402 INDEX
174, 183, 207, 208, 245, 246–257,
260, 261, 271, 291, 300, 301, 311,
314, 316, 321, 322, 324, 331,
334, 339, 343, 346, 347, 352, 353,
354, 357–359, 362, 366, 368, 369,
370, 371–372, 373, 375, 376, 378,
379, 385
fi nancing contracts 77, 83–88
forward contract 79–80, 261, 262,
263, 264, 265, 266, 283
fragmentation 171, 312
freedom of contract 39, 47, 248–249
FTSE Islamic Index of Shari’ah
compatible stocks 20
FX risk 282, 283
G
Geniza archives 96, 98
gharar 57, 67, 68–69, 75, 130,
249, 250
globalization 255, 272, 323,
351–363, 372, 375, 385
governance of reserves 337
governance risk 279, 291
H
hawala 94, 96
hedging risk 287, 291, 379
I
ideology 3, 5, 8, 39, 52, 248
IFSB standard on capital
adequacy 322
ijarah 24, 80–82, 83, 88, 119, 124,
126, 153, 155, 157, 159, 161, 164,
175, 185, 188, 189, 190, 192, 193,
209, 211, 213, 249, 252, 266, 267,
268, 270, 278, 283, 290, 292, 307,
310, 315
ijarah sukuk 187, 188–189, 202, 268
ijtihad 8, 30, 36, 248
illiquidity 143, 144, 169–170, 199,
281, 284, 302
implementation challenges 297–298
implicit contracts 35, 45, 292, 294,
325, 326, 331, 363
independence 338, 339, 373
indexation 59, 61–63
the individual’s right 32, 328
infl ation 59, 61–63
interest and modern economics 73–74
intermediation 1, 15, 75, 77, 86,
88–94, 97, 113–114, 116, 118, 119,
131, 132–136, 151–172, 175, 201,
207–224, 243, 247, 275, 279,
301–302, 303, 304, 305, 306, 314,
315, 316, 318, 324, 336, 352, 353,
361, 366, 372, 373, 376–378,
379–382, 385
intermediation contracts 77,
88–94, 116
investment account holders
(IAHs) 169, 172, 285–287, 292,
293, 302, 306, 308, 310, 312,
336–337, 338, 363, 384, 386
investment accounts 117, 118,
137, 152, 153–154, 155–156,
168–169, 262, 290, 296, 313, 336,
343, 363
Investment Risk Reserve (IRR)
286, 310
investors’ rights 135, 169, 354
Islamic banking 13–23, 24, 144, 147,
158, 163, 167–169, 226, 227, 232,
238, 293, 296, 302, 313, 340, 358,
359, 360–363, 366
Islamic benchmark 271–272
Islamic Development Bank (IDB) 15,
17, 200, 215, 372, 385
Islamic Financial Institution (IFI) 16,
19, 23, 25, 26, 166–167, 169, 170,
171, 174, 184, 204, 225, 230–232,
237, 238, 243, 246, 258, 266, 276,
279, 283–284, 286, 289, 295–296,
297, 299–322, 337, 343, 346,
360–361, 373, 380, 384, 385, 386
Islamic Financial Services Board
(IFSB) 16, 21, 223, 278, 282,