Mastering Islamic Finance: A practical guide to Sharia-compliant banking, investment and insurance

<p>About the author<br>Publisher’s acknowledgements</p> <p>Author's acknowledgements</p> <p><strong>Part 1: Background</strong></p> <p>1. <strong>The Islamic Finance Phenomenon</strong></p> <p>Introduction</p> <p>The Islamic finance phenomenon</p> <p>Why does Islamic finance exist?</p> <p>Why is Islamic finance now a sizeable and growing market?</p> <p>Key challenges facing the industry</p> <p>Conclusion</p> <p>2. <strong>Islam – key beliefs, principles and practices </strong></p> <p>Introduction</p> <p>Belief system</p> <p>Key practices – the five pillars of action</p> <p>Importance of the Qur’an and the Sunnah</p> <p>Interpretation of the sharia</p> <p>The role of scholars and sharia supervisory boards in Islamic finance</p> <p>Conclusion</p> <p><strong>3. How Islamic finance differs from conventional banking</strong></p> <p>The Islamic economic model</p> <p>Key Islamic finance principles</p> <p>Conclusion</p> <p><strong>4. Valid commercial contracts in Islamic finance</strong></p> <p>Introduction</p> <p>Key conditions for validity of contracts</p> <p>Integrity of contractual arrangements</p> <p>Status and use of promises</p> <p><strong>Part 2: Islamic Finance in Practice</strong></p> <p><strong>5. Key transaction types in Islamic finance</strong></p> <p>Introduction</p> <p>Equity type: transactions</p> <p>Mudarabah (Partnership; one party contributes capital)</p> <p>Musharakah (Partnership; both parties contribute capital)</p> <p>Asset finance:</p> <p>Murabaha (Sale of an asset at a known profit mark up)</p> <p>Ijara (Leasing of an asset)</p> <p>Istisn’a (Sale of an item to be constructed or manufactured)</p> <p>Salam (Sale of fungible item yet to be produced)</p> <p>Other key transaction types:</p> <p>Wakala (Agent providing services to a Principal)</p> <p>Hawalah (Transferring a debt)</p> <p>Rahn (Providing security)</p> <p>Kafalah (Providing a guarantee)</p> <p>Conclusion</p> <p><strong>6. Sukuk </strong></p> <p>Introduction</p> <p>Definition</p> <p>Mechanics of a sukuk transaction</p> <p>Types of sukuk </p> <p>Asset-based versus asset-backed sukuk </p> <p>Sukuk and the secondary market</p> <p>A strong future for sukuk </p> <p>Conclusion</p> <p><strong>7. Sharia-compliant investments and wealth management</strong></p> <p>Introduction</p> <p>Sharia-compliant investments</p> <p>Zakat by Iqbal Nasim </p> <p>Sharia compliant estate distribution and Islamic wills by Haroon Rashid</p> <p>Conclusion</p> <p><strong>8. Takaful – Islamic insurance</strong></p> <p>Introduction</p> <p>Sharia perspective on conventional insurance</p> <p>Takaful – the Islamic alternative</p> <p>Takaful models</p> <p>Types of takaful policy</p> <p>The future of the takaful industry</p> <p>Conclusion</p> <p><strong>9. The future of Islamic finance</strong></p> <p>Introduction</p> <p>Recommendations for success by IFSB and IDB/IRTI</p> <p>Opinion pieces</p> <p>The Christian view of usury by Robert Van De Weyer</p> <p>The future of Islamic finance by Dr Sayd Farook</p> <p>The secret to long term success: get the direction of travel right by Faizal Karbani</p> <p>Index</p>