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Kureshi Hussein. Contracts and Deals in Islamic Finance
Foreword
Preface
Acknowledgments
Product Offerings
Introduction
Chapter 1. The Islamic Finance Space
Modern Phase of Islamic Finance
Chapter 2. Bai al Inah
Definitions of Bai al Inah
Bai al Inah Process Flow
Legal Issues with Bai al Inah
Bai al Inah as a Financial Product
Transfer of Ownership
Documentation Involved
Resolutions on Bai al Inah
Conclusion
Chapter 3. Murabahah, Bai Mu'ajjal, and Bai Bithman Ajil
Murabahah Sale/Credit Sale/Credit
Enhancements to Murabahah
Murabahah Working Capital
Credit-Based Sale/Markup or Riba
Bonafide Murabahah/True Sale
Trading House Model
Financial Services Division of a Manufacturer or Retailer
Bai Bithman Ajil
BBA with Inah
Conclusion
Chapter 4. Tawarruq
Issue of Price Fixing
Transfer of Title
Payment of Sales Tax
Applications of Tawarruq in Banking Products
Real Economic Activity
Conclusion
Chapter 5. Deferred Payment Sale or Credit Sale
Accounting Entries for Murabahah by Purchase Orderer
Accounting Entries for a Bai al Inah Contract
Pricing of Deferred Sales under Murabahah, BBA, Inah, and Tawarruq
Risk Treatment of Deferred Payment Sales
Fixed Income Portfolio
Conclusion
Chapter 6. Bai al Wafa
Financial Assets as Subject of Sale
Bai al Wafa and Sale of Equities
Bai al Wafa and Sale of Sukuk
Conclusion
Chapter 7. Salaam and Istisna. Deferred Delivery Sale
Salaam
Istisna
Conclusion
Chapter 8. Bai al Sarf
Basic Rulings on Bai al Sarf
Conclusion
Chapter 9. Bai al Dayn
Purchase Price, Rental Payments, Receivables, and Debt
Rental Payments Due in an Ijara Contract
Financial Products
Sale of Equity
Conclusion
Chapter 10. Bai al Urbun
Conclusion
Chapter 11. Ijarah and Its Variants
Normal Ijarah
Accounting Entries for Ijarah Contract
Ijarah Muntahiya Bi Tamleek
Al Ijarah Thumma al Bai (AITAB)
Sale and Leaseback
Conclusion
Chapter 12. Wadiah
Forms of Wadiah
Enhancements to Wadiah
Money Creation
Conclusion
Chapter 13. Qard
Applications of the Contract of Qard
Qard as a Deposit Instrument
Recording of Qard
Conclusion
Chapter 14. Mudharabah
Simple Application of Mudharabah
Perpetual Mudharabah
Re-Mudharabah
Restricted Mudharabah and Unrestricted Mudharabah
Mudharabah as a Deposit
Mudharabah as a Fund
Interbank Mudharabah Placements
Indicative Rate of Return
Profit Sharing Ratio
Importance of Disclosure and Accounting Treatments
Mudharabah as an Asset Product
Accounting Treatment of Mudharabah Transactions
Conclusion
Chapter 15. Musharakah
Musharakah and Banking
Mushrakah as Asset Product
Pooling of Assets in Mushrakah
Mushrakah Mutanaqisah
Conclusion
Chapter 16. Hibah
Forms of Hibah
Restrictions on Hibah
Applications of Hibah in Banking
Enhancements to Hibah
Conclusion
Chapter 17. Kafalah
Who Can Be a Guarantor?
Products Based on Kafalah
Back-to-Back Guarantees
Conclusion
Chapter 18. Wakalah, Hawalah, Ibra, and Rahn
Wakalah
Hawalah
Ibra
Rahn
Conclusion
Chapter 19. Shariah: Sources, Interpretation, and Implementation
Modern-Day Ijtihad
Whose Shariah Is It, Anyway?
Conclusion
Chapter 20. Islamic Asset Management and Shariah Screening
Capital Markets
IPO Stage
Market Integrity
Market Regulation
Valuations
Zero Sum Game
The Role of Capital Markets in the Sphere of Islamic Finance
Farmer Sukuk or Equity Notes
Conclusion
Chapter 21. Pricing, Income Distribution, and Risk Sharing in Islamic Banks
Pricing of Islamic Financial Products
Price versus Shariah
Benchmark for Pricing
Criticism on Pricing Models
Profit Equalization Reserve
Income Distribution
Risk Sharing in Islamic Banks
Conclusion
Chapter 22. Sukuk and Rights of Sukuk Holders
Rights of Lenders in Debt Financing
Rights of Equity Holders
Rights of Bondholders
Use of Subsidiary Companies and Special-Purpose Vehicles
How Sukuk Financing Could Work?
Sale and Leaseback
The Role of the SPV
Other Sukuk Structures
Istisna Sukuk
Simple Sukuk
Conclusion
Chapter 23. Risk Management for Islamic Banks
Credit Risk
Market Risk
Liquidity Risk
Profit-Sharing Investment Account
Conclusion
References
Chapter 24. Asset/Liability Management for Islamic Banks
Gap Limit
Spot Rates and Forward Rates
Funding Scenarios
Short-Term and Long-Term Rates
Time Value of Money
Conclusion
Chapter 25. Takaful
Contract of Agency
Shariah Issues with Insurance
Contract of Tabarru
Product Menu
General Takaful Business Model
Concepts Related to Takaful
The Rights of the Fund over the Participant and the Rights of the Participant over the Fund
Pricing General Takaful Plans
Observations of General Takaful
Family Takaful
Basic Accounting Entries for Takaful
Takaful Operator Models
Distribution of Underwriting Surplus
Conclusion
Chapter 26. Pricing of Takaful Policies and Retakaful
Case Study 1: Corporate Medical Takaful Plan under General Takaful
Case Study 2: Corporate Medical Takaful Plan under General Takaful
Case Study 3: Corporate Family Takaful Plan
Detailed Mortality Table for Life Takaful
Mortality Tables and Probability Calculations
Risk Profiling
Conclusion
Afterword
About the Authors
Bibliography
