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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 ...
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 ...
Globally, Islamic finance covered $4.5 trillion in assets in 2022, and is projected to reach $6.7 trillion by 2027, according to a November report from the Islamic Corporation for the Development ...
Ijarah, (Arabic: الإجارة, al-Ijārah, "to give something on rent" [1][2] or "providing services and goods temporarily for a wage" [3] (a noun, not a verb)), is a term of fiqh (Islamic jurisprudence) [1] and product in Islamic banking and finance. In traditional fiqh, it means a contract for the hiring of persons or renting/leasing of the ...
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 ...
Challenges in Islamic finance are the difficulties in providing modern finance services without violation of sharia (Islamic law). [1] The industry of Islamic banking and finance has developed around avoiding riba (unjust, exploitative gains made in trade or business) by avoiding interest. The majority of Islamic banking clients are found in ...
This is particularly the case for the theorists of Islamic economics and Islamic finance, who have advocated both free-market and socialist economic models. [27] The notion of "Sharia-compliant" finance has become an active area of doctrinal innovation and its development has had a major impact on business operations around the world. [185]
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