Search results
Results from the WOW.Com Content Network
Islamic banking, Islamic finance (Arabic: مصرفية إسلامية masrifiyya 'islamia), or Sharia-compliant finance[1] is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some of the modes of Islamic finance include mudarabah (profit-sharing and ...
Islamic banking and finance has its own products and services that differ from conventional banking. [1][2] These include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus finance), Ijar (leasing), Hawala (an international fund transfer system), Takaful (Islamic insurance), and Sukuk (Islamic ...
Sharia Board. A Sharia Board (also Sharia Supervisory Board, Advisory Board or Religious Board) [1] certifies Islamic financial products as being Sharia -compliant (i.e. in accordance with Islamic law). [2] Because compliance with Sharia law is the underlying reason for the existence of Islamic finance, Islamic banks (and conventional banking ...
Islamic finance would mean greater financial discipline than debt-based financing because it is tied to real assets. This discipline would mean greater economic stability. [308] [309] Mirakhor and Krichene [310] argue that interest charges on debts lead to the creation of a secondary market for debt. This leads to debt changing hands, multiple ...
Sukuk (Arabic: صكوك, romanized: ṣukūk; plural [a] of Arabic: صك, romanized: ṣakk, lit. 'legal instrument, deed, cheque') is the Arabic name for financial certificates, also commonly referred to as " sharia compliant" bonds. Sukuk are defined by the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) as ...
The IFSB was founded by "a consortium of central banks" and the Islamic Development Bank in 2002 and began operations on 10 March 2003. [7] [8] The country of its location, Malaysia, passed a special law the same year —the Islamic Financial Services Board Act 2002—giving the IFSB the usual "immunities and privileges" international organizations receive.
Website. www.aaoifi.com. Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) [7] is a Bahrain -based not-for-profit organization that was established to maintain and promote Shariah standards for Islamic financial institutions, participants and the overall industry. [8] The commission also organizes a number of ...
Finance, Member of Islamic Development Bank Group. Founded. 1429H, 2008G. Headquarters. Jeddah, Saudi Arabia. Website. www.itfc-idb.org. The International Islamic Trade Finance Corporation (ITFC) aims to develop and expand intra- Organisation of Islamic Cooperation trade.