By Brian Kettell
The new turbulence within the worldwide monetary markets has drawn consciousness to an alternate process of economic intermediation: Islamic banking and finance, which has thus far remained at the sidelines of the unrest.
Islamic Finance in a Nutshell is a short and simple advisor to realizing the basics of Islamic Finance and the way the Islamic monetary markets paintings. Designed as a brief learn for practitioners wanting to select up the fundamentals of the undefined, it is going to let readers to appreciate the diversities Islamic and Western finance.
Starting with the increase of Islamic finance, the publication highlights the major parts which practitioners have to seize to appreciate together with monetary assertion research, Sharia’a legislations, getting cash within the absence of curiosity and regulation. The e-book additionally presents readers with a easy consultant to Arab terminology and a advisor to the pinnacle monetary associations in the Islamic markets.
This is a perfect consultant for a person with an curiosity in how those monetary markets paintings, yet who don't want to be slowed down in advanced and pointless terminology.
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Extra info for Islamic finance in a nutshell : a guide for non-specialists
The latter aspect is crucial, it is argued, because once a jurisdiction allows for contracts to impose punishments for default, then the law itself becomes nothing but the slave of such contracts and any crime may be legitimised as a form of punishment of the ‘debt-slave’. The relationship of one party imposing punishment on another is that of a master and slave. The relationship of one party buying something from another should be one of a relationship of equals. 2. Interest corrupts society The argument here is that there is an association between charging interest with fasad, loosely translated as the corruption of 18 ISLAMIC FINANCE IN A 1 NUTSHELL society.
9. The disposal of the Mudarib is conﬁned to what is conducive to the Mudaraba. It must lend or donate nothing of the Mudaraba capital. The Mudarib is also not allowed to purchase, for the Mudaraba, with more than its capital, nor is it allowed to go into partnership with others using the Mudaraba capital. However, all of the above is permissible if the capital owner consents and authorises the agent to use its discretion. 10. No security on the Mudarib shall be stated in the Mudaraba contract except in case of negligence or trespass, because the Mudarib is a trustee on what is under its control.
This should lead to more conservative decisions being made by the lender and to the need for more careful monitoring of the borrower. In the conventional banking model bank regulation and the availability of deposit insurance have replaced the need for monitoring bank activities by depositors. Consequently, as far as small depositors are concerned, deposits in one bank are very similar to deposits in another bank, and hence there is less need to monitor bank activities. The Islamic, interest-free system, on the other hand, imposes the burden on depositors of gathering information about the safety, soundness, riskiness, and profitability of the bank.