Watchlist, IIRA 194–5

Yaquby, Sheikh Nizam M.S. 110–11

zakat (religious tax) 146–7, 155, 159, 220–1, 233–4

341

bindex.indd 341

3/24/2010 7:36:06 PM

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