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According to Timur Kuran, by "the tenth century, Islamic law supported credit and investment instruments" that were "as advanced" as anything in the non-Islamic world, but prior to the 19th century there were no "durable" financial institutions "recognizable as banks" in the Muslim world. The first Muslim majority-owned banks did not emerge until the s. An early market economy and an early form of mercantilism , sometimes called Islamic capitalism , was developed between the eighth and twelfth centuries.
A number of economic concepts and techniques were applied in early Islamic banking, including bills of exchange , partnership mufawada , including limited partnerships , or mudaraba , and forms of capital al-mal , capital accumulation nama al-mal ,  cheques , promissory notes ,  trusts see Waqf ,  transactional accounts , loaning , ledgers and assignments.
In the middle of the 20th century some organizational entities were found to offer financial services complying with Islamic laws. The first, experimental, local Islamic bank was established in the late s in a rural area of Pakistan which charged no interest on its lending. In , the first modern Islamic bank on record was established in rural Egypt by economist Ahmad Elnaggar  to appeal to people who lacked confidence in state-run banks.
The profit-sharing experiment, in the Nile Delta town of Mit Ghamr , did not specifically advertise its Islamic nature for fear of being seen as a manifestation of Islamic fundamentalism that was anathema to the Gamal Nasser regime.
Also in that year the Pilgrims Saving Corporation was founded in Malaysia although not a bank, it incorporated basic Islamic banking concepts. The Mit Ghamr experiment was shut down by the Egyptian government in Nonetheless it was considered a success by many,  as by that time there were nine similar banks in the country. Islamic Finance Project Databank . The influx of "petro-dollars" and a "general re-Islamisation" following the Yom Kippur War and oil crisis encouraged the development of the Islamic banking sector,  and since it has spread globally.
In , the Islamic Development Bank was set up with the mission to provide funding to projects in the member countries. From , Islamic investments underwent a "spectacular expansion" throughout the Muslim world, attracting deposits with the promise of "great gains" and "religious guarantees" supplied by Islamic jurists who were "recruited to issue fatwas denouncing conventional banks and recommending their Islamic rivals.
By , Islamic financial institutions had been established worldwide, including 33 government-run banks, 40 private banks, and 71 investment companies. Also in the s, a false start was made in Islamic banking in the UK, where bankers declared returns "interest" for tax purposes, while insisting to depositors they were actually "profit" and so not riba. But as the industry grew it also drew criticism from M. Usmani among others for not progressing from "debt based contracts", such as murabaha , to the more "genuine" profit and loss sharing mode, but instead moving in the opposite direction, "competing to present themselves with all of the same characteristics of the conventional, interest-based marketplace".
In , the official newspaper of the Vatican ' L'Osservatore Romano put forward the idea that "the ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service".
The market for Islamic Sukuk bonds in that year was made up of 2, sukuk issues,  and had become strong enough that several non-Muslim majority states — UK, Hong Kong,  and Luxemburg  — issued sukuk. To be consistent with the principles of Islamic law Shariah -- or at least an orthodox interpretation of the law -- and guided by Islamic economics, the contemporary movement of Islamic banking and finance prohibits a variety of activities, some not illegal in secular states:.
Money on the most common type of Islamic financing — debt-based contracts — "must be made from a tangible asset that one owns and thus has the right to sell — and in financial transactions it demands that risk be shared.
In general, Islamic banking and finance has been described as having the "same purpose" as conventional banking but operating in accordance with the rules of shariah law Institute of Islamic Banking and Insurance ,  or having the same "basic objective" as other private entities, i. It follows conventional banking and deviates from it "only insofar as some conventional practices are deemed forbidden under Sharia.
A broader description of its principles is given by the Islamic Research and Training Institute of the Islamic Development bank ,. In conventional banking, all this risk is borne in principle by the entrepreneur. Some proponents Nizam Yaquby believe Islamic banking has more far reaching purposes than conventional banking, and declare that the "guiding principles" for Islamic finance include: Taqi Usmani describes the virtues as guiding principles in one section of his book on Islamic Banking, and benefits in another.
Nizam Yaquby, for example declares that the "guiding principles" for Islamic finance include: This should not be thought of as presenting a problem for borrowers finding funds, because — according to Usmani — it is in part to discourage excessive finance that Islam forbids interest. On the other hand, Usmani preached that an Islamic economy free of the "imbalances" in society — such as concentration of "wealth in the hands of the few", or monopolies which paralyze or hinder market forces — would follow from obeying "divine injunctions" by banning interest along with other Islamic efforts.
Critic Feisal Khan argues that in many ways Islamic finance has not lived up to its defining characteristics. Risk-sharing is lacking because profit and loss sharing modes are so infrequently used. Underlying material transactions are also missing in such transactions as " tawarruq , commodity murabahas , Malaysian Islamic private debt securities, and Islamic short-sales". The sharia law that forms the basis of Islamic banking is itself based on the Quran revealed to the Islamic prophet Muhammad and a hadith the body of reports of the teachings, deeds and sayings of the Islamic prophet Muhammad that often explain verses in the Quran.
However, "the Islamic evaluation" of modern banking centers around the definition of interest on loans  as riba. Twelve verses in the Qur'an deal with riba , the word appearing eight times in total, three times in verses 2: A number of orthodox scholars point to Quranic verses 2: Those who devour usury shall not rise again except as he rises, whom Satan of the touch prostrates; that is because they say, 'Trafficking trade is like usury.
Whosoever receives an admonition from his Lord and gives over, he shall have his past gains, and his affair is committed to God; but whosoever reverts -- those are the inhabitants of the Fire, therein dwelling forever.
God blots out usury, but freewill offerings He augments with interest. God loves not any guilty ingrate. Those who believe and do deeds of righteousness, and perform the prayer, and pay the alms - their wage awaits them with their Lord, and no fear shall be on them, neither shall they sorrow. O believers, fear you God; and give up the usury that is outstanding, if you are believers.
But if you do not, then take notice that God shall war with you, and His Messenger; yet if you repent, you shall have your principal, unwronging and unwronged. And if any man should be in difficulties, let him have respite till things are easier; but that you should give freewill offerings is better for you, did you but know. Nonetheless this is a minority view,   and according to the orthodox an "increase over the principal sum" in loans of cash are riba.
An increase over the principal sum in financing a purchase of some product or commodity is another matter. These are not riba — according to the orthodox interpretation — at least in some circumstances. According to noted Islamic scholar Taqi Usmani , this is because in Quran aya 2: The distinction between credit sales and interest has also come under attack from critics such as Khalid Zaheer and Muhammad Akram Khan — criticizing it from opposite points of view.
Zaheer considers profit from credit sales to be riba , the same as interest, and notes the lack of enthusiasm of orthodox scholars — such as the Council of Islamic Ideology — for credit sales-based Islamic Banking, which they the council call "no more than a second best solution from the viewpoint of an ideal Islamic system".
Taqi Usmani, however, explains that this is a "misconception". Paying more for credit when buying a product "an exchange of commodities for money"   does not violate sharia law, but exchange of "one unit of money for another of the same denomination" "an exchange of money for money"  and charging for credit is a violation of sharia. Other orthodox supporters such as Kahf have defended the sharia compliance of the practice saying that among other things, attaching commodities to money in finance prevents money from being used for speculative purposes.
One of the pioneers of Islamic banking, Mohammad Najatuallah Siddiqui , suggested a two-tier mudarabah model as the basis of a riba -free banking. The bank would act as the capital partner in mudarabah accounts with the depositor on one side and the entrepreneur on the other side.
In practice, the fixed-return models, in particular murabaha model, became the industry staples, not supplements, as they bear results most similar to the interest-based finance models. Assets managed under these products far exceed those in " profit-loss-sharing modes" such as mudarabah and musharakah.
The opposite of credit sales i. This is considered haram by the four Sunni schools of jurisprudence Hanafi , Maliki , Shafi'i , Hanbali , but not by all jurists according to Ridha Saadullah. He notes that such reductions have been permitted by some companions of the Prophet and some of their followers. It does not constitute forbidden riba if it is not agreed upon in advance and as long as the creditor-debtor relationship remains bilateral.
As noted above, the primary focus of Islamic banking is on financing without interest to avoid riba ,  while trade is not an issue per the Quranic statement that "God has permitted trafficking [trade] and forbidden riba [usury]".
Among the financial instruments and activities common in conventional finance that are considered forbidden or at least Islamically problematic by many Islamic scholars and Muslims are:. At least some in the Islamic finance industry use derivatives and make short sales, and permissibility of this is a subject of "heated debate".
A "shariah-certified" short-sale had been created by some Shariah-compliant hedge funds. World Islamic Banking Competitiveness Report . Sharia-compliant banking grew at an annual rate of As of , Islamic financial institutions operate in countries.
Statistics differ on which country has the largest Islamic banking sector. Because compliance with shariah law is the raison d'être of Islamic finance, Islamic banks and banking institutions that offer Islamic banking products and services should establish a Shariah Supervisory Board SSB — to advise them on whether or not some proposed transactions or products follows the Sharia, and to ensure that the operations and activities of the banking institutions comply with Shariah principles.
In addition, their duties should include: Since the beginning of modern Islamic finance, the work of the Shariah boards has become more standardized. The guidelines and standards are not regulations though, and each Islamic financial institution has its own SSB, which are not generally obliged to follow them.
However, their home country many have a regulatory organization that they are required to follow. A number of Shariah advisory firms have now emerged to offer Shariah advisory services to the institutions offering Islamic financial services.
We then phone up a Sharia scholar for a Fatwa If he doesn't give it to us, we phone up another scholar, offer him a sum of money for his services and ask him for a Fatwa. We do this until we get Sharia compliance. Then we are free to distribute the product as Islamic. According to Foster, this practice of "shopping" for an Islamic scholar who will issue a fatwa testifying that a banking product obeys Shari'ah law has led to "top scholars" earning "six-figure sums" for each fatwa , and to Islamic financing mechanisms that appear to outsiders to be mortgages "dressed up in Arabic terminology"—such as Mudarabah , or Ijarah lease agreements.
Mahmoud El-Gamal believes that from the s to the s there has been an evolution of the industry towards "progressively closer approximations" of the practices of conventional banking, approved by "progressively smaller" numbers of jurists with only a small group for example approving "unsecured lending" to retail and corporate customers through the tawarruq mode in the early s.
One study found the 20 most popular shariah scholars holding sharia board positions,  — creating potential conflicts of interest. This scarcity also increases fees. Farooq calls a "certain changes in viewpoint" resulting in "over-stretching the rules of Shariah". A study of the practice of boards of financial institutions setting the pay and employment of SSB members found this arrangement "compromise s the independence of the SSB".
It later moved its headquarters to Bahrain. The International Islamic Financial Market — a standardization body of the Islamic Financial Services Board for Islamic capital market products and operations — was founded in November through the cooperation of the governments and central banks of Brunei, Indonesia and Sudan.
Its secretariat is located in Manama Bahrain. It is not a regulatory body and its recommendations are "not implemented by most Islamic banks". Individual countries also have accounting standards. The Islamic Interbank Money Market was established by Bank Negara Malaysia on 3 January , and has developed instruments to manage the liquidity needs of the Islamic financial institutions -- "funding and adjusting portfolios over the short term".
It complements the task of the Basel Committee on Banking Supervision. It is sponsored by 17 multilateral development institutions, banks and other rating agencies. It has 15 Islamic indices for various regions.
It is constructed from the conventional MSCI country indices and covers 69 developed, emerging and frontier markets, including regions such as the Gulf Cooperation Council and Arabian markets. The "most prominent" research and training institutions listed in alphabetical order, "exclusively devoted to Islamic economics and finance", according to Muhammad Akram Khan are: Although no Muslim country has yet banned interest on loans completely, suggestions have been made as to how to deal with monetary policy when central banks operate in an interest-free environment and there are no longer any interest rates to lower or raise.
Siddiqi has proposed that central banks offer "refinance facilities" to expand or contract credit as needed to deal with inflation or deflation. According to economist and Islamic finance critic Feisal Khan, a "true" or strict Islamic banking and finance system of profit and loss sharing the type supported by Taqi Usmani and the Shariah Appellate Bench of the Supreme Court of Pakistan would severely cripple central banks' ability to fight a credit crunch or liquidity crisis that leads to a severe recession such as happened in This is because if credit was provided by taking "a direct equity stake in every enterprise" the PLS approach it would contract in a credit crunch.
But situations like this — when financiers are "less and less sure of the creditworthiness of their financial sector counterparties" and essentially stop lending to even the biggest and most stable borrowers or even other banks — is exactly the time when credit expansion and "flooding" the economy with liquidity is needed to prevent widespread business bankruptcy and unemployment. Banking makes up most of the Islamic finance industry.
Banking products are often classified in one of three broad categories,   two of which are "investment accounts": Most Islamic finance is in banking, but non-banking finance such as sukuk , equity markets, investment funds, insurance takaful , and microfinance ,   is also fast-growing,   and as of represented about one-fifth of total assets in Islamic finance.
These products — and Islamic finance in general — are based on Islamic commercial contracts and contract law,  with many products named after a particular contracts e.
While the original Islamic banking proponents hoped profit-loss sharing PLS would be the primary mode of finance replacing interest-based loans,  long-term financing with profit-and-loss-sharing mechanisms is "far riskier and costlier" than the long term or medium-term lending of the conventional banks — according to critics such as economist Tarik M. Yousef  — and has "declined to almost negligible proportions".
A mudarabah or mudharabah contract is a profit sharing partnership in a commercial enterprise. One partner, rabb-ul-mal , is a silent or sleeping partner who provides money.
The other partner, mudarib , provides expertise and management. If there is a loss, the rabb-ul-mal loses the invested capital, and the mudarib loses the invested time and effort. The sharing of risk reflects the view of Islamic banking proponents that under Islam, the user of capital — labor and management — should not bear all the risk of failure. Sharing of risk, according to proponents, results in a balanced distribution of income, and prevents financiers from dominating the economy.
Like mudaraba , musharakah is also a profit and loss sharing partnership, but one where investment comes from all the partners, all partners are given the option of participating in the management of the business, and all partners share in losses according to the ratio pro rata of their investment.
Musharakah may be "permanent" or "diminishing". It is often used in investment projects, letters of credit, and the purchase or real estate or property. Use of musharaka is not great. In Malaysia, for example, [Note 16] the share of musharaka or at least permanent musharaka financing declined from 1.
Musharaka al-Mutanaqisa , literally "diminishing partnership" , is a popular type of financing for major purchases such as housing. In it, the bank and purchaser customer have joint ownership of a purchased asset with the customer also leasing the asset. Asset-backed or debt-type instruments also called contracts of exchange are sales contracts that allow for the transfer of one commodity for another commodity, the transfer of a commodity for money, or the transfer of money for money.
Murabahah or murabaha is an Islamic contract for a sale where the buyer and seller agree on the markup profit or " cost-plus " price   for the item s being sold. Murabahah has also come to be "the most prevalent"  or "default" type of Islamic finance. Economists have questioned whether Murabahah is "economically indistinguishable from traditional, debt- and interest-based finance. In Islamic jurisprudence fiqh , Bai-muajjal , also called bai'-bithaman ajil ,  or BBA, is a credit sale or deferred payment sale, i.
In Islamic finance, the bai' muajjal product also involves the price markup of a murabahah contract, and a murabahah product involves a bai-muajjal deferred payment. Thus the terms and are often used interchangeably, according to Hans Visser ,  or "in practice However, according to another Bangladeshi source, Bai' muajjal differs from Murabahah in that the client, not the bank, is in possession of and bear the risk for the goods being purchased before completion of payment.
Bia'muajjal as a finance product was introduced in by Bank Islam Malaysia Berhad. The asset is then sold back to the customer who pays in installments over time, essentially "repaying the loan". Since loaning of cash for profit is forbidden in Islamic Finance, some scholars do not believe Bai' al 'inah is permissible in Islam. According to the Institute of Islamic Banking and Insurance, it "serves as a ruse for lending on interest",  but Bai' al inah is practiced in Malaysia and similar jurisdictions.
Istisna also Bia Istisna or Bai' Al-Istisna and Bia Salam also Bai us salam or just salam are " forward contracts "  — customized contracts where immediate payment is made for goods in the future — goods not yet manufactured, built, or harvested. Bia salam and istisna contracts should be as detailed as possible to avoid uncertainty.
Examples of use of istisna in the Islamic finance world include use by the Kuwait Finance House  and the Barzan gas project in Qatar. Ijarah , literally "to give something on rent"  is a leasing or renting contract. In Islamic finance, al Ijarah usually refers to a leasing contract that also includes a sales contract.
Property such as plant, office automation, or motor vehicle, is leased to a client for stream of rental and purchase payments, so that the end of the leasing period coincides with completion of purchase payments and transfer of ownership to the lessee, and otherwise follows Islamic regulations.
Among the complaints made against ijara are that in practice some rules protecting the customer are overlooked,  that its rules provide weaker legal standing and consumer protection  and less flexibility   than conventional mortgage loan or car finance , as well as higher costs.
The bank resells the iron to the supplier. Like Bai' al inah mentioned above, the greater complexity of this transaction means more fees and higher costs than a conventional bank loan, but in theory compliance with shariah law because of the tangible assets that underlie the transactions. However, critics complain that "billions of dollars" of putative commodity-based tawarruq transactions have evaded the required commodity trades;  and Islamic scholars both contemporary  [Note 18] and classical  have forbidden the practice.
Taqi Usmani insists that "role of loans" as opposed to investment or finance in a truly Islamic society is "very limited", and that Shariah law permits loans not as an ordinary occurrence, "but only in cases of dire need". It is often described as an interest-free loan extended to needy people. Quoting the Islamic prophet Muhammad, some sources insist that lenders may not gain "any advantage or benefits" from the loan, let alone interest.
These contracts are intended to help individual and business customers keep their funds safe. Hawala also Hiwala , Hewala , or Hundi ; literally "transfer" or "trust" is a widely used, informal "value transfer system" for transferring funds from one geographical area to another, based not on wire transfers but on a huge network of money brokers known as "Hawaladars" throughout the Muslim world.
In the first half of the 20th century it lost ground to instruments of the conventional banking system, but regained it starting in the late 20th century with the economic migration of Muslim workers to wealthier countries in the West and the Gulf and their need to send money home.
Hawala is based on a short term, discountable, negotiable, promissory note or bill of exchange called "Hundi",  transferred from one debtor to another. Kafala literally "guarantee ,  is called "surety" or "guaranty" in conventional finance. Rahn collateral or pledge contract is property pledged against an obligation. Wakalah should be a non-binding contract for a fixed fee. The agent's services may include selling and buying, lending and borrowing, debt assignment, guarantee, gifting, litigation and making payments, and are involved in numerous Islamic products like Musharakah , Mudarabah , Murabaha , Salam and Ijarah.
An example of wakalah is found in a mudarabah profit and loss sharing contract above where the mudarib the party that receives the capital and manages the enterprise serves as a wakil for the rabb-ul-mal the silent party that provides the capital [Note 20]. From the point of view of depositors, "Investment accounts" of Islamic banks — based on profit and loss sharing and asset-backed finance — play a similar role to the "time deposits " of conventional banks.
At least in one Muslim country with a strong Islamic banking sector Malaysia , there are two main types of investment accounts offered by Islamic banks for those investing specifically in profit and loss sharing modes   — restricted or unrestricted.
Some have complained that UIA accounts lack transparency, fail to follow Islamic banking standards, lack of customer representation on the board of governors,  and have sometimes hidden poor performance from investors. Islamic banks also offer "demand deposits", i. Because demand deposits pay little if any return and Qard al-hasana mentioned above loans are forbidden to pay any "stipulated benefit", the Qard mode is a popular Islamic finance structure for demand deposits.
In this design, customer deposits constitute "loans" and the Islamic bank a "borrower" who guarantees full return of the "lenders" deposits.
Farooq,  Mohammad Hashim Kamali  see conflicts between qard's roll in demand deposits and the dictates of traditional Islamic jurisprudence. Qard al-hasana loans are intended to be acts of charity to the needy who are allowed lenient repayment.
The means that has been used is Hibah literally "gift" ,  in the form of prizes, exemptions, etc. Two other contracts sometimes used by Islamic finance institutions for pay-back-on-demand accounts instead of qard al-hasanah ,  [Note 22] are Wadi'ah literally "safekeeping"  and Amanah literally "trust".
Sources disagree over the definition of these two contracts. According to at least one report, in practice no examples of per cent reserve banking are known to exist.
Different types of sukuk are based on different structures of Islamic contracts mentioned above murabaha , ijara , wakala , istisna , musharaka , istithmar , etc.
Like a conventional bond, a sukuk has an expiration date. But instead of receiving interest payments on money lent as bonds do, a sukuk holder is given " nominal part-ownership of an asset" from which they receive income "either from profits generated by that asset or from rental payments made by the issuer". The sukuk market began to take off around and as of , sukuk represent 0.
Takaful , sometimes called "Islamic insurance", differs from conventional insurance in that it is based on mutuality so that the risk is borne by all the insured rather than by the insurance company. As with all Islamic finance, funds must not be invested in haram activities like interest-bearing instruments, enterprises involved in alcohol or pork.
Like other Islamic finance operations, the takaful industry has been praised by some for providing "superior alternatives" to conventional equivalents;  and criticized by others for not being significantly different from them in its use of the " law of large numbers " to spread risk,  or its use of conventional corporate not mutual management practices.
Islamic funds are professionally managed investment funds that pool money from many investors to purchase securities that have been screened for sharia compliance. For equity mutual funds, companies whose shares are being considered for purchase must be screened. At least from to , Islamic equity funds under-performed both Islamic and conventional equity benchmarks, particularly as the —08 financial crisis set in according to a study by Raphie Hayat and Roman Kraeuss.
As mentioned above see Islamic laws on trading , "almost all conservative Sharia scholars" believe derivatives i. As of the Islamic derivatives market was "in its infancy" and its size was not known. Contracts or combinations of contracts for derivatives  include swaps and options:. The Islamic finance equivalent of a conventional call option [Note 24] is known as an urbun lit. These two Islamic options also have a different name for a "premium", called a "down-payment" and for the "strike price" "preset price".
Microfinance seeks to help the poor and spur economic development by providing small loans to entrepreneurs too small and poor to interest non-microfinance banks. Its strategy meshes with the "guiding principles" or objectives of Islamic finance, and with the needs of Muslim-majority countries where a large fraction of the world's poor live, [Note 25] many of them small entrepreneurs in need of capital, and most unwilling or unable to use formal financial services.
According to the Islamic Microfinance Network website as of circa ,   there are more than Islamic microfinance institutions in 32 countries,  The products used in Islamic microfinance may include some of those mentioned above — qard al hassan , musharaka , mudaraba , salam , and others. Unfortunately, a number of studies     have found "very few examples" of Microfinance institutions "operating in the field of Islamic finance" and few Islamic banks "involved in microfinance".
Critics have complained of Islamic banking and finance closely resembling the conventional sort but having "higher costs, bigger risks",  — a situation that has not been remedied by "learning" over the decades. A number of scholarly supporters such as Taqi Usmani, D. Taqi Usmani argues that the industry has "totally" neglected the "basic philosophy", undermining its own raison d'être ;  so that non-Muslims and the Muslim "masses" have now gotten the impression that Islamic banking is "nothing but a matter of twisting documents This has happened first by the sidelining risk-sharing finance in favor of murabaha and other fixed-markup financing of purchases,  and further by distorting the rules of that fixed-markup murabaha see also Ignoring required commodities below  to effectively provide conventional cash interest loans with "profit rates" that follow conventional interest rates,      the "net result" being "not materially different from interest based transactions".
Following Islamic principles, "Islamic banks were supposed to adopt new financing policies and to explore new channels of investments" to encourage development and raise the standard of living of "small scale traders", but Taqi Usmani complains "very few Islamic banks and financial institutions have paid attention to this aspect".
This financing being "largely concerned with the financing of goods already produced, and not with the creation or increase of production capital or with facilities like factories and plants, infrastructure etc.
The world in reality is full of exploitation: Interest is probably, if any, a small component in accounting for global exploitation. Yet, the proponents of Islamic economics and finance are fixated with interest. Contact Me Alternatively, please complete our contact form and we will be in touch as soon as possible. Locate Us Visit the branch that is nearest to you.
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Qard al-hasana loans are intended to be acts of charity to the needy who are allowed lenient repayment. Monetary and Financial Systems Dept