By Bala Shanmugam
This straightforward yet accomplished creation to Islamic finance is reader pleasant and broad in scope. It covers the fundamental ideas, markets, items, and problems with Islamic finance and indicates the various nature of Shari'a criteria in several international locations.
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Additional resources for A Primer on Islamic Finance
The bank purchases the machine/equipment from the dealer Machine/Equipment Dealer end of the lease period, the ownership of the asset will be transferred to the lessee. The undertaking or the promise given is unilateral and does not become an integral part of the contract. Hence, the undertaking or promise does not become an integral part of the lease contract, whereby it would be conditional. The rental payments and the purchase price are determined in such a manner that the bank receives its principal invested in the asset plus a profit, or markup.
12 An exception, however, is that the Malaysian criteria specifically prohibit companies involved in meat production or sale if the animals are not slaughtered according to Islamic rites. ) Following the approach of these two indices, the SAC determines compliance on the basis of the core activities of a company; it does not exclude a company if a minor portion of its business is derived from involvement in haram (not permissible) activities. The SAC has also adopted positive Shari’a screening criteria that require that the public perception or image of a company be good and that its core activities have importance to the Muslim ummah, the overarching global Muslim community.
1 outlines the general approach to profit generation for an Islamic bank, beginning with the sources of funds. The figure shows that Islamic banks make a profit by mobilizing the savings of investors to meet the financial requirements of borrowers. The sources of funds of an Islamic bank include deposits in various accounts and deposits in special investment accounts that are earmarked for borrowing by corporate investors to fund specific projects. Shareholder funds are also a source of funds for Islamic banks.
A Primer on Islamic Finance by Bala Shanmugam