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Contents
Islamic Finance - Law and Practice edited by Nethercott, Craig R.; Eisenberg, David M. (22nd March 2012)
- Preliminary Material
- Dedication
- Preface
- Contents
- List of Contributors
- Table of Cases
- Table of Legislation
- Domestic Legislation
- Dubai
- Indonesia
- Iran
- Malaysia
- Ottoman Empire
- Pakistan
- Saudi Arabia
- Singapore
- United Kingdom
- European Union
- International
- Regulatory Bodies
- Financial Services Authority (FSA)
- Insurance Authority of the United Arab Emirates Board
- International Accounting Standards Board (IASB)
- International Islamic Fiqh Academy
- Islamic Financial Services Board (IFSB)
- Shari‘ah Supervisory Board
- Domestic Legislation
- Main Text
- 1 Status of the Global Islamic Finance Industry
- 2 Sources and Principles of Islamic Law
- 3 Islamic Financial Institutions
- Preliminary Material
- I Introduction
- II The Regulation of IFIs in the United Kingdom
- III International Regulatory Bodies and Standards
- IV The Authorization of IFIs
- A A Non-Discriminatory Regime
- B AAOIFI Standard as Best Practice Guidelines for Establishing an IFI
- C Prudential and Governance Standards for IFIs
- 3.14
- (1) The IFSB Capital Adequacy Standard for Institutions (Other than Insurance Institutions) Offering Only Islamic Financial Services, 2005 (IFSB CAS)
- (2) Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services, 2007 (IFSB PTMDS)
- (3) The Guiding Principles on Shari‘a Governance Systems for Institutions Offering Islamic Financial Services, 2009 (IFSB SGSP)
- D The Shari ‘ a Supervisory Board
- E The ‘Islamic Window’
- V The Regulatory Classification of the Products Provided by IFIs
- 4 Accounting and Taxation Implications of Islamic Finance Products
- Preliminary Material
- I Accounting and Financial Reporting Framework for Islamic Finance Products
- A Analysing the Accounting and Taxation for Islamic Finance Products
- B Accounting Framework for Islamic Finance Products
- C Key Differences between IFRS and AAOIFI Accounting Standards
- 4.08
- 4.09
- 4.10
- (1) Classification of ijara as operating leases
- (2) Income recognition based on effective interest rate
- (3) Impairment of financial assets (eg loans and receivables)
- (4) Profit Equalization Reserve (‘PER’) and Investment Risk Reserve (‘IRR’)
- (5) Presentation of unrestricted investment accounts (‘URIA’)
- (6) Treatment of fair value gains on investment properties carried at fair value
- (7) Segment information
- II Taxation Framework for Islamic Finance Products
- III IFRS Accounting and UK Taxation Considerations for Common Shari‘a- compliant Products
- A Murabaha
- B Tawarruq (‘commodity murabaha ’)
- (1) Structure overview
- (2) First transaction
- (3) Second transaction
- (4) Third transaction
- (5) Uses made of tawarruq
- (6) Accounting treatment under IFRS
- (7) Classification—financial liability or asset at amortized cost
- (8) Initial recognition
- (9) Subsequent measurement
- (10) De-recognition
- (11) Corporate taxation and SDLT
- (12) VAT
- C Ijara
- D Wakala
- E Istisna‘ and Parallel Istisna ‘
- F Mudaraba and Musharaka
- G Sukuk
- H Derivatives
- I Salam and Parallel Salam
- J Takaful
- 5 Corporate Governance for Institutions Offering Islamic Financial Services
- 6 Musharaka and Mudaraba
- Preliminary Material
- I Introduction
- II Musharaka
- III Mudaraba
- 7 Murabaha and Tawarruq
- Preliminary Material
- I Introduction
- II The Basic Features
- III Documentary Phases of the Murabaha
- IV Security for Performance
- V Murabaha in Application
- VI Financial Regulation of Murabaha Activities
- VII Specific Legal Issues
- 8 Derivatives and Islamic Finance
- 9 Istisna ‘ and Ijara
- Preliminary Material
- I Introduction
- II Istisna‘
- III Basic Features
- IV Ijara
- V Basic Features
- 9.29
- A Ijara and Bay‘ Distinguished
- B Asset and Ownership
- C Ijara/Istisna‘ Combination
- D Rent
- E Commencement and Termination
- F Late Payment
- G Security for Performance
- H Undertakings to Purchase or Sell
- I Insurance
- J Maintenance
- K Managing the Risks and Obligations of Ownership
- L Financial Regulation and Taxation of Ijara Activities
- VI Case Studies
- 10 Sukuk
- Preliminary Material
- I Introduction
- II History and Background to the Development of the Modern Sukuk Market
- III What are Sukuk and How do they Differ from Bonds?
- IV Commonly Used Sukuk Structures and Related Issues
- V Recent Legal Developments and Other Legal Issues
- 11 Takaful
- Preliminary Material
- I Introduction
- II What is Takaful ?
- III Why not Conventional Insurance?
- IV How Takaful Resolves these Criticisms
- V Structures
- VI Distinctions between Takaful , Conventional Insurance, and Mutual Insurance
- VII Takaful Policies
- VIII Takaful and Reinsurance
- IX Takaful Windows
- X Captive Takaful
- XI Distribution
- XII Claims
- XIII Corporate Governance
- Appendix One Terminological Distinctions
- 12 Dispute Resolution and Specialized ADR for Islamic Finance
- Preliminary Material
- I Introduction
- II IDR is Necessary to Support the Growth of Islamic Finance
- III Existing Models of Commercial ADR
- IV IDR as an Islamic Model of Commercial ADR
- V Drafting Dispute Resolution Clauses and Agreements for Islamic Finance Disputes
- VI Conclusion
- Further Material
