E1BINDEX 10/28/2009 13:23:43 Page 393
defined, 1, 2, 15
prohibition on charging of ribit/riba
(interest/usury), 8, 15, 16, 18–21,
31–44, 48, 105–108, 191, 198, 230,
269, 321, 376
religious views on, 8, 15, 16, 18–31
as rent on money, 258, 266
types of, 41–43
Riba al-fadl, 42, 43, 56, 105–107
Riba al-jahiliyah (riba al-nassee’aa),
41–43, 49, 50, 55, 105, 107, 205
Riba al-nasee’aa (riba al-jahiliyah), 41–43,
49, 50, 55, 105, 107, 205
Riba-based banking, 191, 201, 202,
315–317.See alsoBanks and banking
in the U.S.
Riba-free banking.SeeRF banking and
finance
Ribit, 1, 8.See alsoRiba
Rice as reference commodity, 120–122,
125, 127
Right to Financial Privacy Act, 186, 187
Right to lease or rent property (haq al
manfa’aa), 215
Right to own title to property (milk ul
raqabah), 215, 260, 261
Right to use or operate property (usufruct),
56, 57, 215, 260, 261
Risk
and economic meltdown of 2008, 372
inflation, 101, 102
participation in, 231
regulatory, 101, 102
risk assessment and risk-based auditing,
310–312, 335
risk management for RF banks, 352–355
South Asian model, 221
systematic, 101, 102
Roman Catholic religion, position on
charging of ribit (interest), 23–27
Ruses and deceptive tricks and practices
(heelah), 228, 231, 238, 249, 253,
257, 274, 320Sadaqah, 38
Salaries, 244, 293, 340
Salt, 48, 50, 106
Savings, 3, 4, 194, 378Scholarly research (Usul Ul Fiqh)
on application of Shari’aa, 67–69
to develop and pass religious edicts and
rulings (fatwa), 67–73, 77, 78
qualifications for scholars in Shari’aa,
74, 75
variations in opinions and edicts, 67
Scholars (fuquahaa), 67–70, 73, 76,
249–254, 257, 258
Science of Origins and Foundation of
Scholarly Work, The (Usul Ul Fiqh).
SeeScholarly research (Usul Ul Fiqh)
Securities law, 320
Security, banks, 335
Seminars and conferences, 242, 243
Separation of church and state, 1, 79, 247
Service-based financing, 200
Servicing of financing, 269–271, 275, 276,
347
Shafi’ee Law, 49
Shamil (Islamic) Bank of Bahrain v.
Beximco Pharmaceuticals, 222
Shareholders’ equity, 338
Shari’aa Advisory Committee, 80
Shari’aa-based finance model
advantages of, 274–276
appraisals, 264, 265
approach to development of, 245–249
art of Islamic banking and finance,
244–249
challenges faced in development of,
227–244
costs, payment of, 264
development of, 255–276
documentation for U.S. legal
compliance, 267–269, 274, 275
funds, sources of, 271–274
guidelines for development of, 254, 255
implementation, stages of, 259–274
insurance, 263
LARIBA Agreement, 257, 260, 269,
270, 274
mark-to-market rule, 212, 235, 252,
256, 258–260, 265, 275, 277
modifications to Al Baraka model,
263–265
monthly payments, 264
monthly payments and billing, 269Index 393