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An Introduction to Islamic Finance I.pdf

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ISLAMIC FINANCE AND BANKING: CHALLENGES AND OPPORTUNITIES 1 Lecture Outline 1. 2. 3. 4. 5. 6. 7. 8. 9. Overview of Islamic Finance Islamic Shariah and Contracts Important Islamic Financial Contracts Models of Islamic Banks Global Financial Crisis and Islamic Financial Solution A Case Study of Financial Murabaha A Case Study of Legal Stratagem: Tawarruq A Case Study of Sukuk Risk and Regulation of Islamic Financial Industry 2 ISLAMIC SHARIAH AND CONTRACTS 3 Islamic Sharia’a: An overview 
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  1 ISLAMIC FINANCE AND BANKING: CHALLENGES AND OPPORTUNITIES Lecture Outline 2 1.Overview of Islamic Finance 2.Islamic Shariah and Contracts 3.Important Islamic Financial Contracts 4.Models of Islamic Banks 5.Global Financial Crisis and Islamic Financial Solution 6.A Case Study of Financial Murabaha 7.A Case Study of Legal Stratagem: Tawarruq 8.A Case Study of Sukuk 9.Risk and Regulation of Islamic Financial Industry  3 ISLAMIC SHARIAH AND CONTRACTS Islamic Sharia’a: An overview   4  Islam as a ‘complete code of life’ encompasses every aspect of human life. It  provides directives as to how economic and financial activities should operate  based on moral and just economic system. The source of Islamic morality stems from Sharia’a . The following diagram shows the position of banking and financial activities within the framework of Islamic Sharia'a. Islam Aqidah (Faith & Belief  ) Sharia’a  (Practices & activities) Ibadah (Man-to-God worship) Muamalat (Man-to-man activities) Political Activities Economic Activities Other Economic Activities Banking & Financial Activities Social Activities Akhlaq (Moralities & Ethics  Islamic Worldview  The essence of Islam is tawhid   —  oneness and sovereignty of God (Allah)  Has many implications  Allah is the only source of value  Humans are created equal  Resources are trust from Allah  Humans are vicegerents ( khalifah )  Humans have free-will  Muslim  —  submission to the Will of God  Will of God  —  expressed in revelation 5 Sources of Islamic knowledge  Two sources of knowledge in Islam   Revealed   knowledge ( Shari’ah )  Quran   Hadith/Sunnah (Sayings/traditions of the Prophet)  Derived knowledge (  Fiqh )  —  through ijtihad (exertion)   Al-Qiyas (  analogy  )   Ijma (  consensus)   Etc. 6  7    Sources of Law for Transactions Two sources of law in Islam   Shariah — Revealed knowledge  Quran – Recited   Hadith/Sunnah — Un-recited     Fiqh –   Derived knowledge through ijtihad (  exertion  )   Ijma (  consensus)     Al-Qiyas (  analogy   ) 8    Basic Approach to Islamic Law  Islamic laws can be broadly classified into two types   Ibadat (devotional acts) –  Any worship which is not legalized by  Shariah  is void   Muamalat (dealings or transactions) — Transactions are permitted unless prohibited by Islamic law (principle of permissibility  )  In muamalat  , new transactions can be accommodated through ijtihad   as long as they do not contain the prohibited ( riba  and gharar )

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