Islamic Finance

22 Background to Islamic Finance uate research degrees, including at PhD level, are offered by Durham University. The Fiqh Acade ...

The Institutional Infrastructure Supporting the Islamic Finance Industry 23 The IDB bought oil and sold it to importing countrie ...

24 Background to Islamic Finance It is currently drafting new standards to coversukuksecurities, Shari’a compliant investment fu ...

The Institutional Infrastructure Supporting the Islamic Finance Industry 25 they may benefit in the longer term, but at the expe ...

26 Background to Islamic Finance Professional qualifications The IIBI Diploma in Islamic Finance is the oldest established profe ...

The Institutional Infrastructure Supporting the Islamic Finance Industry 27 Academic programmes The International Islamic Univer ...

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PART TWO Islamic Finance in Practice ...

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2.1 Retail Banking: Current and Savings Accounts and Loans Roderick Millar Introduction Retail banking covers the wide range of ...

32 Islamic Finance in Practice What sets one retail bank apart from another? In essence the actual products – current and saving ...

Retail Banking: Current and Savings Accounts and Loans 33 Most Islamic current accounts will provide cheque books, debit cards a ...

34 Islamic Finance in Practice the car is retained by the bank until the loan is repaid. Unsecured loans do not have such assets ...

Retail Banking: Current and Savings Accounts and Loans 35 a commodity to the customer on a deferred payment price, and the bank ...

36 Islamic Finance in Practice the original seller of the desired asset, eg. the car, kitchen or holiday, to be involved so simp ...

2.2 Personal Finance: Credit Cards Dr Saleh Alfuraih, Al Rajhi Bank Introduction A credit card can be defined as a method of pay ...

38 Islamic Finance in Practice that the cardholder pays any late fees where payment has not been made on time. This is considere ...

Personal Finance: Credit Cards 39 they will not allow it. For example, selling knives is allowed in Islam, but in some situation ...

40 Islamic Finance in Practice scholars allow taking a “collection fee” related to the actual cost of collection. However, this ...

Personal Finance: Credit Cards 41 loan:Ibn Omar (a companion of the Prophet) said: I used to sell camels in Baqi’ (a place in Al ...