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M Kabir Hassan. Introduction to Islamic Banking and Finance
INTRODUCTION TOISLAMIC BANKINGAND FINANCE An Economic Analysis
Foreword
About the Authors
Contents
List of Figures
List of Tables
List of Abbreviations
Chapter 1. Introduction to Islamic Finance. 1.1Normative Foundations of Productive Enterprise in Islam. 1.1.1Emphasis on economic pursuits
1.1.2Filter of Halal (permissible) and Haram (impermissible) in productive enterprise
1.1.3Islamic teachings governing conduct of producer
1.1.4Building blocks of Islamic finance
1.1.5Economic value proposition of Islamic finance
1.1.6Islamic banking: Growth and profitability
1.1.7Islamic investments
1.1.8Islamic insurance
1.1.9Islamic Awqaf
1.2Conclusion
Chapter 2. Islamic View on Capital Allocation. 2.1Islamic View on Interest as Price of Capital
2.2Critical Analysis of Arguments in Favour of Interest
2.2.1Interest is the price of risk
2.2.2Share in the profit of the borrower
2.2.3Interest is a rent on money
2.3Flow of Funds in the Islamic Capital Market
2.4Islamic Banking for Short-Term Financing and Investments
2.5Islamic Banks in the Islamic Economic Framework
2.6Conclusion
Chapter 3. Product Structures in Islamic Banking. 3.1Introduction
3.2Asset Side of Islamic Bank: Financing and Advances
3.2.1Trade based modes of financing. 3.2.1.1Murabaha
3.2.1.2Salam
3.2.1.3Istisna
3.2.2Lease-based modes of financing. 3.2.2.1Ijarah
3.2.2.2Diminishing Musharakah
3.2.3Equity-based modes of financing. 3.2.3.1Musharakah
3.2.3.2Mudarabah
3.3Liabilities: Deposits
3.3.1Non-remunerative accounts
3.3.2Remunerative accounts
Chapter 4. Economics of Islamic Banking Product Structures. 4.1Introduction
4.2Real Sector-Based Enterprise in Islamic Banking
4.3Economics of Islamic Banking Product Structures. 4.3.1Economic benefits of Mudarabah and Musharakah
4.3.2Economic benefits of Ijarah and diminishing Musharakah
4.3.3Economic analysis of Murabaha
4.3.4Economic analysis of Istisna and Salam
4.4Combining Values with Catalytic Instruments for Effective Social Change
4.5Economic Potential of Islamic Banking
4.6Islamic Banks as Intermediaries: Idealism versus Realism
4.7Conclusion
Chapter 5. Islamic Equity Investments. 5.1Significance of Financial Investments
5.2The Distinct Character of Islamic Investments
5.3Shari’ah Compliance Governance Framework for Islamic Investments
5.4Requirement of Dividend Purification
5.5Empirical Literature on Performance of Islamic Passive Indices
5.6Comparative Performance of Islamic and Conventional Indices
5.7Security Analysis Using Mainstream Asset Pricing Models
5.8Conclusion
Chapter 6. Sukuk in Islamic Capital Markets. 6.1Introduction
6.2Sukuk Structures
6.2.1Ijarah Sukuk
6.2.2Istisna Sukuk
6.2.3Salam Sukuk
6.2.4Wakalah Sukuk
6.2.5Mudarabah Sukuk
6.2.6Musharakah Sukuk
6.3Economic Function of Sukuk
Chapter 7. Islamic Money Market. 7.1Introduction
7.2Issues with Conventional Money Market Instruments. 7.2.1Treasury bills
7.2.2Repo and reverse repo
7.2.3Corporate bonds
7.2.4Certificate of deposits
7.2.5Commercial paper
7.3Islamic View on Conventional Derivatives. 7.3.1Forward contract
7.3.2Futures contract
7.3.3Options
7.3.4Swaps
7.4Instruments for Liquidity Management in Islamic Finance. 7.4.1Ijarah Sukuk
7.4.2Shari’ah-compliant stocks
7.4.3Interbank pool management
7.4.5Alternatives of derivative instruments
7.5Issues in Liquidity Management in Islamic Finance
7.6A Possible Alternate Money Market Instrument
7.7Conclusion
Chapter 8. Takaful. 8.1Rationale for Having Insurance
8.2What is Wrong with Conventional Insurance?
8.3Takaful: The Islamic Alternative
8.4Takaful Models in Practice
8.5Conclusion
Chapter 9. Risk Management in Islamic Banks. 9.1Introduction
9.2Governance for Risk Management in Banks
9.3Distinct Features of Risk Management in Islamic Banks
9.4Nature of Risks in Islamic Banking
9.4.1Credit risk
9.4.2Liquidity risk
9.4.3Market risk
9.4.4Legal risks
9.4.5Exchange rate risk
9.4.6Shari’ah non-compliance risk
9.4.7Equity risk
9.4.8Commercial displacement risk
9.5Tools to Manage Risks in Islamic Product Structures
9.5.1Tools to manage credit risk
9.5.2Liquidity risk
9.5.3Tools to manage market risk
9.5.4Tools to manage legal risks
9.5.5Tools to manage exchange rate risk
9.5.6Tools to manage Shari’ah non-compliance risk
9.5.7Tools to manage equity risk
9.5.8Displaced commercial risk
9.6Conclusion
Chapter 10. Islamic Social Finance. 10.1Introduction
10.2Microfinance in OIC Countries
10.3Waqf as a Non-Market Social Finance Institution
10.3.1Global overview of Awqaf sector
10.4Overview of Zakat
10.4.1Role of Zakat in social finance
10.5Conclusion
Chapter 11. Islamic Banking in the Digital Era. 11.1Introduction
11.2The Risk of Security in Digital Space
11.3Shari’ah Non-Compliance Risk in Digital Space
11.4Commercial Risk via Disruptive Technologies
11.5Coping with Technology Risk in Digital Space
11.6Coping Up with Commercial Risks in Digital Space
11.7The Budding Industry of Islamic Fintech
11.8Conclusion: Way Forward
Chapter 12. Mainstreaming Islamic Finance: The Way Forward. 12.1Introduction
12.2Challenges in Making Islamic Finance Mainstream. 12.2.1Lack of support for tax neutrality
12.2.2Constrained liquidity management
12.2.3Constraints in product design, pricing, and efficiency
12.3Future Opportunities for Growth. 12.3.1Financial inclusion of faith-conscious target segment
12.3.2Public infrastructure financing
12.3.3Investments in Islamic microfinance
12.3.4Use of Fintech in Islamic banking
12.4Conclusion
Answers to Self-Assessment End of Chapter Quizzes
Index
