A Guide to Islamic Finance

List of Tables and Graphs Preface Glossary of Arabic Terms List of Abbreviations Introduction 1. Objectives and Sources of Islamic Law Sources of Islamic Law Revealed Sources Sources Inferred Through Human Reasoning Maqasid al-Shari'ah 2. Principles of Business Contracts in Islamic Law Islamic View of Business and Economic Activities Guidance from the Qur'an on Earning Wealth What is Allowed in Wealth Creation 'Ten Commandments' with Respect to Business Contracts 3. The Islamic Banking Model What is an Islamic Bank? Distinguishing Features of Islamic Banking 4. Modes of Finance being used by Islamic Banks Variable Return Modes Trade Based Modes Theory versus Practice with Respect to the Use of Various Modes Secondary Market Instruments 5. How to Develop New Islamic Banking Products Scope for Financial Engineering in Islamic Finance How New Products can be Developed Permissibility of Hybrid Contracts The Five Cs of Islamic Financial Engineering 6. The Practice of Islamic Banking Country Experiences with Islamic Banking Islamic Banks Working in Competitive Environments Islamic Banking Windows in Conventional Banks 7. Evaluation of Islamic Banking Growth Analysis Ratio Analysis 8. Islamic Fund Management Permissibility of Investment Funds Conditions for Participating in Equity Funds Scope for Islamic Investment in Equity Markets Islamic Investment Funds in Practice 9. Islamic Insurance Reasons and Means to Insure Is Commercial Insurance Permissible in Islam? Stock Insurance Companies' Business Model Objection Raised against Stock Insurance Model Conclusion on Permissibility of Insurance Islamic Alternative to Commercial Insurance: Takaful 10. The Future of Islamic Finance Need to Broaden the Base Preparing for Increased Competition Need to Increase the Size of Islamic Banks Need to Diversify in the Use of Various Modes Fulfilling the Long Term Finance Needs Areas of Potential Growth The Way Forward Conclusion Index