Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning

This book examines the principles and practices ofIslamic banking and financial markets, particularly from the Malaysian experience. The main objective of Islamic financial system is to govern the flow of funds from the surplus sector to the deficit sector and it does so to promote justice ('a...

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Main Author:	Rosly, Saiful Azhar
Format:	Book
Language:	English
Published:	Dinamas Publishing 2005
Subjects:	HG1501 Banking
Online Access:	http://irep.iium.edu.my/214/ http://irep.iium.edu.my/214/1/Critical_issues_on_Islamic_Banking_and_financial_markets.pdf

id	iium-214
recordtype	eprints
spelling	iium-2142019-04-11T06:18:51Z http://irep.iium.edu.my/214/ Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning Rosly, Saiful Azhar HG1501 Banking This book examines the principles and practices ofIslamic banking and financial markets, particularly from the Malaysian experience. The main objective of Islamic financial system is to govern the flow of funds from the surplus sector to the deficit sector and it does so to promote justice ('adalah). That is, by adhering to Shariah principles and achieving efficiency - doing the right thing and doing it right, public and private interest interests are can both be protected. By doing so, the legal and moral dimensions of product design and development are now equally important. In this way halal status should not discount how Islamic products affects general economic activities. It means that Shariah advisors should not only approve Shariah complaint products along the juristic plane but dutifully consider how the products can affect income disparities and poverty, economic stability and growth. For this reason, the principle of risktaking (ghorm) and the principle of work (kasb) and the principle of liability, accountability, responsibility (daman) are paramount in determining Shariah legitimacy of profits and earnings derived from Islamic financial transactions. Risk (ghorm), work (kasbh) and liability (daman) constitute the essence of trading and commerce (ai-bay') the Holy Quran has enjoined over usury (riba). By risk, it means allowing capital to depreciate and appreciate as dictated by the market forces. By work, it refers to value-additions namely, knowledge and skills imparted into the business process. Liability means the responsibility each party must assume in the contract such as providing warranties on the goods and services sold. Based on these principles ofrisk, work and responsibility, also known as the principle of equivalent countervalue ('iwad), the ethical and moral dimension of Islamic fmancial transactions can be realized and thus promote the sense of justice the Quran attempts to convey. It helps people take a second-look at financial products that have received Shariah compliant status and help control potential duplication of interestbearing products bearing the Islamic label. Dinamas Publishing 2005 Book PeerReviewed application/pdf en http://irep.iium.edu.my/214/1/Critical_issues_on_Islamic_Banking_and_financial_markets.pdf Rosly, Saiful Azhar (2005) Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning. Dinamas Publishing, Kuala Lumpur. ISBN 9834248903
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG1501 Banking
spellingShingle	HG1501 Banking Rosly, Saiful Azhar Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning
description	This book examines the principles and practices ofIslamic banking and financial markets, particularly from the Malaysian experience. The main objective of Islamic financial system is to govern the flow of funds from the surplus sector to the deficit sector and it does so to promote justice ('adalah). That is, by adhering to Shariah principles and achieving efficiency - doing the right thing and doing it right, public and private interest interests are can both be protected. By doing so, the legal and moral dimensions of product design and development are now equally important. In this way halal status should not discount how Islamic products affects general economic activities. It means that Shariah advisors should not only approve Shariah complaint products along the juristic plane but dutifully consider how the products can affect income disparities and poverty, economic stability and growth. For this reason, the principle of risktaking (ghorm) and the principle of work (kasb) and the principle of liability, accountability, responsibility (daman) are paramount in determining Shariah legitimacy of profits and earnings derived from Islamic financial transactions. Risk (ghorm), work (kasbh) and liability (daman) constitute the essence of trading and commerce (ai-bay') the Holy Quran has enjoined over usury (riba). By risk, it means allowing capital to depreciate and appreciate as dictated by the market forces. By work, it refers to value-additions namely, knowledge and skills imparted into the business process. Liability means the responsibility each party must assume in the contract such as providing warranties on the goods and services sold. Based on these principles ofrisk, work and responsibility, also known as the principle of equivalent countervalue ('iwad), the ethical and moral dimension of Islamic fmancial transactions can be realized and thus promote the sense of justice the Quran attempts to convey. It helps people take a second-look at financial products that have received Shariah compliant status and help control potential duplication of interestbearing products bearing the Islamic label.
format	Book
author	Rosly, Saiful Azhar
author_facet	Rosly, Saiful Azhar
author_sort	Rosly, Saiful Azhar
title	Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning
title_short	Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning
title_full	Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning
title_fullStr	Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning
title_full_unstemmed	Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning
title_sort	critical issues on islamic banking and financial markets : islamic economics, banking and finance, investments, takaful and financial planning
publisher	Dinamas Publishing
publishDate	2005
url	http://irep.iium.edu.my/214/ http://irep.iium.edu.my/214/1/Critical_issues_on_Islamic_Banking_and_financial_markets.pdf
first_indexed	2023-09-18T20:07:18Z
last_indexed	2023-09-18T20:07:18Z
_version_	1777407244399280128

Critical issues on Islamic banking and financial markets : Islamic economics, banking and finance, investments, Takaful and financial planning

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