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An abstract of what we wrote is as follows:

Samad & et al (2005) and Hassan & Lewis (2007) highlights the four significant factors for an Islamic financial institution which differ it from western way and shows Shariah compliance in depth.

  • Riba (Interest) free transections.
  • Investment in or by, Haram (Illegal) goods and services activities (from Islamic point of view) are strictly forbidden.
  • Gharar (Speculation) is not allowed in any way.
  • Zakat (Obligatory Islamic form of Tax @ 2.5%) must be paid.

The conduct of Islamic finance is governed by the Shariah, which bans speculation, but stipulates that income must be derived as profits from shared business risk rather than interest or guaranteed return. Since only interest-free forms of finance are considered permissible in Islamic finance, financial relationships between financiers and borrowers are not governed by capital-based investment gains but shared business risk (and returns) in lawful activities (halal). Any financial transaction under Islamic law implies direct participation in asset performance, which constitutes entrepreneurial investment that conveys clearly identifiable rights and obligations, for which investors are entitled to receive commensurate return in the form of state-contingent payments relative to asset performance.

There is still debate among the Islamic religious scholar regarding the exact Riba nature due to its convolution, but many of them agreed at the point that Islam does not allow money (cash practice) to be used as a form of commodity, so any excess in return on the principle amount is Riba. It is vital to understand the issue that when there would be an activity and the return would be certain on the cash transaction (being used as commodity); then such an activity will fall under the definition of Riba. However, Islam only and only allows the Riba when investment risk would be share by the investor as well and also investor can’t fix the return, but it can be only in case when investor has to have wear and tear expenses on its capital investment such as rent on a house. This is because Islam wants trade via money circulation and Allah strictly states in the Koran (2:275, Muslims‟ religious book) “Allah prohibits Riba and permits Trade”.

In the following paragraphs we explore the usage of three forms of instruments. The basic premise under which the above instruments function is that the Shariah does not prohibit one from paying for the use of an asset, so long as both the lender and borrower jointly bear the investment risk of the underling and there is no guaranteed profits ex-ante. These would accrue only if the underlying investment itself yields income. Since there are moral barriers to the practice of passive investment and compensating oneself through secured interest, Shariah-compliant lending would require one to replicate the interest-bearing conventional finance in form of a more complex structural arrangement based of contingent claims. This however should be, on an overall basis, be creating an equitable system that allows distributive justice and promotes activities and public goods that are allowed (maslahah)

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