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weee

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by

Adha Hashim

on 21 February 2015

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Transcript of weee

WELCOME !
ISLAMIC FINANCIAL SYSTEM
Introduction
Islamic financial system
and
Islamic banking system
Lecturer’s Name: Dr. Sheila Ainon Yusof
Group members:
1)Muhammad Adha Bin Hashim
2)
3)
4)

Islamic finance refers to a system of finance that complies with Islamic law.

The Islamic Financial System encompasses the Islamic banking system, Islamic money market, Islamic insurance or Takaful, Islamic capital market and the specialised financial institutions which provide alternative sources of financing.

KEY COMPONENTS OF ISLAMIC FINANCIAL SYSTEM
What is Islamic banking?
Islamic banking is banking or banking activity that is consistent with the principles of sharia and its practical application through the development of Islamic economics. As such, a more correct term for ‘Islamic banking’ is ‘Sharia compliant finance’.
The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties, the assurance of fairness for all and that transactions are based on an underlying business activity or asset.
Sharia prohibits gambling (maisir), speculative trading (gharar) and acceptance of specific interest or fees for loans of money (known as riba, or usury), whether the payment is fixed or floating. Investment in businesses that provide goods or services considered contrary to Islamic principles (e.g. pork or alcohol) is also prohibited.
TAKAFUL
GENERAL CONCEPT
OF
TAKAFUL
A group of participants mutually guarantee each other against loss or damage

Contribute a sum of money to a takaful fund in the form of participative contribution (tabarru’)

You will undertake a contract (aqad) for you to become one of the participants

Managed by third party – the takaful operator.
TAKAFUL PRODUCT
There are two types of takaful businesses:
family takaful and general takaful.
The product under family takaful are:
• Family Takaful
• Investment-linked Takaful
• Child education Takaful
• Medical & Health Takaful

The product under general takaful are:
• Home Takaful
• Motor Takaful
• Personal Accident Takaful
Full transcript