An Introduction to Islamic Finance: Theory and Practice

Contracts/Instruments

Transactional

Contracts

Bay’(Sale)

Trade Financing(

Murabahah

)

Fee-basedServices

Partnership

Ta

kaful

Qard-ul-Hassan

Waqf

Kifala Jo’alah

Mushara

kah

Amanah Wi

kala

Mudarabah

Asset-Backed(Ijarah/Istisna’based financing)

Equity

Partnership(Mushara

kah

)

Sale of Rights to

use

(Bay’ al-Ijarah)(Bay’ al-Istisna’)

Sarf

(Exchange)

FinancingContracts

Intermediation

Contracts

Social Welfare

Contracts

FIGURE 4.1

Contracts/Instruments

76