By Aly Khorshid
This can be THE definitive consultant to Islamic Finance! a suite from various resources from the finance to governmental monetary departments mentioning to this point the debates surrounding Islamic finance by way of tapping into the breadth of information and services that's making a highly winning undefined. crucial interpreting for these new to Islamic finance and essential reference textual content on your table.
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Additional info for Euromoney Encyclopedia of Islamic Finance
In particular, Islamic law prohibits usury, the collection and payment of interest, also commonly called riba in Islamic discourse. In addition, Islamic law prohibits investing in businesses that are considered unlawful, or haraam (such as businesses that sell alcohol or pork, or businesses that produce media such as gossip columns or pornography, which are contrary to Islamic values). In the late twentieth century, a number of Islamic banks were created to cater for this particular banking market.
However, this price would be at the current market value, and not at a pre-agreed price. Objections to musharakah financing Risk of loss The arrangement of musharakah is more likely to pass on losses of the business to the financier bank or institution, and to the depositors. Investors will not want to deposit their money, and thus savings will remain idle. However, this misgiving is not entirely justified. The banks study the potential of the business and if they form the view that the business is not profitable, they refuse to advance a loan.
5, p. 223. Ibid. Khalid al-Atasi, Sharh-ul-Majallah, v. 2, p. 403. Ibn ‘Abidin, Radd-ul-Muhtar, v. 5, p. 225. Al-Fatawa al-Hindiyyah, Waqf, ch. 5, v. 2, p. 417. 22 12222 2 3 4 5 6 7 8 9 1011 1 2 3111 4 5 6 7 8 9 20111 1 2 3 4 5 6 7 8 9 30111 1 2 3 4 35 6 7 8 9 40111 1 2 3 44222 Chapter 2 Fundamentals of Islamic finance Aly Khorshid Elite Horizon Introduction The term ‘Islamic banking’ refers to a system of banking or banking activity that is consistent with Islamic law (Shari’a) principles and guided by Islamic economics.