Islamic financial products and concepts
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| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley
2009
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| Schriftenreihe: | Wiley finance
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| Online-Zugang: | Inhaltsverzeichnis |
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Datensatz im Suchindex
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| adam_text | IMAGE 1
INTRODUCTION
THIS WILL INTRODUCE THE READERS TO THE CONCEPT AND JURISPRUDENTIAL BASIS
OF ISLAMIC FINANCE. THE FOLLOWING CHAPTERS WILL DISCUSS AND ANALYZE THE
DIFFERENT PRODUCTS AVAILABLE IN THE MARKET
AL-BAI BITHAMAN AJIL (CREDIT SALE)
THE MOST POPULAR ISLAMIC BANKING TRANSACTION SEEMS TO BE AL-BAI
BITHAMAN AJIL. THIS IS AN AGREEMENT WHEREBY A BANK BUYS AN ASSET OR
PROPERTY AND SELLS THE SAID ASSET OR PROPERTY TO A CUSTOMER AT AN AGREED
DEFINED PRICE WHICH THE CUSTOMER HAS TO PAY ON A DEFERRED BASIS OR BY
PERIODIC INSTALMENTS
BAI SALAM (ADVANCE PURCHASE)
BAI SALAM, ALSO KNOWN AS BAI SALAF OR BAI MAFALIS, IS A SALE IN WHICH
ADVANCE PAYMENT IS MADE TO THE SELLER FOR DEFERRED SUPPLY OF GOODS
ISTISNA (COMMISSIONED MANUFACTURE)
BAI SALAM IS THE DEFERRED SALE OF A COMMODITY WHICH IS NOT POSSESSED BY
THE SELLER AND WHICH HE GROWS OR PROCURES FOR SUPPLY TO THE BUYER ON THE
CONDITION OF PREPAYMENT, ISTISNA IS A CONTRACT OF SALE OF GOODS WHICH A
SKILLED WORKMAN COMMITS HIMSELF TO MANUFACTURE FOR THE BUYER
IJARAH (LEASING)
IJARAH SIMPLY MEANS A LEASE CONTRACT AS WELL AS A HIRE CONTRACT. IN
OTHER WORDS, THE CONTRACT OF IJARAH IS THE SALE OF USUFRUCT
MUDHARABAH/MUQARADHAH (PROFIT-SHARING)
ONE OF THE MOST WIDELY QUOTED OPERATING PRINCIPLES IN ISLAMIC BANKING IS
THE PRINCIPLE OF MUDHARABAH, SOMETIMES KNOWN AS QIRAD OR MUQARADHAH
MUSHARAKAH (PARTNERSHIP)
THIS CONCEPT IS NORMALLY TRANSLATED IN ENGLISH AS PARTNERSHIP .
LITERALLY, MUSHARAKAH MEANS A JOINT-VENTURE AGREEMENT BETWEEN TWO
PARTIES TO ENGAGE IN A SPECIFIC BUSINESS ACTIVITY WITH AN AIM OF MAKING
PROFIT
MUSHARAKAH MUTANAQISAH (MUSHARAKAH MUNTAHIAH BI AL-TAMLIK)
THIS IS A NEWLY DEVELOPED CONTRACT BY WHICH THE INVESTOR S SHARE IN A
MUSHARAKAH IS PROGRESSIVELY RETIRED OR LIQUIDATED
MURABAHAH (SET PROFIT SALE)
IT IS ALSO CALLED COST-PLUS FINANCING OR FINANCING RESALE OF GOODS
AND REFERS BASICALLY TO THE SALE OF GOODS AT A PRICE COVERING THE
PURCHASE PRICE PLUS A PROFIT MARGIN AGREED UPON BY BOTH PARTIES
CONCERNED
RAHN (PLEDGE/SECURITY)
LITERALLY, IT MEANS TO PLEDGE, PAWN OR RETAIN. TECHNICALLY, IT MEANS A
CONTRACT OF PLEDGING A SECURITY AND BECOMES BINDING WHEN POSSESSION OF
THE PLEDGE TAKES PLACE.CHAPTER 10 - DHAMAN/KAFALAH (GUARANTEE)
LITERALLY, DHAMAN MEANS COMBINATION I.E. THE COMBINATION OF
RESPONSIBILITY AND LIABILITY. TECHNICALLY, THE MAJORITY OF ISLAMIC
SCHOLARS DEFINE IT AS THE COMBINATION OF A RESPONSIBILITY WITH ANOTHER
EXISTING RESPONSIBILITY
HAWALAH (ASSIGNMENT)
LITERALLY, HIWALAH MEANS TO TRANSFER OR TO SHIFT . TECHNICALLY, IT
MEANS A CONTRACT THAT ALLOWS THE DEBTOR TO TRANSFER HIS DEBT OBLIGATION
TO A THIRD PARTY ( PAYER ).
QARDH AL-HASAN
QARD MEANS THE LOAN OF FUNGIBLES, AND IS REPAID WITH GOODS OF
IDENTICAL DESCRIPTION, RATHER THAN WITH THE VERY GOODS ORIGINALLY
BORROWED
IMAGE 2
BAI AL- INAH
BAI AL-INAH IS A TRANSACTION WHICH INVOLVES THE SALE AND BUY BACK OF AN
ASSET BY THE SELLER
BAI AL-DAYN
DAYN IN ARABIC TERM DENOTES THE MEANING OF A DEBT. TECHNICALLY,
BAI AL-DAYN MEANS A SALE AND PURCHASE TRANSACTION OF A QUALITY DEBT I.E.
THE DEFAULT RISK OF THE DEBTOR IS LOW, AND THE DEBT MUST BE CREATED FROM
THE BUSINESS TRANSACTION THAT CONFORMS WITH SHARI AH. AL-DAYN CAN BE
EITHER MONETARY, OR A COMMODITY SUCH AS FOOD OR METAL
BAI MUZAYADAH
AN ACTION BY A PERSON TO SELL HIS ASSET IN THE OPEN MARKET, WHICH IS
FOLLOWED WITH THE PROCESS OF BIDDING AMONG POTENTIAL BUYERS WHO WOULD
QUOTE FOR A HIGHER PRICE
HIBAH
A GIFT AWARDED TO A PERSON ON VOLUNTARY BASIS IBRA AN ACT BY A PERSON
TO WITHDRAW HIS RIGHTS I.E. HIS RIGHTS TO COLLECT PAYMENT FROM A PERSON
WHO HAS THE OBLIGATION TO REPAY THE AMOUNT BORROWED FROM HIM
SUKUK
A DOCUMENT OR CERTIFICATE WHICH REPRESENTS THE VALUE OF AN ASSET
UJRAH/AJR A FINANCIAL CHARGE FOR THE UTILISATION OF SERVICES OR MANFAAH
OTHER PRODUCTS THIS CHAPTER WILL DISCUSS OTHER PRODUCTS AS WELL AS NEW
PRODUCTS THAT CAN BE CONSIDERED FOR THE FUTURE
CONCLUSION
TABLE OF CONTENTS PROVIDED BY BLACKWELL S BOOK SERVICES AND R.R. BOWKER.
USED WITH PERMISSION.
|
| any_adam_object | 1 |
| author | Norzrul Thani Nik Othman, Aida |
| author_facet | Norzrul Thani Nik Othman, Aida |
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| author_sort | Norzrul Thani Nik |
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| bvnumber | BV036483921 |
| ctrlnum | (OCoLC)917556184 (DE-599)GBV606544755 |
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| id | DE-604.BV036483921 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-24T00:05:27Z |
| institution | BVB |
| isbn | 9780470824221 0470824220 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020406669 |
| oclc_num | 917556184 |
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| owner | DE-11 |
| owner_facet | DE-11 |
| physical | 1 v. |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | Wiley |
| record_format | marc |
| series2 | Wiley finance |
| spellingShingle | Norzrul Thani Nik Othman, Aida Islamic financial products and concepts |
| title | Islamic financial products and concepts |
| title_auth | Islamic financial products and concepts |
| title_exact_search | Islamic financial products and concepts |
| title_full | Islamic financial products and concepts Nik Norzul Thani ; Aida Othman |
| title_fullStr | Islamic financial products and concepts Nik Norzul Thani ; Aida Othman |
| title_full_unstemmed | Islamic financial products and concepts Nik Norzul Thani ; Aida Othman |
| title_short | Islamic financial products and concepts |
| title_sort | islamic financial products and concepts |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020406669&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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