By Amr Mohamed El Tiby Ahmed, Wafik Grais
Islamic finance, like traditional finance is a enterprise of monetary intermediation. Its distinct positive factors relate to the requirement that it abides by means of Shari'a ideas that advertise equity of contracts and prevention of exploitation, sharing of dangers and rewards, prohibition of pursuits, and tangible fiscal goal. Islamic finance are not fund actions thought of "haram" or sinful. The publication expounds on how those targeted good points endure at the possibilities and demanding situations dealing with the Islamic finance industry's improvement, chance administration, rules and company governance. Covers the historical past and fundamentals of Islamic finance, and gives perception into present stipulations and destiny panorama; Explores regulatory framework, together with possibilities and demanding situations for the industry's improvement and mainstreaming; offers an method of constructing a systemic Shari'a governance framework to manipulate operations within the Islamic finance industry.-- �Read more...
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Extra info for Islamic finance and economic development : risk, regulation, and corporate governance
Unrestricted IAHs are investors who participate in the uncertainties of an IIFS’s business; therefore, they share in profits and bear losses arising from investments made on their behalf, to the extent of their share. Apart from general withdrawal needs, the withdrawals made by IAHs may be the result of (1) lower than expected or acceptable rates of return and/or (2) noncompliance by the IIFS with Shari’a rules and principles in various contracts and activities. 1 shows a comparison of Islamic and conventional banking frameworks.
9 Supply of Shari’a-Compliant Products—Non-GCC MENA Source: Rocha, Aravai, and Farazi (2011). 33 Rocha et al. (2011). Islamic Finance: Opportunity for Egypt’s Development 39 REGULATORY CHALLENGES Financial services are essentially an information-based industry where public trust is critical. 34 Adequate regulation promotes prudent conduct without stifling entrepreneurial initiative; it is critical to the stability and vibrancy of financial intermediation. Similarly, sound and vibrant Islamic finance also requires an adequate regulatory framework and effective supervision, which can instill public confidence in the industry and encourage innovation.
Riba Interest Riba is forbidden by the Quran, which forbids any return of money on money, whatever type of interest it may be. Shari’a Islamic law Shari’a refers to the law set down in the Quran and performed by example by Prophet Mohamed (PBUH). Any product purporting to be Shari’a must adhere to Islamic law in all respects, and to ensure this, a company will usually appoint a Shari’a board that will oversee the development and implementation of all Shari’a products to ensure they comply. Shari’a adviser Person who advises A Shari’a adviser is generally an Islamic legal on Islamic financial scholar who has been classically trained and law has the expertise and knowledge to ensure that products comply with Shari’a.