A Primer on Islamic Finance by Bala Shanmugam

By Bala Shanmugam

This easy yet entire advent to Islamic finance is reader pleasant and extensive in scope. It covers the elemental techniques, markets, items, and problems with Islamic finance and indicates the various nature of Shari'a criteria in several nations.

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In Southeast Asia, Pakistan has experienced solid growth in Islamic banking over the past five years. 5 percent. The country had only one full-fledged Islamic bank and one branch of a conventional bank that offered Islamic banking services. 5 percent market share with 9 Grail 42 Research (2007). 5% Market Share” 2008). The nation now boasts six full-fledged Islamic banks with 230 branches and 12 conventional banks with 103 Islamic branches. The State Bank of Pakistan, the central bank, plans to strengthen regulation of Islamic banking while expanding market share of the sector to 12 percent by 2012 (Al-Huda 2008).

Customer current account balances are guaranteed. The primary distinction between savings and current accounts is that minimum balance limits and withdrawals are more flexible for current accounts. 2. Structure of Wadiah Savings Account Depositor 1. The depositor signs a contract with bank and deposits a certain amount of money Islamic Bank 2. Permission is given to the bank to make use of funds 3. The bank uses the money in various forms of investments or financing 5. Hibah (gift) is paid to depositor, is based on the bank’s discretion, and is not promised up front 4.

The depositor signs a contract with bank and deposits a certain amount of money Islamic Bank 2. Permission is given to the bank to make use of funds 3. The bank uses the money in various forms of investments or financing 5. Hibah (gift) is paid to depositor, is based on the bank’s discretion, and is not promised up front 4. Profit is earned by the bank In certain countries, such as Iran, the principle of qard hassan (a benevolent or interest-free loan) governs the use of depositors’ funds by the bank.

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