Understanding Islamic Finance by Muhammad Ayub pdf free download

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Understanding Islamic Finance by Muhammad Ayub pdf free download

Understanding Islamic Finance by Muhammad Ayub pdf free download. Islamic scholars have been critically examining the modus operandi of modern commercial banks ever since their establishment in the Muslim world in the last decade of the nineteenth century. As time passed, the consensus emerged among the scholars that the system was against the principles of Shar¯ı´ah, mainly because of paying/charging returns on loans and debts. Keeping in mind that direct or indirect intermediation between resource surplus and resource deficit units was necessary to fulfil the growing needs of human societies and for the development of business and industry, Islamic scholars and economists started offering conceptual models of banking and finance as a substitute for the interest-based financial system by the middle of the twentieth century.

Understanding Islamic Finance by Muhammad Ayub pdf free download

Institutions offering Islamic financial services started emerging in the 1960s in isolation, but the movement of Islamic banking and finance gained real momentum with the establishment of Dubai Islamic Bank and the Jeddah-based Islamic Development Bank in 1975. In the evolutionary process, the initial theoretical model of two-tier Mudarabah developed into a versatile model enabling the Islamic financial institutions (IFIs) to conduct trading and leasing business to earn profit and pass on a part of the same to the savers/investors.

Understanding Islamic Finance by Muhammad Ayub pdf free download

To complete the cycle of Islamic finance, institutions offering Takaful services started emerging in 1979 as a substitute for the modern insurance system. While the increasing involvement of the Shar¯ı´ah scholars, creative work by research institutions like the IRTI (IDB) and the issuance of Shar¯ı´ah Standards by the AAOIFI (Bahrain) provided a critically needed base to the emerging financial discipline, participation of the world’s top banking institutions like HSBC, BNP Paribas and Citigroup in the 1990s provided a driving force to transform it from a niche discipline to a global industry.

Understanding Islamic Finance by Muhammad Ayub pdf free download

The establishment of the Islamic Financial Services Board (IFSB) in 2002, as a standard-setting institution, also paved the way for making Islamic finance a globally acceptable proposition. It provided impetus for the promotion and standardization of financial operations of Islamic financial institutions (IFIs), involving consultations among the relevant regulating authorities and the international financial institutions. The emergence of Sukuk as investment and liquidity management instruments in the last six years not only tended to complete the investment cycle in the emerging financial structure, but also provided a powerful driving force for its development, with huge potential ahead. Understanding Islamic Finance by Muhammad Ayub pdf free download.

Understanding Islamic Finance by Muhammad Ayub pdf free download

Understanding Islamic Finance by Muhammad Ayub pdf free download


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