Bala Shanmugam's A Primer on Islamic Finance PDF

By Bala Shanmugam

ISBN-10: 1934667242

ISBN-13: 9781934667248

This easy yet accomplished advent to Islamic finance is reader pleasant and extensive in scope. It covers the elemental 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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For example, a 10 percent reserve requirement on a deposit of $100 allows the bank to loan up to $90 while maintaining the other $10 of the $100 deposit to meet normal withdrawal requests. If the full $90 is loaned out and deposited in another bank, that bank, which is also subject to the 10 percent reserve requirement, can then make new loans of $81. The process continues until the initial deposit of $100 has been multiplied 10 times to $1,000. The rationale behind a fractional reserve banking system is that under normal circumstances, only a portion of a bank’s deposits will be needed to meet customer redemptions.

In Kuwait, Islamic and Shari’acompliant companies make up 57 percent of the country’s total market capitalization (“Islamic, Sharia Firms . ” 2009). Despite the recent huge decline in the financial markets, Islamic equity funds have been attracting global investors and more and more financial institutions are offering such funds to meet investor demand. Islamic Bond (Sukuk) Market One of the fastest growing sectors in the Islamic capital market is the sukuk, or Islamic asset-backed bond, market.

The bank purchases the machine/equipment from the dealer Machine/Equipment Dealer To summarize, an ijarah contract is essentially the sale of the usufruct of the asset for a specified period of time. The bank receives profit from the rental of the asset and retains ownership of the asset. The lessee enjoys the immediate benefits of using the asset without incurring a large capital expenditure. Al-ijarah thumma al-bai. Al-ijarah thumma al-bai (AITAB) financing is essentially an ijarah (leasing) contract combined with a bai (purchase) contract.

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A Primer on Islamic Finance by Bala Shanmugam

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