Islamic Finance Gears Up Mohammed El Qorchi
From HodHood
Contents
Top 20 FREQUENT WORDS
islamic 95 financial 41 banks 33 instruments 19 countries 18 finance 17 banking 16 risk 16 investment 15 contract 14 funds 14 asset 13 markets 13 development 11 institutions 11 developing 10 international 10 supervision 10 conventional 9 malaysia 9 securities 9
DOCUMENT KEY POINTS
- what are the reasons behind the recent growth in islamic finance one is the strong demand from a large number of immigrant and nonimmigrant muslims for sharia compliant financial services and transactions
- these laws forbid giving or receiving interest because earning profit from an exchange of money for money is considered immoral mandate that all financial transactions be based on real economic activity and prohibit investment in sectors such as tobacco alcohol gambling and armaments
- debt instruments include murabaha a purchase and resale contract in which a tangible asset is purchased by a bank at the request of its customer from a supplier with the resale price determined based on cost plus profit markup salam a purchase contract with deferred delivery of goods opposite to murabaha which is mostly used in agricultural finance istisna a predelivery financing and leasing instrument used to finance long term projects and qard al hasan benevolent loan an interest free loan contract that is usually collateralized
- in recent years many new islamic financial products have been developed and are increasingly used in financial market activities including equity and bond trading and investment islamic insurance and reinsurance takaful re takaful islamic syndicated lending and investment in islamic collective investment schemes and other wealth and asset management products
- the liquid nature of banks liabilities related to the predominance of deposits of short term maturities predisposes the system to hold substantial liquid assets and excess reserves
- in recent years several countries such as sudan and iran have introduced short term government securities based mainly on participation principles for funding government operations and liquidity sterilization
- efficient lender of last resort facility developing well suited interbank instruments for active interbank trading or for monetary operations actively utilizing securitization techniques to manage the maturity and risk spectrum of assets and liabilities and making available risk management and hedging instruments which presupposes the resolution of various legal institutional and accounting issues
- these include the accounting and auditing organization for islamic financial institutions aaoifi the islamic finance service board ifsb the international islamic financial market the liquidity management center and the international islamic rating agency
- because of the risks associated with the activities carried out by these institutions and the contracts that govern their mobilization of funds some argue that their supervision and regulation require a much broader coverage extending beyond the banking sector
- moreover banks exposure is heightened because of the lack of recognizable default on the part of the agent entrepreneur in pls contracts except in cases of negligence or mismanagement
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DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic banking
KeyWords
islamic banks banking financial finance investment conventional institutions funds risk financing deposits assets services management international countries equity profit products
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DOCUMENT REFERENCES
Number of Pages
7
Published Date
2008-06-30 14:02:53
