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  • Sharia Banking

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    Mohammed Jubaer Alom Shuvo 1812809630
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    This document provides an overview of Islamic/Sharia banking. It outlines the key doctrines of Sharia finance such as a prohibition on interest/usury, risk sharing inequality, and ambiguity. It notes that interest is also prohibited in Christianity, Judaism, and some forms of Hinduism and Buddhism. The document then lists various Sharia banking products including Wadiah/Amanah safekeeping accounts, Mudarabah profit and loss sharing, Musharakah joint ventures, Murabaha asset-backed financing with cost plus pricing, Bai Muajjal deferred payment plans, Ijarah leasing, Sukuk Sharia bonds, and Taqaful Islamic insurance.

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    Sharia-Banking

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    This document provides an overview of Islamic/Sharia banking. It outlines the key doctrines of Sharia finance such as a prohibition on interest/usury, risk sharing inequality, and ambiguity. It notes that interest is also prohibited in Christianity, Judaism, and some forms of Hinduism and Buddhism. The document then lists various Sharia banking products including Wadiah/Amanah safekeeping accounts, Mudarabah profit and loss sharing, Musharakah joint ventures, Murabaha asset-backed financing with cost plus pricing, Bai Muajjal deferred payment plans, Ijarah leasing, Sukuk Sharia bonds, and Taqaful Islamic insurance.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    2 views1 page

    Sharia Banking

    Uploaded by

    Mohammed Jubaer Alom Shuvo 1812809630
    This document provides an overview of Islamic/Sharia banking. It outlines the key doctrines of Sharia finance such as a prohibition on interest/usury, risk sharing inequality, and ambiguity. It notes that interest is also prohibited in Christianity, Judaism, and some forms of Hinduism and Buddhism. The document then lists various Sharia banking products including Wadiah/Amanah safekeeping accounts, Mudarabah profit and loss sharing, Musharakah joint ventures, Murabaha asset-backed financing with cost plus pricing, Bai Muajjal deferred payment plans, Ijarah leasing, Sukuk Sharia bonds, and Taqaful Islamic insurance.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    Islamic/Sharia Banking

    Doctrines of Sharia Finance:


     Ribah/Interest/Usury
     Risk sharing inequality
     Use of money as a commodity
     Selling without ownership
     Trade of prohibited items
     Mysir or gambling
     Gharar or ambiguity

    View on interest from other major religions


    Abrahamic Faiths: Prohibited in Islam, Christianity and Judaism
    Shanatana Dharma: Veda of Ancient India mention the usurer as kusidin. In ancient India,
    Vasishtha, a famous Hindu law-maker made a decree, which forbade the higher castes from
    being usurers or lenders. Also, Bhishma had negative view on usury.
    Buddhism: In Jatakas, usury is referred to as hypocritical business.

    Sharia Products:
    Al Wadiah/Amananh: Safekeeping and trust. Money will remain as it is.
    Mudarabah: Profit & loss sharing
    Musharakah: Joint venture
    Murabaha: Asset back product with cost + pricing
    Bai Muajjal: Deferred payment of a sale related to Murabaha
    Ijarah: Lease
    Sukuk: Sharia based bond that offer limited time partial ownership
    Taqaful: Sharia based insurance that is a pool of fund where all insurers will share risk

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