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3 Islamic Financial Institutions

Andrew Henderson

From: Islamic Finance: Law and Practice

Edited By: Craig R.Nethercott, David M. Eisenberg

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 03 August 2020

Subject(s):
UK Financial Services Authority (FSA) — Financial Services and Markets Act 2000 — Home finance transactions — Mortgage business — Credit risk — Futures — Swaps — Bonds — Equity — Options — Collective investment scheme
3.01 Islamic Finance Institutions (IFIs) are established on the principle that there should be no separation between temporal and religious matters. Compliance with the Shari‘a is in theory the governing law for all aspects of a practising Muslim’s life, including financial and business transactions. Recognizing that, under the Shari‘a, money does not have a time-value separate from the value of goods that are exchanged through the use of money, IFIs embrace the principle of sharing profit and loss and reject interest as a cost for accepting and lending money....
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