By Jaseem Ahmed, Harinder S Kohli
Islamic Finance is a compilation of chosen writings of Dr. Venkataraman Sundararajan (1945 2010), a world coverage maker who performed an important function within the improvement of the regulatory and supervisory frameworks and coverage for Islamic finance. Spanning greater than a decade of his recommendations on Islamic finance, this publication offers either uncomplicated and complex wisdom at the field. The chapters reveal not just Dr. Sundararajan s long-standing dedication to assisting improve Islamic banking, but in addition how Islamic finance itself has developed speedily among 1998 and 2010.
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Additional resources for Islamic Finance: Writings of V. Sundararajan
Example text
Challenges in the Development and Supervision of IFSI IFSI’s development and its effective supervision face special challenges. , the type and mix of risks that are embedded in individual Islamic products and the arrangements to share risks with Investment Account Holders [IAHs]), which pose unique risk management challenges. Many countries do not yet have a suitable legal framework or regulatory infrastructure to address these issues, although the standards to address these are being developed.
4â•… Islamic Finance Box 1â•… Foundations of Islamic Finance 1. Core Shari’ah rules and principles are derived from the Qur’an, Sunnah (spoken advice, acts, and tacit approvals of the prophet Muhammed, as contained in the Hadiths) and ijtihad (legal reasoning and analysis by Islamic scholars and jurists). These principles include: The prohibition of riba. The avoidance of gharar: the concept applies to preventable ambiguity and uncertainty. ” The engagement in commerce through well-defined written contracts (mutual consent).
Core Shari’ah rules and principles are derived from the Qur’an, Sunnah (spoken advice, acts, and tacit approvals of the prophet Muhammed, as contained in the Hadiths) and ijtihad (legal reasoning and analysis by Islamic scholars and jurists). These principles include: The prohibition of riba. The avoidance of gharar: the concept applies to preventable ambiguity and uncertainty. ” The engagement in commerce through well-defined written contracts (mutual consent). 2. Ethical principles governing Islamic finance are derived from the larger value system embedded in Islam which implies that: Forbidden activities, such as gambling and alcohol, cannot be financially supported or financed.