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Архив рубрики: Economic indicators on forex

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Most Islamic finance is in banking, but non-banking finance such as sukuk , equity markets, investment funds, insurance takaful , and microfinance , [] [] is also fast-growing, [] [] and as of represented about one-fifth of total assets in Islamic finance. These products — and Islamic finance in general — are based on Islamic commercial contracts and contract law, [] with many products named after a particular contracts e.

While the original Islamic banking proponents hoped profit-loss sharing PLS would be the primary mode of finance replacing interest-based loans, [] long-term financing with profit-and-loss-sharing mechanisms is "far riskier and costlier" than the long term or medium-term lending of the conventional banks — according to critics such as economist Tarik M.

Yousef [] — and has "declined to almost negligible proportions". A mudarabah or mudharabah contract is a profit sharing partnership in a commercial enterprise. One partner, rabb-ul-mal , is a silent or sleeping partner who provides money. The other partner, mudarib , provides expertise and management. If there is a loss, the rabb-ul-mal loses the invested capital, and the mudarib loses the invested time and effort. The sharing of risk reflects the view of Islamic banking proponents that under Islam, the user of capital — labor and management — should not bear all the risk of failure.

Sharing of risk, according to proponents, results in a balanced distribution of income, and prevents financiers from dominating the economy. Like mudaraba , musharakah is also a profit and loss sharing partnership, but one where investment comes from all the partners, all partners are given the option of participating in the management of the business, and all partners share in losses according to the ratio pro rata of their investment.

Musharakah may be "permanent" or "diminishing". It is often used in investment projects, letters of credit, and the purchase or real estate or property. Use of musharaka is not great. In Malaysia, for example, [Note 17] the share of musharaka or at least permanent musharaka financing declined from 1. Musharaka al-Mutanaqisa , literally "diminishing partnership" , is a popular type of financing for major purchases such as housing. In it, the bank and purchaser customer have joint ownership of a purchased asset with the customer also leasing the asset.

It would assist at this point to highlight how Musharaka al-Mutanaqisa is different than conventional banking mortgages, so that the salient difference, both in terms of law and practice is understood. To assist in this understanding, let's first see how regular mortgages work in the United States:.

Once a buyer wishes to purchase a home, she approaches the lender and requests a loan. The lender in turn, if buyer qualifies, will lend money to buy the house, and the bank will usually set a fixed percentage of interest to be paid to the lender. Each payment to lender will then include a return of the portion of principal and the interest accrued on the remaining balance for that period. Over time, the entire principal is paid back to the lender, together with all the interest that is due.

In the county title records office, the borrower will have a title deed showing the buyer as the title holder, and not the bank. Any diminishing value of the house is the risk of the borrower and not the bank. On the other hand, any appreciation is also of the borrower and the bank cannot ask for more principal due to the appreciation. Hence, the bank and the borrower know at the outset the exact obligations to each other. The bank, in an effort to secure its loan, will place a lien a charge on the property, so that if the borrower does not repay the loan, the bank gets the right to foreclose on the borrower's right to hold title and have the title be transferred to the bank or the house be auctioned and the proceeds received by bank.

In the U. How is then Musharaka al-Mutanaqisa going to address the interest portion of the payment from borrower to the bank. The concept of title here then becomes critical, because the Islamic bank will still come up with the money to buy the house, but the bank will buy the house in partnership with the homeowner.

Together the bank and the borrower will become "tenants in common" and the local recorder office will show both the bank and the buyer as joint owners. The percentage of ownership of the house at this point will be based on money ratio between bank and buyer.

In addition, buyer will also agree to buy a certain percent of the bank's portion on a monthly basis. Hence, buyer pays rent for usage, and also an amount to buy out the bank's portion. Since there is no interest being paid, this form of ownership in partnership is acceptable under shariah.

The recorder's office will have a new title deed recorded, whereby the bank ceases to be a tenant-in-common with the buyer, and the buyer becomes the entire title holder whether alone or with spouse, or any other entity as chosen by buyer.

The essence of both transactions is different, and that is based on the outset as to who exactly legally has title to the house at the outset. The other difference is that the monthly payments by buyer in Islamic banking are rent and partnership buyout payments, and not return of principal and interest as they are in conventional banking. Economically then, the Islamic bank also shares in the risk of house value dropping, where in the conventional banking model the bank has not taken any risk of depressed values.

The opposite is true also, where both the Islamic bank and the buyer gain if house is sold for more than the book value of the partnership. In conventional banking, the bank does not benefit from rising prices. Skeptics of the Islamic banking argue that the result is the same: the buyer makes monthly payments to own the house, much like a conventional mortgage. But has the risk of home ownership not been shared in Islamic banking? If it has legally, then it is not the same as the conventional mortgage transaction.

Asset-backed or debt-type instruments also called contracts of exchange are sales contracts that allow for the transfer of one commodity for another commodity, the transfer of a commodity for money, or the transfer of money for money.

Murabahah or murabaha is an Islamic contract for a sale where the buyer and seller agree on the markup profit or " cost-plus " price [] [] for the item s being sold. Murabahah has also come to be the most common type of Islamic finance.

Murabahah differs from conventional finance such as mortgages for homes or hire purchase for furniture or appliances , in that the fixed return with which the bank is compensated is called "profit" and not interest, [] and that the financier may not keep for itself any penalties for late payment.

Economists have questioned whether Murabahah is actually distinct from debt- and interest-based finance. The fact that there is a principal and a payment plan means that there is an implied interest rate, [] based on conventional banking interest rates such as LIBOR. In Islamic jurisprudence fiqh , Bai-muajjal , also called bai'-bithaman ajil , [] or BBA, is a credit sale or deferred payment sale, i.

In Islamic finance, the bai' muajjal product also involves the price markup of a murabahah contract, and a murabahah product involves a bai-muajjal deferred payment. Thus the terms and are often used interchangeably, according to Hans Visser , [] or "in practice However, according to another Bangladeshi source, Bai' muajjal differs from Murabahah in that the client, not the bank, is in possession of and bear the risk for the goods being purchased before completion of payment.

Bai' muajjal as a finance product was introduced in by Bank Islam Malaysia Berhad. The asset is then sold back to the customer who pays in installments over time, essentially "repaying the loan". Since loaning of cash for profit is forbidden in Islamic Finance, some scholars do not believe Bai' al 'inah is permissible in Islam. According to the Institute of Islamic Banking and Insurance, it "serves as a ruse for lending on interest", [] but Bai' al inah is practiced in Malaysia and similar jurisdictions.

Istisna also Bia Istisna or Bai' Al-Istisna and Bia Salam also Bai us salam or just salam are " forward contracts " [] — customized contracts where immediate payment is made for goods in the future — goods not yet manufactured, built, or harvested. Bia salam and istisna contracts should be as detailed as possible to avoid uncertainty. Examples of use of istisna in the Islamic finance world include use by the Kuwait Finance House [] and the Barzan gas project in Qatar.

Ijarah , literally "to give something on rent" [] is a leasing or renting contract. In Islamic finance, al Ijarah usually refers to a leasing contract that also includes a sales contract. Property such as plant, office automation, or motor vehicle, is leased to a client for stream of rental and purchase payments, so that the end of the leasing period coincides with completion of purchase payments and transfer of ownership to the lessee, and otherwise follows Islamic regulations.

In contemporary Islamic finance, it is used to finance construction of a home, office, factory, etc. Among the complaints made against ijara are that in practice some rules protecting the customer are overlooked, [] that its rules provide weaker legal standing and consumer protection [] and less flexibility [] [] than conventional mortgage loan or car finance , as well as higher costs.

The bank resells the iron to the supplier. Like Bai' al inah mentioned above, the greater complexity of this transaction means more fees and higher costs than a conventional bank loan, but in theory compliance with shariah law because of the tangible assets that underlie the transactions. However, critics complain that "billions of dollars" of putative commodity-based tawarruq transactions have evaded the required commodity trades; [] and Islamic scholars both contemporary [] [Note 19] and classical [] have forbidden the practice.

Taqi Usmani insists that "role of loans" as opposed to investment or finance in a truly Islamic society is "very limited", and that Shariah law permits loans not as an ordinary occurrence, "but only in cases of dire need". It is often described as an interest-free loan extended to needy people. They are analogous to the microcredit of conventional finance, when it does not provide for an interest.

Quoting the Islamic prophet Muhammad, some sources insist that lenders may not gain "any advantage or benefits" from the loan, let alone interest. These contracts are intended to help individual and business customers keep their funds safe. Hawala also Hiwala , Hewala , or Hundi ; literally "transfer" or "trust" is a widely used, informal "value transfer system" for transferring funds from one geographical area to another, based not on wire transfers but on a huge network of money brokers known as "Hawaladars" throughout the Muslim world.

However, hawala has the advantage of being available in places wire transfer is not, [] and predates conventional banking remittance systems by many centuries. In the first half of the 20th century it lost ground to instruments of the conventional banking system, but regained it starting in the late 20th century with the economic migration of Muslim workers to wealthier countries in the West and the Gulf and their need to send money home.

Hawala is based on a short term, discountable, negotiable, promissory note or bill of exchange called "Hundi", [] transferred from one debtor to another. Kafala literally "guarantee , [] is called "surety" or "guaranty" in conventional finance. A third party accepts an existing obligation and becomes responsible for fulfilling someone's liability.

Rahn collateral or pledge contract is property pledged against an obligation. Wakalah should be a non-binding contract for a fixed fee. The agent's services may include selling and buying, lending and borrowing, debt assignment, guarantee, gifting, litigation and making payments, and are involved in numerous Islamic products like Musharakah , Mudarabah , Murabaha , Salam and Ijarah.

An example of wakalah is found in a mudarabah profit and loss sharing contract above where the mudarib the party that receives the capital and manages the enterprise serves as a wakil for the rabb-ul-mal the silent party that provides the capital [Note 20]. From the point of view of depositors, "Investment accounts" of Islamic banks — based on profit and loss sharing and asset-backed finance — play a similar role to the "time deposits " of conventional banks.

At least in one Muslim country with a strong Islamic banking sector Malaysia , there are two main types of investment accounts offered by Islamic banks for those investing specifically in profit and loss sharing modes [] [] — restricted or unrestricted. Some have complained that UIA accounts lack transparency, fail to follow Islamic banking standards, lack of customer representation on the board of governors, [] and have sometimes hidden poor performance from investors.

Islamic banks also offer "demand deposits", i. Because demand deposits pay little if any return and Qard al-hasana mentioned above loans are forbidden to pay any "stipulated benefit", the Qard mode is a popular Islamic finance structure for demand deposits.

In this design, customer deposits constitute "loans" and the Islamic bank a "borrower" who guarantees full return of the "lenders" deposits. However, critics M. Farooq, [] Mohammad Hashim Kamali [] see conflicts between qard's role in demand deposits and the dictates of traditional Islamic jurisprudence. Qard al-hasana loans are intended to be acts of charity to the needy who are allowed lenient repayment. The means that has been used is Hibah literally "gift" , [] in the form of prizes, exemptions, etc.

Two other contracts sometimes used by Islamic finance institutions for pay-back-on-demand accounts instead of qard al-hasanah , [] [Note 22] are Wadi'ah literally "safekeeping" [] and Amanah literally "trust". Sources disagree over the definition of these two contracts.

According to at least one report, in practice no examples of percent reserve banking are known to exist. Different types of sukuk are based on different structures of Islamic contracts mentioned above murabaha , ijara , wakala , istisna , musharaka , istithmar , etc. Like conventional bonds, sukuk have expiration dates. But instead of receiving interest payments on money lent as bonds do, sukuk holders are given " nominal part-ownership of an asset" from which they receive income "either from profits generated by that asset or from rental payments made by the issuer".

The sukuk market began to take off around and as of , sukuk represent 0. Takaful , sometimes called "Islamic insurance", differs from conventional insurance in that it is based on mutuality so that the risk is borne by all the insured rather than by the insurance company.

As with all Islamic finance, funds must not be invested in haram activities like interest-bearing instruments, enterprises involved in alcohol or pork. Like other Islamic finance operations, the takaful industry has been praised by some for providing "superior alternatives" to conventional equivalents; [] and criticized by others for not being significantly different from them in its use of the " law of large numbers " to spread risk, [] or its use of conventional corporate not mutual management practices.

Islamic funds are professionally managed investment funds that pool money from many investors to purchase securities that have been screened for sharia compliance. For equity mutual funds, companies whose shares are being considered for purchase must be screened. At least from to , Islamic equity funds under-performed both Islamic and conventional equity benchmarks, particularly as the —08 financial crisis set in according to a study by Raphie Hayat and Roman Kraeuss.

As mentioned above see Islamic laws on trading , "almost all conservative Sharia scholars" believe derivatives i. As of the Islamic derivatives market was "in its infancy" and its size was not known. Contracts or combinations of contracts for derivatives [] include swaps and options:. The Islamic finance equivalent of a conventional call option [Note 24] is known as an urbun lit.

These two Islamic options also have a different name for a "premium", called a "down-payment" and for the "strike price" "preset price". Microfinance seeks to help the poor and spur economic development by providing small loans to entrepreneurs too small and poor to interest non-microfinance banks. Its strategy meshes with the "guiding principles" or objectives of Islamic finance, and with the needs of Muslim-majority countries where a large fraction of the world's poor live, [Note 25] many of them small entrepreneurs in need of capital, and most unwilling or unable to use formal financial services.

According to the Islamic Microfinance Network website as of circa , [] [] there are more than Islamic microfinance institutions in 32 countries, [] The products used in Islamic microfinance may include some of those mentioned above — qard al hassan , musharaka , mudaraba , salam , and others.

Unfortunately, a number of studies [] [] [] have found "very few examples" of Microfinance institutions "operating in the field of Islamic finance" and few Islamic banks "involved in microfinance". These are the emic from within issues discussed within the Islamic community for the compliance of Islamic banking and finance with sharia and the desired Islamic objectives. Another challenge in Islamic banking has been exploitation of poor gullible people in the name of religion.

Critics have complained of Islamic banking and finance closely resembling the conventional sort but having "higher costs, bigger risks", [21] — a situation that has not been remedied by "learning" over the decades. We then phone up a Sharia scholar for a Fatwa If he doesn't give it to us, we phone up another scholar, offer him a sum of money for his services and ask him for a Fatwa.

We do this until we get Sharia compliance. Then we are free to distribute the product as Islamic. According to Foster, this practice of "shopping" for an Islamic scholar who will issue a fatwa testifying that a banking product obeys Shari'ah law has led to "top scholars" earning "six-figure sums" for each fatwa , and to Islamic financing mechanisms that appear to outsiders to be mortgages "dressed up in Arabic terminology"—such as Mudarabah , or Ijarah lease agreements.

Mahmoud El-Gamal believes that from the s to the s there has been an evolution of the industry towards "progressively closer approximations" of the practices of conventional banking, approved by "progressively smaller" numbers of jurists with only a small group for example approving "unsecured lending" to retail and corporate customers through the tawarruq mode in the early s.

One study found the 20 most popular shariah scholars holding sharia board positions, [] — creating potential conflicts of interest. This scarcity also increases fees. Farooq calls a "certain changes in viewpoint" resulting in "over-stretching the rules of Shariah". A study of the practice of boards of financial institutions setting the pay and employment of SSB members found this arrangement "compromise s the independence of the SSB".

A number of scholarly supporters such as Taqi Usmani, D. This has happened first by the sidelining risk-sharing finance in favor of murabaha and other fixed-markup financing of purchases, [17] and further by distorting the rules of that fixed-markup murabaha see also Ignoring required commodities below [20] to effectively provide conventional cash interest loans with "profit rates" that follow conventional interest rates, [] [18] [19] [20] [21] the "net result" being "not materially different from interest based transactions".

Following Islamic principles, "Islamic banks were supposed to adopt new financing policies and to explore new channels of investments" to encourage development and raise the standard of living of "small scale traders", but Taqi Usmani complains "very few Islamic banks and financial institutions have paid attention to this aspect".

This financing being "largely concerned with the financing of goods already produced, and not with the creation or increase of production capital or with facilities like factories and plants, infrastructure etc. To support the growth is Islamic financing, governments must establish measures to create a level playing field with regards to liquid secondary markets and equal regulation and taxes that match conventional banking. The world in reality is full of exploitation: child exploitation, sexual exploitation, labor exploitation, etc.

Interest is probably, if any, a small component in accounting for global exploitation. Yet, the proponents of Islamic economics and finance are fixated with interest. While profit-loss-sharing modes or at least mudarabah , were originally envisioned as "the basis of a riba-free banking" [] — with fixed-return financial models only filling in as supplements — a number of studies, of banks in Saudi Arabia and Egypt, [Note 30] Malaysia, [Note 31] and of large Islamic banks in general [Note 32] have shown fixed-return products now far exceed profit-loss-sharing modes in assets under management.

Explanations offered by two authors, Humayon A. Dar and J. Presley , for why PLS instruments — namely mudaraba and musharaka financing — have declined to almost negligible proportions include:. Aside from disadvantages to lenders, one critic of Islamic banking, Feisal Khan, argues that widespread use of PLS could have severe harm to economies by preventing central banks from expanding credit — buying bonds, commercial paper, etc. In Arabianbusiness.

Often the commodity is completely irrelevant to the borrower's business and not even enough of the relevant commodities "in existence" in the world "to account for all the transactions taking place". The original Islamic banking proponents called for "keeping distinct accounts for various types of deposits so that return can be assigned to each type".

Critics complain that the compliance with sharia regulations by banks often is nothing more than the taking of the word of the bank or borrower that they have followed compliance rules, with no effective auditing to see if this is true. Al Nasser complains that "Shariah authorities demonstrate excessive confidence in their subjects when it comes to dealing with parities in the industry", and Shariah audits are needed "to bring about transparency and ensure" that the institutions "deliver what they have committed to their customers".

Furthermore, when external Shariah audits are carried out, "many of these auditors frequently complain about the amount of violations that they witness and cannot discuss" because the records they have examined "have been tampered with". Although Islamic banking forbids interest, its "profit rates" often are benchmarked to interest rates.

Islamic banker Harris Irfan states "there is no question" that benchmarks such as LIBOR "continue to be a necessary metric" for Islamic banks, and that the "overwhelming majority of scholars have come to accept this, however imperfect a solution this may seem", [] but Muhammad Akram Khan writes that following the conventional banking benchmark LIBOR "defeats the very purpose for which the Islamic financial products were designed and offered" in the first place, [].

In addition skeptics have complained that the rates of return on accounts in Islamic banks are suspiciously close to those of conventional banks, when in theory their different mechanisms should lead to different numbers. A study in Turkey found the long-term relationship between term-deposit rates at three of four " participation banks " i. Islamic Banks "significantly cointegrated" with those of the conventional banks.

Islamic banking and finance has lacked a way to earn a return on funds "parked" for the short term, waiting to be invested, which puts those banks a disadvantage to conventional banks. Conventional banks are able to borrow and lend by using the interbank lending market — borrowing to meet liquidity requirements and investing for any duration including very short periods, and thereby optimize their earnings.

While Muslim countries such as Bahrain, Iran, Malaysia [] [] and Sudan have started to develop an Islamic money market, and have been "issuing securitized papers on the basis of musharaka , mudaraba and ijara ", at least as of , the "lack of an appropriate and efficient secondary market" has meant the relative volume of these securities is "much smaller" than on the conventional capital market.

Regarding non-PLS, "debt-based contracts", one study found that "the business model of Islamic banking is changing over the time and moving in a direction where it is acquiring more liquidity risk. To deal with the problem of earning no return on funds held for the sake of liquidity or because of a lack of investment opportunity, many Islamic financial institutions such as Islamic Development Bank and the Faisal Islamic Bank of Egypt [] have "been explicitly and openly earning interest on their excess funds, often invested in safer, debt-like or debt instruments overseas".

Scholars in Islamic finance and banking have invoked necessity to permit exceptional relaxations of rules. They have issued fatwas opinions allowing Islamic banks to deposit funds in interest-bearing accounts. Recently, scholars have engaged with questions around leading and managing Islamic banks. This field conceptualizes Islamic banks as hybrid organizations that combine business and religious pursuits with distinct challenges for leadership to bring together diverse beliefs, values, and views.

Behavioural Islamic Finance []. Behavioural economists typically argue that stock prices can be substantially influenced by the mood of investors. For instance, researchers have found stocks prices to be positively af fected by positive events such as sunshine and upcoming holidays Kim and Park, Ramadan is one of the five pillars of Islam, which is the religious practice of fasting from dawn to sunset during the ninth month of the Islamic calendar.

Their results were explained by the fact that Ramadan encourages Muslims optimism which has a positive effect on stock price. The four schools Madhhab of Sunni fiqh Islamic jurisprudence apply "Islamic teachings to business and finance in different ways", and have not come closer to agreement.

Furthermore, shari'a boards sometimes change their minds, reversing earlier decisions. Differences between boards as to what constitutes Sharia-compliance may raise "doubts in the minds of clients" over whether a given bank is truly Sharia-compliant, and should be given their business. Islamic banks face a serious problem with late payments, not to speak of outright defaults, since some people take advantage of every dilatory legal and religious device In most Islamic countries, various forms of penalties and late fees have been established, only to be outlawed or considered unenforceable.

Late fees in particular have been assimilated to riba. As a result, 'debtors know that they can pay Islamic banks last since doing so involves no cost' [] []. A number of suggestions have been made to deal with the problem. Inflation is also a problem for financing where Islamic banks have not imitated conventional banking and are truly lending without interest or any other charges. Whether and how to compensate lenders for the erosion of the value of the funds from inflation, has also been called a problem "vexing" Islamic scholars, [] since finance for businesses will not be forthcoming if a lender loses money by lending.

Suggestions include indexing loans opposed by many scholars as a type of riba and encouraging inflation , [] denominating loans "in terms of a commodity" such as gold, and further research to find an answer. Islamic banking and finance customers, are almost all, if not entirely, Muslims. But the majority of financial institutions that offer Islamic banking services are Western financial institutions, not owned by Muslims. Supporters of Islamic banking have cited this interest of western banks in Islamic banking as evidence of the strong demand for Islamic banking and thus an "achievement of the movement".

However, critics complain these banks lack a deep faith-based commitment to Islamic banking which means. Sources differ over whether Islamic banking is more stable and less risky than conventional banking. Proponents such as Zeti Akhtar Aziz, the head of the central bank of Malaysia have argued that Islamic financial institutions are more stable than conventional banks because they forbid speculation [] and the two main types in theory of Islamic banking accounts — "current account" and mudarabah accounts — carry less risk to the bank.

In these institutions, investment-account holders neither have the protection of being creditors of the Islamic financial institution, nor do they have the protection of being equity holders with representation on those institutions' boards of directors. This introduces a host of other well-documented risk factors for the institution On the other hand, Habib Ahmed —writing in shortly after the financial crisis — argues that the practices of Islamic finance have gradually moved closer to conventional finance exposing them to the same dangers of instability.

When the practice of Islamic finance and the environment under which it operates are examined, one can identify trends that are similar to the ones that caused the current crisis In the recent past, the Gulf region has witnesses its own episodes of speculation in their stock and real estate markets. Finally, the Islamic financial industry has witnessed rapid growth with innovations of complex Shari'ah compliant financial products.

Risks in these new Islamic financial products are complex, as the instruments have multiple types of risks In any event, a few Islamic banks have failed over the decades. In the Islamic investment house, Ar-Ryan collapsed causing thousands of small investors to lose their savings they were later reimbursed for their losses by an anonymous Gulf state donor [] and dealing a blow to Islamic finance at the time.

In the management of Bank al Taqwa's failed. It was later revealed that management had violated banking rules "invested in one single project more than 60 per cent bank's assets. The Ihlas Finance House in Turkey closed in due to "liquidity problems and financial distress". During the global financial crisis Islamic banks "on average, showed stronger resilience" than conventional banks, but "faced larger losses" when the crisis hit "the real economy," according to a IMF survey.

At the beginning of the "Great Recession" of —9, Islamic banks were "unscathed", leading to one Islamic banking supporter to write that the collapse of leading Wall Street institutions, particularly Lehman Brothers, "should encourage economists world-wide to focus on Islamic banking and finance as an alternative model.

According to Ibrahim Warde, 'this showed that Islamic finance was not all a panaceas, and that a faith-based system is not automatically immune to the vagaries of the Financial system. Concentrated ownership is another danger to the stability of Islamic banking and finance. Munawar Iqbal and Philip Molyneux write that only. This concentration of ownership could result in substantial financial instability and possible collapse of the industry if anything happens to those families, or the next generation of these families change their priorities.

Similarly, the experience of country-wide experiments has also been mostly on the initiatives of rulers not elected through popular votes. Harris Irafan warns that the "macroeconomic exposures" of Islamic banks constitute a "ticking time bomb" of a "billions of dollars" in "unhedged currencies and rates". The difficulty, complexity and expense of hedging these in the correct Islamic manner is such that as of , the Islamic Development Bank "was hemorrhaging cash as if it were funding a war.

It simply couldn't swap dollars for euros or vice versa on an ongoing basis without resorting to the conventional markets. The majority of Islamic banking clients are found in the Gulf states and in developed countries. A study of Islamic banking customers in Bangladesh found "most customers" between 25 and 35 years, "highly educated" and having a "durable relationship" with the bank, more knowledgeable about account than financing products.

In series of interviews conducted in and with Pakistani banking professionals conventional and Islamic bankers, Shariah banking advisors, finance-using businessmen, and management consultants , economist Feisal Khan noted many Islamic bankers expressed "cynicism" over the difference or lack thereof between conventional and Islamic bank products, [] the lack of requirements for external Shariah-compliance audits of Islamic banks in Pakistan, [] shariah boards lack of awareness of their banks' failure to follow shariah compliant practices in or their power to stop these practices.

What I could do, I've done. However, critics say that sharia deposits and products are too similar to interest-rate related products, in contrast to the share of profits earned. Other explanations for the rise of non-Muslim customers in Islamic banking have been pointed towards ethical reasons in negative screening of investments like tobacco, alcohol, and arms. Borrowers were "less likely to default during Ramadan and in big cities if the share of votes to religious-political parties increases, suggesting that religion — either through individual piousness or network effects — may play a role in determining loan default.

Muhammad El-Gamal argues that because Islamic financial products imitate conventional financial products but operate in accordance with the rules of shariah, different products will require additional jurist and lawyer fees, "multiple sales, special-purpose vehicles , and documentations of title ". In addition there will be costs associated with "the peculiar structure that Islamic banks use for late payment penalties". These contracts follow classical texts and were created in a time when financial markets were very limited.

They are not equipped to "disentangle various risks" that "modern" financial markets and institutions such as " money markets , capital markets , options markets , etc. In one important part of the finance market — home buying — Islamic finance has not been able to compete with conventional finance in at least some countries the UK as of , and the US and Canada as of Visser credits the higher cost of Islamic ijara financing to its higher risk weighting compared to conventional mortgages under Basel I and Basel II international standard of minimum capital requirements for banks.

According to M. Farooq, "common explanations offered by" the Islamic finance movement for the Islamic banking industry shortcomings are that. While the veracity of the second explanation can not be verified before a complete Islamic society is established, Feisal Khan points in regard to the first defense that it has been over twenty years since one critic Timur Kuran [] first highlighted the industry problems the basic similarity of Islamic banking in practice to the conventional, the marginalizing of the equity-based, risk-sharing modes and embrace of short-term products and debt-like instruments , and since a supporter Ausaf Ahmad defended the industry as early in its transition from conventional banking.

Seventeen years later, Ibrahim Warde, an Islamic finance proponent, lamented that "rather than disappearing, murabaha and comparable sale-based products grew significantly and today they constitute the bulk of the activity of most Islamic Banks Most critics of the Islamic banking industry call for further orthodoxy and a redoubling of effort and stricter enforcement of sharia. Farooq and M. Khan , have blamed the industry problems on its condemnation of any and all interest on loans as forbidden riba , and the impracticality of attempting to enforce this prohibition.

Critic Feisal Khan argues that in many ways Islamic finance has not lived up to its defining characteristics. Risk-sharing is lacking because profit and loss sharing modes are so infrequently used. Underlying material transactions are also missing in such transactions as " tawarruq , commodity murabahas , Malaysian Islamic private debt securities, and Islamic short-sales".

These risks are caused by the complexity of Islamic finance products as well as the nature of the relationship between the Islamic banks and stakeholders. These risks become critical in case of vulnerable, non-compliant or rogue nations and organisations.

According to Alex P. Schmid writing in , [Note 38] a network of Islamic banks has "proved to be an ideal instrument for money manipulation" to channel funds to terrorist organizations. One reason being that the banks are used for zakat donations and "the code of practice of Islamic banks requires the destruction of all documents as soon as the zakat money transfer has taken place.

From Wikipedia, the free encyclopedia. Banking and finance activity compliant with Islamic law. Types of banks. Funds transfer. Automated teller machine Bank regulation Loan Mobile banking Money creation Bank secrecy Ethical banking Fractional-reserve banking Full-reserve banking Islamic banking Private banking.

Related topics. Financial market participants Corporate finance Personal finance Public finance Financial law Financial regulation List of banks. Texts Foundations. Culture and society. Further information: Riba. Further information: Islamic economic jurisprudence. Main article: Sharia and securities trading. Percentage of world market share of Islamic banking industry by country, Saudi Arabia 33 Malaysia See also: Islamic Development Bank. Main article: Shariah Board.

Further information: Islamic finance products, services and contracts. Further information: Profit and loss sharing. Main article: Murabahah. Further information: Hawala. Main article: Sukuk. Main article: Takaful.

Main article: Assessments, controversies, challenges in Islamic finance. See also: Emic and etic. Banks portal. Islam topics. Outline of Islam. Shahada Salah Sawm Zakat Hajj. History Leaders. Life Culture. Law Jurisprudence. Family Marriage Sex.

Islamic studies. Early Contemporary Eschatology Theological. Islam portal Category. Bhindara, one of the non-Muslim MNA — Member of the National Assembly of Pakistan — representing their minority religious group — in this case the Hindus — rather than an electoral district. Islamic finance "is not constructively built from classical jurisprudence. Rather, Islamic alternatives or modifications of conventional practices are sought whenever the latter is deemed forbidden.

Ibn Taymiyya famously stated that two prohibitions can explain all distinctions between contracts that are deemed valid or invalid: those of riba and gharar. This path is dead. It has shown its face of hypocrisy and has led the Muslim world to a place of servile docility to the world of capitalism. The ultra Orthodox [such as the Islamic courts in Pakistan] Consequently "the price will remain the same and can never be increased by the seller. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct.

Transaction accounts are known by a variety of descriptions, including a current account British English , chequing account or checking account when held by a bank, [64] share draft account when held by a credit union in North America. In the United Kingdom, Hong Kong, India and a number of other countries, they are commonly called current or cheque accounts.

Classical jurists consider the two possessions mutually exclusive, so if two different "considerations" conflict — one stating the property is held in trust and another stating in guaranty — "the possession of guaranty is deemed stronger and dominant, and rules of guaranty are thus applied". Farooq cites Monzer Kahf as pointing out how the shariah board of one bank Bank al Taqwa defended that bank's management after its failure in "stating that Mansoor and M.

Ishaq Bhatti, [] [] survey by F. Khan of the largest Islamic banks published in found PLS use ranging from between 0. Journal of Financial Services Marketing. SSRN Leiden, Netherlands: E. The Economist. The Economist Newspaper Limited. Retrieved 15 September Islamic Finance. Retrieved 13 July BBC News. Retrieved 14 April Even in countries where Islamic banking has a strong foothold, such as the Gulf states and in South East Asia, its share rarely accounts for more than one third of the market.

ISBN Vision table: Questions and answers session. Riba , efficiency, and prudential regulation: Preliminary thought. Retrieved 29 April University of Wollongong. Research Online. Martin's Press. Retrieved 9 August Jihad: on the Trail of Political Islam. Harvard University Press.

Retrieved 13 May Muslim Economic Thinking. UK: The Islamic Foundation. Archived from the original on 22 August Retrieved 28 July Journal of Islamic Banking and Finance. Retrieved 16 May Abdul Gafoor 4. Major Players in the Muslim Business World.

Retrieved 31 August Deloitte Luxembourg. Retrieved 9 November Archived from the original on 13 February Retrieved 12 February Retrieved 23 December Islam and Mammon: The economic predicaments of Islamism. Cambridge University Press. Retrieved 24 July Jihad: The Trail of Political Islam. Asian-Pacific Economic Literature.

Retrieved 13 April This loose approach prevailed throughout the Muslim world until the s, at which time the total ban on lending with interest was reactivated, in tandem with a general re-Islamisation in the cultural and political domains. Saturna Capital. Retrieved 12 April Heaven's Bankers. Overlook Press. The Wall Street Journal. Sukuk and their contemporary application PDF. Archived from the original PDF on 23 November Retrieved 21 September Retrieved 6 August The Guardian. Archived from the original on 3 July Retrieved 2 July Retrieved 19 March Retrieved 5 May Regulating Islamic financial institutions: The nature of the regulated.

World Bank policy research working paper Washington, DC: World Bank. January Islamic Finance: Principles and Practice. Edward Elgar. Retrieved 9 July The prevalent position, however, seems to be that creditors may impose penalties for late payments, which have to be donated, whether by the creditor or directly by the client, to a charity, but a flat fee to be paid to the creditor as a recompense for the cost of collection is also acceptable to many fuqaha.

The bank can only impose penalties for late payment by agreeing to 'purify' them by donating them to charity. Is it permissible for an Islamic bank to impose penalty for late payment? Lewis, Latifa M. The New York Times. Retrieved 20 August Cheltenham: Edward Elgar. Islamic banking in Iran and Sudan. Institute of Islamic Banking and Insurance.

Archived from the original on 22 July The role of Islamic finance in tackling financial exclusion in the UK. Durham University. Retrieved 23 August Challenges facing Islamic banking PDF. Islamic Development Bank. New Horizon Magazine. Retrieved 28 October Structure-objective mismatch and its consequences. Gold Dinar and Muamalat. Retrieved 15 November Retrieved 22 August Archived from the original on 23 August Retrieved 19 November Archived from the original PDF on 28 April Retrieved 4 August Archived from the original on 19 December Retrieved 17 May Islamic Economic Studies.

Archived from the original PDF on 16 August C issued by Switzerland on 15 Nov. Sentenced to 7 years imprisonment in Italy on 29 Jun. In detention in Italy as at Jun. As of June , resides in Kinshasa. DOB: 31 Dec. DOB: 7 Jun. DOB: a 19 Feb. Physical description: eye colour: brown, hair colour: black, build: solid; distinguishing marks: oval face, beard, missing a right hand and left leg, speaks Russian, Chechen and possibly German and Arabic.

Involved in attack planning for TTP. Deported from Italy to Morocco on 26 Feb. Convicted in absentia to five years in prison in France in Wanted by French authorities as of Brother of Yassin Chouka QDi. Brother of Monir Chouka QDi. European arrest warrant issued by investigating judge at the Federal Court of Justice of Germany, dated 14 May and 5 Dec.

His forces have been engaged in attacks against civilians. In February , forces under his command attacked United Nations camps, hospitals, churches, and schools, engaging in widespread rape, torture, and the destruction of property, in an attempt to flush out civilians, soldiers, and policemen allied with the government. Physical description: eye colour: brown; hair colour: brown; height: cm. Father's name is Fernando Rafael Dellosa.

Mother's name is Editha Parado Cain. In detention in the Philippines as of Jan. Father's name is Feliciano Delos Reyes Sr. Mother's name is Aurea Semborio. In detention in the Philippines as of May Deported from Italy to Algeria on 22 Aug.

Father in law of Djamel Lounici QDi. Review pursuant to Security Council resolution was concluded on 28 Sep. Father's name is Honorio Devera. Mother's name is Fausta Abogne. Active in terrorist propaganda through the Internet. Arrest warrant issued by the German authorities on 9 Oct.

Located in Northern Mali as of Jun. Repeated public statements advocating violence against United Nations installations and personnel, and against foreigners; direction of and participation in acts of violence by street militias, including beatings, rapes and extrajudicial killings; obstacle to the action of IWG, UNOCI, the French forces and to the peace process as defined by resolution Sentenced in absentia to life imprisonment in Algeria on 21 March Father's name is Rabah Droukdel.

Mother's name is Z'hour Zdigha. Review pursuant to Security Council resolution was concluded on 4 May Sentenced to 25 years imprisonment in France in Released from custody in the Philippines on 1 Jan. Physical description: height cm. DOB: 11 Aug. His forces conducted an early February attack in Jonglei State, and as of March , he had tried to destroy the peace in Jonglei State through attacks on the civilian population. In custody in Italy. Due for release on 6 Jan. Subject to expulsion from Italy after serving the sentence.

Father's name is Brahim Brik. Mother's name is Habiba Abbes. Sentenced to 8 years imprisonment in Italy on 2 February Considered a fugitive from justice by the Italian authorities. Deported from Italy to Tunisia on 2 Jun. Imprisoned in Tunisia in Aug. Left Sudan to Tunisia in Mother's name is Sfia bent Toubali.

DOB: 3 Apr. Taliban Shadow Governor for Uruzgan Province as of late Reportedly killed in airstrike in Shahjoy District, Zabul Province in early Belongs to Hotak tribe. Member of the Taliban Financial Council. Forces under his command engaged in recruitment of child soldiers, abductions, imposition of forced labor, sexual abuse of women, arbitrary arrests and extra-judicial killings, contrary to human rights conventions and to international humanitarian law; obstacle to the action of the IWG , UNOCI, French Forces and to the peace process as defined by resolution Forces under his command targeted civilians, including women, in April during an assault on Bentiu, including targeted killings on the basis of ethnicity.

Associated with Abdelmalek Droukdel QDi. Arrested in Algeria on 16 Dec. Address: a In prison in Germany since Sep. In detention in Germany as of Jun. He usurped the identity of Abid Hammadou, who allegedly died in Chad in Left eye missing. Facilitator of foreign terrorist fighters from France to Syria. Activist in violent propaganda through the Internet. Belongs to Nuristani tribe.

Reportedly deceased in early Transferred from United States custody to Yemen in Nov. Review pursuant to Security Council resolution was concluded on 8 Jul. Serving a year prison sentence in Tunisia for membership in a terrorist organization abroad as at Jan. Arrested in Tunisia in Legally changed family name from Ben Soltane to Hamdi in Also believed to hold Syrian nationality Passport no.

Lived in Egypt in and moved to Somalia in Considered a fugitive from justice by the Italian authorities as of Sep. Involved in fundraising and recruitment for this organization. Reportedly deceased in Pakistan in February He is an active Taliban leader. Head of the Taliban Miram Shah Shura as at Has previously traveled to, and raised funds in, Dubai, United Arab Emirates. Brother of Jalaluddin Haqqani TAi. Belongs to Pashai ethnic group.

Alim Ghair b Naseer Haqqani c Dr. Son of Jalaluddin Haqqani TAi. Member of Taliban Supreme Council as at June Taliban member responsible for Laghman Province as of late De Lemene n. R of 25 Nov. Convicted and sentenced on 21 Sep. The sentence was confirmed on 17 Jul. In custody as at 16 Jun. In custody of the United States of America as at Jul.

DOB: 28 Sep. DOB: 27 Jul. Convicted on terrorism charges by a court in the United States of America in May Belongs to Alizai tribe. Other title: Professor. Review pursuant to Security Council resolution was concluded on 13 Apr. Head of Taliban Financial Commission as at mid Served as Omar's principal finance officer and one of his closest advisors.

Belongs to Ishaqzai tribe. Physical description: heavy build with black eye colour, black hair colour and medium brown complexion with a heavy black beard. Physical description: eye colour: brown, hair colour: black, build: slim, height cm. Distinguishing marks: long face, speech defect.

Listed on: 1 Dec. Sex: female. Head of an intelligence network. Belongs to Suleimankheil tribe. As of June , detained in Makala Prison in Kinshasa. In November , convicted by a DRC military court to ten years in prison for rape, murder, and torture.

Deported from Italy to Tunisia on 22 July Serving an eight-year prison term in Tunisia for membership of a terrorist organization abroad as at Jan. Convicted in May by the ICC to 12 years in prison for war crimes and crimes against humanity. Currently in prison in the Netherlands. Taliban member responsible for Uruzgan Province, Afghanistan, as at Amin b Ul-Haq, Dr. Amin Nationality: Afghan Passport no. Repatriated to Afghanistan in February As of , facilitated activities for senior Pakistan-based Al-Qaida operatives.

Belongs to Barich tribe. Involved in the supply of weapons for Taliban, including improvised explosive devices IED. Arrested in and in custody in Afghanistan as of January Associated with Rahat Ltd. Tanchon was designated by the Committee in April as the main DPRK financial entity responsible for sales of conventional arms, ballistic missiles, and goods related to the assembly and manufacture of such weapons. Incites violent activities against France.

DOB: 10 Sep. Deported from Italy to Tunisia on 27 Aug. Legally changed family name from Aouani to Lakhal in Member of the Supervision Commission of the Taliban as of mid Belongs to Achekzai tribe. Mother's name is Johra Birouh.

Returned from Italy to Algeria where he resides since Nov. Son in law of Othman Deramchi QDi. Transferred to the ICC on 17 March Convicted by the ICC in March and sentenced to 14 years in prison. Taliban member responsible for military affairs in Takhar province, Afghanistan, as of May Facilitated fund raising in the Gulf on behalf of the Taliban since Also facilitated meetings between Taliban officials and wealthy supporters and arranged for more than a dozen individuals to travel to Kabul, Afghanistan, for suicide attacks.

In Uganda as of late Arrested by Congolese authorities in October , acquitted by the Court of Appeal in Kisangani, subsequently transferred to the judicial authorities in Kinshasa on new charges of crimes against humanity, war crimes, murder, aggravated assault and battery. One such grave was purported to contain civilians. Belongs to Sahak tribe Ghilzai. In charge of recruitment activities as of mid Belongs to Isakzai tribe.

Released on 30 December Belonged to Ghilzai tribe. Kabir Low quality a. Collects money from drug traffickers. Member of the Taliban Supreme Council as at Responsible for attack on Afghan parliamentarians in November in Baghlan; owns land in central Baghlan Province. Directs a Taliban "front" and coordinates all military activities of Taliban forces in Maiwand District, Kandahar Province, Afghanistan as of mid Belongs to Kharoti Taraki tribe. Released from custody in Germany on 18 May Belongs to Sulaimankhel tribe.

Belongs to Kharoti tribe. Mother's name is Kadeja Mansore. Deported from Germany to Algeria in Sep. Review pursuant to Security Council resolution was concluded on 19 Oct. Listed on: 1 Nov. Involved in the preparation of attacks against Afghan and international forces in Afghanistan. Speaks fluent English, Urdu and Arabic. In detention as at June In this capacity he has facilitated transactions for TCB.

Tanchon was designated by the Committee in April is the main DPRK financial entity for sales of conventional arms, ballistic missiles, and goods related to the assembly and manufacture of such weapons. In custody of the United States. Ignace Nationality: Rwandan Passport no. In December , he was arrested by Rwandan authorities when he tried to cross the border into the DRC. He has lived since in semi-liberty in Kigali not authorized to leave the country.

Wanted by the authorities of the United Kingdom. DOB: 9 Sep. As of late , living in Ngoma camp, Rwanda. Acquitted of all charges by the ICC in December After being released from custody, was detained by Dutch authorities, and has filed a claim for asylum in the Netherlands. Applied for asylum in the Netherlands in May In October , a Dutch court denied his asylum claim. Since then, he has been under house arrest in Kigali, Rwanda.

As of , facilitated Taliban activities, including through recruitment and the provision of logistical support. Belongs to Noorzai tribe. Listed on: 3 Mar. As of late , based in Tongo area, North Kivu. Belongs to Tokhi tribe. Involved in transporting suicide bombers to Afghanistan.

Whereabouts unknown as of late Alternative title is Maulavi. Arrested in April in Mauritania, escaped from Nouakchott jail on 26 Apr. Re-arrested in Sep. Associated with Mokhtar Belmokhtar QDi. International arrest warrant issued by Mauritania. Wanted by Mauritanian authorities. Previous occupation: trading agent. Detained and sentenced to 30 months imprisonment for planning terrorist acts in in Tunisia.

Arrest warrant issued by the Tunisian National Guard as at Mar. Previous occupation: worker. Sentenced, in absentia, on 30 October , to 24 years imprisonment for terrorist activities by the Appeals Court of Tunis. Father's name is Amorsolo Jarabata Pareja. Mother's name is Leonila Cambaya Rosalejos. In custody in Indonesia as at Feb. Collects taxes and bribes on behalf of the Taliban.

Has also been a top Al-Qaida strategist and field commander in Afghanistan, and instructor at Al-Qaida training camp. Was associated with Tohir Abdulkhalilovich Yuldashev. As of late , in custody of Pakistani authorities. Sentenced on 15 Jul.

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Saudi Arabia's King Salman has fired the head of the kingdom's Public Security Directorate over alleged corruption , embezzlement and bribery. An official announcement issued on Tuesday night denounced First Lieutenant-General Khalid bin Qaraar Al Harbi for corruption for using public funds for personal use, state media reported. The National Anti-Corruption Commission Nazaha launched an investigation into the case that implicated 18 people as well as the head of public security.

The Public Security Directorate is a body under the Interior Ministry that oversees the police, traffic officers, diplomatic security, Hajj and Umrah safety and other matters of security in the kingdom. The royal decree stated that Lt Gen Al Harbi was also accused of other crimes, including bribery, abuse of power and forgery, along with 18 people from the public and private sectors. Crown Prince Mohammed bin Salman has been leading an anti-corruption drive since that saw dozens of high-profile public figures, royal family members and ministers detained.

Anti-corruption bodies have also investigated senior civil servants including judges, security officers and senior officials. The popular quote has been trending on social media channels in Saudi Arabia since the news of Lt Gen Al Harbi's dismissal. Earlier on Tuesday, Nazaha announced it had been working on 20 new cases over the past few weeks that involve former high-ranking officials at the National Guard and Interior Ministry.

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The fork in the road was established and it was upon I to come to conclude if dreams are made for me to reach or God in Urantia knows well enough humans are the only way humans keep each other oppressed. It was the time of decisive action and I mulled over a few days thinking of what the effects of turning the dream into pleasure or nightmare into scam land.

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That is to say the knowledge of its existence is the adam and eve story of the moment in the garden of knowledge - it was meant to not known and our knowing but not doing is a warning to all those whom come. Login to your MT4talk Account. MT4talk is a User Generated Content website. Please note that MT4talk doesn't sell Forex robots and does not provide support for the uploaded Forex robots.

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He also obtained a Graduate Diploma in Social Science from the University of London with Distinction, receiving an award for excellent academic achievement. To buttress his investment management acumen further and for added financial rigor and comprehensiveness, he is currently doing his CFA. She has worked to formulate and execute marketing plans and communication strategies while managing related budgets.

Collaborating with the team, she has brought to the table a keen understanding of strategy and the latest marketing methods , and worked on creating a strong brand image and improving brand awareness for the Al Safar Group. Adel Al Safar Chairman. Mohamed Al Safar Director. Mohamed Al Safar has been working in the company since the year The royal decree stated that Lt Gen Al Harbi was also accused of other crimes, including bribery, abuse of power and forgery, along with 18 people from the public and private sectors.

Crown Prince Mohammed bin Salman has been leading an anti-corruption drive since that saw dozens of high-profile public figures, royal family members and ministers detained. Anti-corruption bodies have also investigated senior civil servants including judges, security officers and senior officials.

The popular quote has been trending on social media channels in Saudi Arabia since the news of Lt Gen Al Harbi's dismissal. Earlier on Tuesday, Nazaha announced it had been working on 20 new cases over the past few weeks that involve former high-ranking officials at the National Guard and Interior Ministry.

Khalid Al Harbi fired as Saudi Public Security Chief over corruption Eighteen others also implicated in charges as national anti-corruption body launches probe. Mariam Nihal. Listen In English. Listen in Arabic.

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