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Islamic Banking and Finance

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Iva Borcinova

on 21 November 2012

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Transcript of Islamic Banking and Finance

Islamic Banking and Finance photo credit Nasa / Goddard Space Flight Center / Reto Stöckli Deal not unjustly, and ye shall not be dealt with unjustly.
(The Holy Quran 2:279) What lead to the uniqueness of the Islamic banking practices?

What are the instruments in Islamic finance and how are they different from the Western ones? Central questions Secondary research

Sources: books Methodology 1. Introduction
2. History
3. Finance Principles and Instruments
4. Islamic Regulatory Institutions
5. Islamic Finance in the West
6. Conclusion Structure Main findings What lead to the uniqueness of the Islamic banking practices?

What are the instruments in Islamic finance and how are they different from the Western ones?

Which are the most important supervisory institutions and what is their mission?

What can the West learn from the Islamic finance system? Prohibition of: Differences The Sharia Board
The Islamic Financial Services Board (IFSB)
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Supervisory institutions Islamic banking and finance:

- higher stability
- healthier
- ethical approach Implications for the West Accounting and Auditing Organisation for Islamic Financial Institutions. 2012. Overview. Accessed October 20. http://www.aaoifi.com/aaoifi/TheOrganization/Overview/tabid/62/language/en-US/Default.aspx
Ariss, Rima Turk. 2010.” Competitive conditions in Islamic and conventional banking: A global perspective.” Review of Financial Economics Volume 19, Issue 3, 101–108. Accessed October 25, 2012. doi: 10.1016/j.rfe.2010.03.002
Beck, Thorsten, Asli Demirgüç-Kuntb, and Ouarda Merrouchec. 2012. “Islamic vs. conventional banking: Business model, efficiency and stability.” Journal of Banking & Finance. Accessed October 25, 2012. doi:10.1016/j.jbankfin.2012.09.016
BankingInfo. 2009. Your guide on Basic Concepts and Principles of Islamic Banking. Accessed November 1, 2012. http://www.bankinginfo.com.my/_system/media/downloadables/islamic_banking.pdf
Billah, Mohd Ma’sum. February 2007. Takaful funds - An Overview. Accessed October 10, 2012. http://www.eurekahedge.com/news/07_feb_IFN_TakafulFunds.asp
Cihak, Martin, and Heiko Hesse. 2008. Islamic Banks and Financial Stability: An Empirical Analysis. IMF. Bibliography Fraser, Ian. May 2012. What the West Can Learn From Islamic Banking. Accessed October 23, 2012. http://www.economywatch.com/economy-business-and-finance-news/what-the-west-can-learn-from-islamic-banking.16-05.html

Gafoor, A.L.M. Abdul. 1995. Interest-free Commercial Banking. N.p.: Apptec. Accessed October 12. http://users.bart.nl/~abdul/chap4.html
Institute of Islamic Banking and Insurance. 2012. Accessed October 25. http://www.islamic-banking.com/

Helen Bartolomew. March 2012. Derivatives: Islamic Swap Standards Confirmed. International Financing Review - Thomson Reuters. Accessed October 29. http://www.ifre.com/derivatives-islamic-swap-standards-confirmed/21008451.article

Iqbal, Munawar, and David T. Llewellyn. 2002. Islamic Banking and Finance: New Perspectives on Profit Sharing and Risk. Northampton: Edward Elgar Publishing.

Islam.de. 2012. Accessed September 24. http://islam.de/8368.php
Islamic Financial Services Board. 2012. Background. Accessed October 20. http://www.ifsb.org/background.php

Islamicbanker. 2012. AAOIFI Standards. Accessed October 22. http://www.islamicbanker.com/aaoifi-standards Merdad, Hesham J., Two Essays in Islamic Finance and Investment (2012). University of New Orleans Theses and Dissertations. Paper 1467. http://scholarworks.uno.edu/td/1467

Sadoveanu, Diana. 2011. Islamic Banking in European Union Countries: Challenges and Opportunities. CES.

Shariah Fortune. 2012. “History and Evolution of Islamic Banking.” Accessed October 2. http://shariah-fortune.com/history-of-islamic-banking

Sundararajan, V.,and Luca Errico. 2002. Islamic Financial Institutions and Product in the Global Financial System: Key Issues in risk Management and Challenges Ahead. IMF.

Szczepanowicz, Andrzej Dominik. 2011. Unconventional Banking in a Conventional Environment: Islamic Banking and Finance in the USA. Accessed October 25, 2012. https://repository.library.georgetown.edu/bitstream/handle/10822/553401/szczepanowiczAndrzej.pdf?sequence=1

WSBI/ESBG. October 2009. Islamic Banking and Finance. Insight on Possibilities for Europe. http://www.esbg.eu/uploadedFiles/Publications_and_Research_%28ESBG_only%29/DOC_ESBG_PERSPECTIVE_60%20v3.pdf Interest - "Riba" Uncertainty - "Gharam" Game of chance - "Maysir" Illegal trade segments - "Haram" How Is It Different From the West?
Which are the most important supervisory institutions and what is their mission?

What can the West learn from the Islamic finance system? Central questions articles academic papers institutional websites Differences Permissions: Profit-loss sharing financing Asset-based financing Trade-based financing Islamic insurance Investing in equity Dictionary Musharakah - active partnership Mudarabah - silent partnership Murabahah - trade-based financing Sukuk - asset-based financing Takaful - insurance Sharia - Islamic law Shukran! by Ivana Borcinova
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