Finance of Islam

Assessments, controversies, challenges Main article: Assessments, controversies, challenges in Islamic finance ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Assessments,_controversies,_challenges_in_Islamic_finance) Islamic banking and finance has been praised and criticized. Praise/defense It has been praised — or at least described positively — for turning a „theory” into a trillion dollar[426] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-IIFTU1998:162-3-451)[208] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-FosterMM2010-220)[427] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-farooq-130-452)[426] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-IIFTU1998:162-3-451) „reality”, asserted Islam into international financial markets (according to Taqi […]

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Products, services and contracts Further information: Islamic finance products, services and contracts ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_finance_products,_services_and_contracts) Banking makes up most of the Islamic finance industry. Banking products are often classified in one of three broad categories,[238] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-IMF-2015-9-251)[239] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-252) two of which are „investment accounts”:[240] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-WIWWIE2013:329-30-253)[241] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-IIBI-PLS-254)[Note 14] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-256) Profit and loss sharing ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Profit_and_loss_sharing) modes — musharakah and mudarabah […]

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Supporting institutions The Islamic Interbank Money Market was established by Bank Negara Malaysia on 3 January 1994, and has developed instruments to manage the liquidity needs of the Islamic financial institutions — „funding and adjusting portfolios over the short term”.[222] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-WIWWIE2013:309-10-235) The Islamic Financial Services Board ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_Financial_Services_Board) was founded on 3 November 2002 at Kuala […]

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Industry framework Islamic financial institutions take different forms. They may be Full-fledged Islamic financial institutions (for example Islami Bank Bangladesh Ltd ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islami_Bank_Bangladesh_Ltd), Meezan Bank ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Meezan_Bank) in Pakistan);[183] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-WIWWIE2013:290-195) Islamic „windows” — i.e. separate, sharia-compliant units[184] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-FJIFD2012:53-196) — in conventional financial institutions (for example: HSBC ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/HSBC), American Express Bank ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/American_Express_Bank), ANZ Grindlays ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/ANZ_Grindlays), BNP-Paribas ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/BNP-Paribas), Chase […]

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Criticism Critic Feisal Khan argues that in many ways Islamic finance has not lived up to its defining characteristics. Risk-sharing is lacking because profit and loss sharing ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Profit_and_loss_sharing) modes are so infrequently used. Underlying material transactions are also missing in such transactions as „tawarruq, commodity murabahas, Malaysian Islamic private debt securities, and Islamic short-sales”. Exploitation […]

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History Usury in Islam Further information: Riba ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Riba) Although Islamic finance contains many prohibitions—such as on consumption of alcohol, gambling, uncertainty, etc. — the belief that „all forms of interest are riba ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Riba) and hence prohibited” is the idea upon which it is based.[19] ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Islamic_banking_and_finance#cite_note-WIWWIE2013:xv-xvi-20) The word „riba” literally means “excess or addition”, and has […]

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Principles To be consistent with the principles of Islamic law (Shariah ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Shariah)) — or at least an orthodox interpretation of the law — and guided by Islamic economics, the contemporary movement of Islamic banking and finance prohibits a variety of activities, some not illegal in secular states: Paying or charging interest ^(http://negoce.org/goto/https://en.wikipedia.org/wiki/Interest). „All forms of […]

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