The Art of Islamic Banking and Finance: Tools and Techniques for Community-Based Banking

E1BINDEX 10/28/2009 13:23:43 Page 388

Inheritance (miraath), 142–144, 321

Insiders, loans to, 175

Insurance (takaful), 141, 214, 250, 263.

See alsoFederal Deposit Insurance

Corporation (FDIC)

Intent (niyah), 209, 252, 254, 257

Interest.See alsoRiba

advertising, 180

as cost of renting money, 7, 8, 54,

84–86, 147, 230, 376, 377

Federal Reserve fund rate, 99–101

implied, 56, 71, 204, 257, 266, 268,

269, 284, 285, 350

real and nominal rate, 101, 102

Regulation Q, 174, 232

Regulation Z, 56, 178, 179, 232, 269,

284

tax deductibility, 268

Taylor rule, 99–101

use of term in riba-free transactions,

213, 249, 253, 261

Interest-free banking, 197, 245.See also

RF banking and finance

Internal controls, 166–168, 323, 324

Internal Revenue Service (IRS), Form

1098, 269

Internet banking, 380

Investment banks, 155, 160, 174, 377

Investment, evaluating, 259.See also

Prudent investment; Return on

investment

Investment products, 2, 207, 246,

357–368

Investment pyramid, 357–359

Islam.See alsoQur’aan

foundation of faith, 13–16

giving, voluntary (sadaqah), 38

giving (zakah), 20, 34–38, 142, 143

God as owner of everything, 32, 142

halal (divinely permissible) and haram

(impermissible), 31, 32.See alsoHalal

(divinely permissible); Haram

(divinely prohibited)

loans, 18

Muslims, 18

poor and needy, caring for, 32–34

prohibition on charging of ribit/riba

(interest/usury).SeeRiba

Islamic Bank of Britain (IBB), 2, 195, 246

Islamic Bank of Dubai, 193

Islamic banking

in 20th century, 204–207

banking models, 207–221

court challenges to ‘‘contract fitting’’

finance approach, 221–223

and RF banking, 1, 8, 10, 11.See also

RF banking and finance

Islamic Development Bank (IDB), 193

Islamic Financial Services Board (IFSB), 81

Islamic Religious Council of Singapore.

SeeSingapore Muslim Community

(MUIS)

It’s a Wonderful Life,2, 6, 133, 293, 304,

333

Jewish faith, 16, 18, 21–23.See alsoJudeo-

Christian-Islamic foundations of faith

Joint venture (musharaka) direct

investment/equity ownership or

partnership, 58, 59, 213, 215, 216,

230, 231, 260, 261

MUIS and United Overseas Bank

example, 362, 363

Judeo-Christian-Islamic foundations of

faith

Christian Bible, 17

Islamic beliefs, 13–16

Islamic, Qur’aan, 17

Jewish people, 18

Jewish Torah, 16

loans, 18

Muslim people, 18

prohibition on lending money and

charging interest (usury), 15, 16.

See alsoRiba

and riba-free banking, 3

usury/interest, 18–21

values,137–142, 168,169,230,

376–378

Judeo-Christian-Islamic law (Shari’aa).See

Shari’aa (the Law)

Justice for all, 14, 132, 138, 146, 168

Kaczor, Christopher, 11, 25, 26

Kamel, Sheikh Saleh Abdullah, 75, 76,

193, 236, 286

388 INDEX