By Bala Shanmugam
This easy yet finished creation to Islamic finance is reader pleasant and vast in scope. It covers the fundamental innovations, markets, items, and problems with Islamic finance and indicates the various nature of Shari'a criteria in numerous nations.
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Additional resources for A Primer on Islamic Finance
Ijarah is typically used for high-cost assets with long life spans. 7. The owner of the asset, or lessor (the bank), bears all the risks associated with ownership, such as asset maintenance, while the user of the asset (lessee) pays a fixed price (rent) for enjoying the benefits of the asset. Many scholars are critical of a practice whereby the Islamic bank makes the lessee the actual payer of the takaful (Islamic insurance) contribution or premium by passing on the premium costs as part of the lease installments to be paid by the lessee (Ayub 2007).
Bai’ salam financing is a forward financing transaction frequently used in the agriculture industry. In this structure, the bank purchases specified assets in advance of a predetermined delivery date. Typically, the bank receives a discount for the advance payment plus a profit margin. The quality of the commodities that are being purchased is fully specified so as to leave no room for ambiguity. The agreement is structured to benefit both parties to the transaction (Rosly 2005). The following mandatory conditions must be met in bai’ salam arrangements (Gulaid 1995): • Payment is immediate unless otherwise stipulated in the contract.
Sukuk differ from conventional bonds in that they do not pay interest. Islam forbids the payment of interest, but a financial obligation or instrument that is linked to the performance of a real asset is acceptable. Sukuk returns are tied to the cash streams generated by underlying assets held in special purpose vehicles (SPVs). The cash stream can be in the form of profit from a sale, profit from a rental, or a combination of the two. The conventional asset securitization process is used in structuring sukuk.