A concise report for senior executives in funding banks and structured merchandise to shortly grasp the rules behind Islamic finance and perceive methods to develop merchandise that might adjust to Islamic rules. The newest addition to the favored Risk Books Executive Reports collection will allow you to become involved on this US$300 billion enterprise.
Although the roots of Islamic finance lie in historic Islamic rules, the event of Islamic finance as an business is comparatively new. Whilst typical business banks present monetary intermediation providers on the idea of curiosity (charged and paid), the essential premise of Islamic finance is the prohibition of curiosity. Islamic bankers have developed quite a lot of devices that may carry out monetary intermediation features with out the involvement of curiosity. From a small banking experiment in rural Egypt through the Nineteen Sixties, Islamic finance is presently increasing at a price of 10-15% every year. It now represents an enormous international follow and the popular channel of banking for one fifth of humanity.
Rapid progress is predicted for this business and Islamic finance presents shiny prospects for these concerned. One of the explanations for this optimism is the large quantity of petro-dollars (estimated to be US$M.O trillion) presently afloat because of the publish Iraq warfare improve in oil costs. As a results of which, the variety of excessive internet value people within the Middle East (of whom the bulk are Muslim) has elevated by N.H% over the previous few years. Consequently there’s super scope for creating and advertising new Islamic monetary devices and Shari ah compliant cash managers are extraordinarily nicely positioned.
In order to benefit from this progress, familiarity with primary rules of Islamic finance is important. The writer of this new report, Munawar Iqbal, Dean of the School of Islamic Banking and Finance in International Islamic University, Islamabad doesn’t assume such familiarity. He presents the basics in a means that non-Muslim, non-Arabic talking professionals might shortly grasp the rules. An in depth glossary of Arabic phrases can also be included.
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Become acquainted with the idea, apply and limitations of Islamic banking; Understand methods to develop merchandise for the Islamic monetary business; Grasp the goals and sources of Islamic regulation and the essential tips for enterprise contracts; Evaluate and implement the Islamic banking mannequin and the monetary modes presently in use by Islamic monetary establishments; Learn about Islamic fund administration and insurance coverage; Consider future prospects and alternatives of the Islamic monetary business
Due to the success of Islamic banking, many typical business banks at the moment are providing their shoppers Islamic monetary providers. Several mega multinational banks comparable to Citibank, HSBC, Deutsche Bank, are already actively concerned in Islamic finance. This is advisable studying for anybody hoping to reap the benefits of the growth in Islamic finance.
