Islamic Banking and Finance Movement Worldwide: Performance and Prospects

Mohammad Mansoor Khan and Muhammad Bhatti
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Mohammad Mansoor Khan: University of South Australia

Chapter 3 in Developments in Islamic Banking, 2008, pp 38-76 from Palgrave Macmillan

Abstract: Abstract Islamic banking and finance (IBF) is an ideological discipline that draws on Shariah principles to expunge interest and other exploitative elements from the economic and financial spheres of human society. It is an equity-based system that primarily relies on profit and loss sharing (PLS) modes, namely, Mudarabah (joint venture) and Musharakah (equity participation), to perform borrowing, lending and investment functions. However, it may use some other interest-free instruments, such as Murabaha (deferred payment sale), Ijarah (leasing), Bai Salam (advance payment) and Bai Istisna (procurement engagement), to replace the interest-based banking and finance system in its entirety.

Keywords: Mutual Fund; United Arab Emirate; Gulf Cooperation Council; Islamic Bank; Muslim Country (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-58230-9_3

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DOI: 10.1057/9780230582309_3

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