Islamic Finance
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2.3 Islamic Mortgages Sultan Choudhury, Islamic Bank of Britain, and Shaher Abbas, Islamic Finance Advisory and Assurance Servic ...
44 Islamic Finance in Practice large size of the Muslim population in the UK. The provision of these “home purchase plan” option ...
Islamic Mortgages 45 determined profit sharing ratio. The depositors’ profit is not and should not be determinedex-ante. On the ...
46 Islamic Finance in Practice agreed with the customer and obtains title of the house before selling it to the customer; The t ...
Islamic Mortgages 47 Ijara-based home finance The termijararefers to a leasing contract. Theijaracontract has not been used trad ...
48 Islamic Finance in Practice The customer will make two monthly payments; the first is for the rent charged by the bank for al ...
Islamic Mortgages 49 Diminishing musharaka and English law English law recognizes equity ownership and distinguishes between leg ...
50 Islamic Finance in Practice Comparison of home finance instruments Murabaha Ijara wa iqtina Diminishing musharaka Title holde ...
Islamic Mortgages 51 Basel II, all Islamic home finance products now have a risk weighting of 35 per cent (provided the finance ...
52 Islamic Finance in Practice Lessons for Europe Although the take-up of Islamic financial products has been slow, there is inc ...
2.4 Trade Finance Richard T de Belder, Denton Wilde Sapte LLP Introduction With the recent growth in Islamic finance, there are ...
54 Islamic Finance in Practice Transfer of title Subject to the exceptions mentioned above, title and possession of the sold ass ...
Trade Finance 55 The mark-up is usually calculated by reference to a benchmark that is a conventional interest rate, such as the ...
56 Islamic Finance in Practice happen contemporaneously (but not forgetting that there must be evidence of legal title passing f ...
Trade Finance 57 Warranties As the Islamic financier will be the owner and seller of the assets (albeit with those assets chosen ...
58 Islamic Finance in Practice statement of understanding or intent cannot rise to the level of a binding agreement. Salam contr ...
Trade Finance 59 sell to it. In addition, this back-to-backsalammust also specify the goods in general terms (as in the firstsal ...
60 Islamic Finance in Practice Delivery in tranches If this were required, the Shari’a scholars would have to be consulted. Some ...
Trade Finance 61 (b) Goods: [______________] (c) Cost price: US$[__________] (d) Value date: [_____________] (e) Payment instruc ...
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