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- Preliminary Material
- Main Text
- Part I Introduction
- 1 Status of the Global Islamic Finance Industry
- 2 Sources and Principles of Islamic Law
- 3 Islamic Financial Institutions
- Preliminary Material
- I Introduction
- II Examples of the Regulation of IFIs
- III International Regulatory Bodies and Standards
- IV The Authorization of IFIs: The United Kingdom Example
- A A Non-Discriminatory Regime
- B AAOIFI Standard as Best Practice Guidelines for Establishing an IFI
- C Prudential and Governance Standards for IFIs
- 3.18
- (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: The United Kingdom Example
- 4 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
- 5 Corporate Governance for Institutions Offering Islamic Financial Services
- Part II Islamic Law and Contracts in Practice
- 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
- Preliminary Material
- I Introduction
- II Bay’ Salam
- III Bay’ ‘Urbun
- IV Khiyarat
- V Call and Put Options
- VI Wa’d
- VII ISDA/IIFM Tahawwut (Hedging) Master Agreement
- VIII Cross-Currency Swaps (Himaayah Min Taqallub Asʿaar Assarf)
- IX Foreign Exchange Forwards (Wiqayah Min Taqallub Asʿaar Assarf )
- X Profit Rate Swaps (Mubadalatul Arbaah)
- XI Conclusion
- 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 Istisna’/Ijara’ Combination
- D Wakala/Ijara Combination
- E Rent
- F Commencement and Termination
- G Late Payment
- H Security for Performance
- I Undertakings to Purchase or Sell
- J Insurance
- K Maintenance
- L Managing the Risks and Obligations of Ownership
- M Financial Regulation and Taxation of Ijara Activities
- VI Case Studies
- VII Structures in the Courts
- 10 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
- 11 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 Legal Developments and Other Legal Issues
- VI Conclusion
- 12 Shari’a-Compliant Funds: Principles and Practical Considerations
- Preliminary Material
- I Introduction
- II Application of Shari’a Principles to Funds
- III Asset Classes and Principles
- IV Structuring a Shari’a-Compliant Fund
- V Establishing and Operating a Shari’a-Compliant Fund
- VI Shari’a-Compliant Fund Operations: Practical Considerations
- 6 Musharaka and Mudaraba
- Part I Introduction
- Further Material
