Download The Islamic Banking and Finance Workbook: Step-by-Step by Brian Kettell PDF

By Brian Kettell

The continued turbulence within the international monetary markets has drawn cognizance to another method of economic intermediation: Islamic banking and finance. this can be now one of many quickest transforming into sectors in the industry position and has, thus far, remained at the sidelines of this unrest. because the inception of Islamic banking thirty years in the past the quantity and succeed in of Islamic monetary associations around the world has risen considerably. associations providing Islamic monetary providers represent an important and becoming percentage of the economic climate in different nations, and marketplace members in every single place are becoming a member of the race to review and be part of this rising monetary system.

The Islamic Banking and Finance Workbook is a unique workbook at the subject, allowing readers to check their figuring out of Islamic banking and finance suggestions. even supposing appropriate as a standalone studying device, the publication is designed to check the knowledge lined within the significant other e-book, Introduction to Islamic Finance and Banking, and covers the basics of Sharia'a legislation, the Islamic contracts interpretations and definitions, Murabaha, Mudaraba, Musharaka, Istisna'a, Salam and Ijara modes of finance, Takaful and masses extra. Emphasis is put on mini case reviews, a number of selection questions and assessments of the fundamental innovations. it is also an entire resolution key and short bankruptcy summaries, in addition to studying objectives.

The Islamic Banking and Finance Workbook is a necessary studying software for college kids and practitioners who are looking to try out their wisdom of the speedily becoming international of Islamic banking and finance.

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Additional resources for The Islamic Banking and Finance Workbook: Step-by-Step Exercises to help you Master the Fundamentals of Islamic Banking and Finance

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1 Riba The word ‘riba’ means excess, increase or addition, which according to Sharia’a terminology, implies any excess compensation without due consideration. Consideration does not include the time value of money. The definition of riba in classical Islamic jurisprudence was ‘surplus value without counterpart’. 3 The Islamic Banking and Finance Workbook History of Islamic Banking During the Islamic Golden Age, early forms of proto-capitalism and free markets were present in the Caliphate, where an early market economy and an early form of mercantilism were developed between the 8th–12th centuries, which some refer to as ‘Islamic capitalism’.

Them to the customer on a The bank purchases the goods for the customer, and [88. ]. The customer then pays the sale price for the goods deferred basis, adding an [89. on an instalment basis, effectively obtaining credit without paying interest. 7 Qard The Fiqh definition of Qard is that it is a non-interest bearing loan intended to allow the ]. borrower to use the loaned funds for a period of time with the understanding that [90. 8 Riba Riba means interest, which is [91. interest on a loan is considered to be [92.

1 Modern Islamic Banking Interest-free banking is of very recent origin. The earliest references to the reorganisation of banking on the basis of profit sharing rather than interest are found in academic work done in the 1940s and 1950s. This work, which perceived the ‘necessary evil’ allowability of commercial banks, proposed a banking system based on the concept of Mudaraba: profit and loss sharing. Over the next two decades, interest-free banking attracted more attention, partly because of the political interest it created in Pakistan and partly because of the emergence of young Muslim economists.

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