CHAPTER 43
ISLAMIC FINANCE
43.1 INTRODUCTION
(a) General
(b) Basis of Shariah Rules
(c) General Shariah Principles
43.2 SHARIAH BUSINESS RULES
(a) Trade 579
(b) Contracts in Shariah
43.3 USURY (RIBA) AND INTEREST
(a) Prohibition of Usury
(b) Interest
43.4 ISLAMIC FINANCE
(a) Development and Expectations
(b) General Principles
(c) Investment Products
(i) Deposits (Wadiah)
(ii) Investment Finance (Mudarabah)
(iii) Partnership (Musharakah)
(iv) Resale Contracts (Murabahah)
(v) Lease to Own (Ijarah)
(vi) Fabrication Finance (Istisna'a)
(vii) Bonds (Sukuk)
(viii) Islamic Equity Funds
(ix) Benevolent Loans (Qard Hassan)
(x) Sales Contracts (Bay')
(xi) Joint Liability (Takaful)
43.5 JORDAN ISLAMIC BANK FOR FINANCE AND INVESTMENT
(a) Background and Incorporation
(b) Ideological Concepts and Objectives
(c) Investment Functions and Products
(i) Deposits
(ii) Profit and Loss Sharing Certificates (Quradh/Mudharabah)
(iii) Joint Ventures (Musharakah)
(iv) Sales (Bay'ou)
(v) Fabrication Finance (Istisna'a)
(vi) Lease to Own (Ijarah)
(vii) Foreign Investments
(d) Commercial Papers
(i) Bank Guarantees
(ii) Letters of Credit
(iii) Discounting Commercial Papers
43.6 CONCLUSIONS
NOTES
REFERENCES
43.1 INTRODUCTION
(a) GENERAL
In today's world dominated by globalization, technological and communications advances, expanding world trade, and investments, there seems to be a resurgence of the application of basic principles of shariah in Muslim countries, particularly in financial ...
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