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The Islamic International Ratings Agency (IIRA) is a financial rating agency that evaluates capital markets and the banking sectors of predominantly Muslim countries around the world. [1] Its methods involve a rating spectrum that includes a full array of capital instruments and specialty financial products.
RAM Rating Services Bhd CEO Foo Su Yin says the total issuance of sukuk corporate bonds in 2012 was RM 71.7 billion while conventional bonds totalled RM48.3 billion. [99] As at 2011, Malaysia was the highest global sukuk issuer by issuing 69 percent of world's total issuances.
A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of default.
The Islamic International Ratings Agency started operations in July 2005 in Bahrain. It is sponsored by 17 multilateral development institutions, banks and other rating agencies. [233] [234] The Dow Jones Islamic Market Index (DJIMI) was established in 1996. [235] The Index has been approved by Fiqh Academy of the OIC. [236]
[14] But not all trade is allowed in Islam. The Qur'an prohibits gambling ( maisir , games of chance involving money). While the Quran does not specifically mention gharar (risk), several hadith prohibit selling products like "the birds in the sky or the fish in the water", "the catch of the diver", or an "unborn calf in its mother's womb". [ 15 ]
In finance, a convertible bond, convertible note, or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company or cash of equal value.
Abu Zayd pleads before the qadi of Ma'arra (1334), unknown painter, Maqamat al-Hariri, Austrian National Library. The term ' qāḍī ' was in use from the time of Muhammad during the early history of Islam, and remained the term used for judges throughout Islamic history and the period of the caliphates.
Liberalism and progressivism within Islam involve professed Muslims who have created a considerable body of progressive thought about Islamic understanding and practice. [ 1 ] [ 2 ] Their work is sometimes characterized as "progressive Islam" ( Arabic : الإسلام التقدمي al-Islām at-taqaddumī ).