• myGriffith
    • Staff portal
    • Contact Us⌄
      • Future student enquiries 1800 677 728
      • Current student enquiries 1800 154 055
      • International enquiries +61 7 3735 6425
      • General enquiries 07 3735 7111
      • Online enquiries
      • Staff phonebook
    View Item 
    •   Home
    • Griffith Research Online
    • Book chapters
    • View Item
    • Home
    • Griffith Research Online
    • Book chapters
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Browse

  • All of Griffith Research Online
    • Communities & Collections
    • Authors
    • By Issue Date
    • Titles
  • This Collection
    • Authors
    • By Issue Date
    • Titles
  • Statistics

  • Most Popular Items
  • Statistics by Country
  • Most Popular Authors
  • Support

  • Contact us
  • FAQs
  • Admin login

  • Login
  • The Origins and Fundamentals of Islamic Banking

    Author(s)
    Baej, YM
    Worthington, AC
    Griffith University Author(s)
    Worthington, Andrew C.
    Baej, Yahia MA.
    Year published
    2014
    Metadata
    Show full item record
    Abstract
    Islamic banking is one of the fastest growing industries in global finance. New institutions are adapting Islamic financial products and services with increasing attention from academics and practitioners all over the world. Similar to conventional banks and other financial institutions, Islamic banks are private profit-seeking enterprises. Nevertheless, the latter is guided by the principles of Islamic law (Shariah) which strictly prohibits dealing with the interest (Riba), uncertainty (Al-Gharar), gambling (Al-Maysir) and some other financial products and services. This chapter first provides a detailed assessment of the ...
    View more >
    Islamic banking is one of the fastest growing industries in global finance. New institutions are adapting Islamic financial products and services with increasing attention from academics and practitioners all over the world. Similar to conventional banks and other financial institutions, Islamic banks are private profit-seeking enterprises. Nevertheless, the latter is guided by the principles of Islamic law (Shariah) which strictly prohibits dealing with the interest (Riba), uncertainty (Al-Gharar), gambling (Al-Maysir) and some other financial products and services. This chapter first provides a detailed assessment of the religious sources underpinning Islamic banking, comprising the primary sources of the Holy Qur'an and the Sunnah of the Prophet PBUH (collectively known as Al-wahyain or the Two Revelations), and secondary sources subsequently derived from the work of Muslim scholars, namely, the Al-Ijma' (or scholarly consensus) and Al-Qiyas (or analogy). The chapter then outlines the key financial products and services commonly practiced by Islamic banks, include Murabahah (cost-plus sales); Musharakah (full partnership); Mudarabah (silent partnership); Ijarah (Leasing); Istisna' (contract of manufacture); and Al-Qard Al-Hassan (benevolent loan). The final part of the chapter discusses the evolving definition of Islamic banking, the fundamental differences between conventional and Islamic banks, and the process of transformation to Islamic banking as experienced by new and existing banks.
    View less >
    Book Title
    Contemporary Issues in Islamic Finance: Principles, Progress, and Prospects
    Publisher URI
    https://novapublishers.com/shop/contemporary-issues-in-islamic-finance-principles-progress-and-prospects/
    Subject
    Financial institutions (incl. banking)
    Publication URI
    http://hdl.handle.net/10072/66994
    Collection
    • Book chapters

    Footer

    Disclaimer

    • Privacy policy
    • Copyright matters
    • CRICOS Provider - 00233E
    • TEQSA: PRV12076

    Tagline

    • Gold Coast
    • Logan
    • Brisbane - Queensland, Australia
    First Peoples of Australia
    • Aboriginal
    • Torres Strait Islander