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Articles are organized either by author or by subject.

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By Author

Zubair Hasan
Mughees Shaukat
Mahmoud El Gamal
Obiyathulla Ismath Bacha

By Subject

Microfinance
Islamic Banking
General Islamic Finance

Prof. Dr. Zubair Hasan

International Centre for Education in Islamic Finance - INCEIF


PhD in Economics (Meerut University), India

2010. "Islamic Finance:Sructure-objective mismatch and its consequences," 21536, University


Library of Munich, Germany.

2009. "Profit sharing ratios in mudaraba contract revisited," 21843, University Library of Munich,
Germany, revised 2010.

2009. "Dubai turmoil before and after the bailout," 19484, University Library of Munich, Germany.

2009. "Comments on 'Comprehensive human development: Realities and aspirations' by Salih,


S.A," 17039, University Library of Munich, Germany, revised Aug 2009.

2008. "Theory of profit from Islamic perspective," 8129, University Library of Munich, Germany.

[+] Read full story


Mughees Shaukat

INCEIF the Global University in Islamic Finance


Kuala Lumpur, Malaysia
MIF/PhD Program

Common Structures of Sukuk

Recent innovations in Islamic finance have changed the dynamics of the Islamic finance industry.
Specially in the area of bonds and securities the use of Sukuk or Islamic securities have become
increasingly popular in the last few years, both as a means of raising government finance through
sovereign issues, and as a way of companies obtaining funding through the offer of corporate
sukuk. Sukuk has developed as one of the most significant mechanisms for raising finance in the
international capital markets through Islamically acceptable structures . Multinational
corporations, sovereign bodies, state corporations and financial institutions use international
sukuk issuance as an alternative to syndicated financing. [+] Read full article

The Islamic Capital Market


Islamic financial system is a real economic activity based financial systems. It is a part of a
broader Islamic economic system that deals with the questions of allocation of resources,
production and change of goods and services and distribution of wealth in fair, equitable and
socially beneficial ways. It is part of a consistent and integrated framework which considered
finance as a supporting factor in the smooth functioning of real economic activity and in carrying
out of the social goods as defined by the objectives of Shariah. In this system, finance does not
exist for the finance per se. Therefore financing itself is not allowed to be an income generating
activity unless it is combined with some real economic activity and involves taking the requisite
risks associated with it. The nature of Islamic finance is aptly summarized by Shamshad Akhtar,
Governor of the State Bank of Pakistan, at Georgetown University on October 18, 2007. [+] Read
full article

Sale of Goods and Sale of Debt: A Comparative Analysis

Law is concerned, primarily, with fairness whereas social good, including economic good, is
conceived in terms of provisions that depend, ultimately, on production. Fairness is necessary for
ensuring dignity whereas wealth is needed to guaranty security. It goes without saying that
Islamic economics as a discipline cares about efficiency as well as justice and fairness. It is well
aware of the fact that in a balanced realization the two reinforce each other. This paper will
propose to demonstrate the ever so prevalent and dynamically wisdomful nature of Islam even
enshrined through Islamic finance by venturing into a detailed debate rooted from and to the very
foundational paradigm of TRADE, the concept of exchange of property, selling and buying.
Incept- ionizing from the submerged argumentation over the permissible stacked up with the
non-permissible stretching to the dimensions of understanding the basic concepts and then
gliding to the depths of despair by permitting the non-permissible pinnacled by modern financial
instruments and concluding in more a self explanatory parlance. [+] Read full article

General Perception of Fatwa and its Role in Islamic Finance

In the technical language of Shari`ah, the word fatwa clarifies the Islamic ruling in an answer
given to question or a set of questions usually related to an Islamic issue. It does not make any
difference whether the questioner is a person or a group of persons. It stands to reason that fatwa
is not an easy task, but rather an arduous one. This is because the one who commits himself to
issuing fatwas acts on behalf of Allah's Messengers and Prophets. The Prophet (peace and
blessings be upon him) is reported to have said: "Scholars are the heirs of Prophets, and
Prophets neither left behind dinars nor dirhams (Arab coins); rather they left knowledge. He who
acquires knowledge has really gained something of great value." This paper will not only explore
the meaning and perception of fatwa as a whole but would also link and reflect on its influence,
bearings and links to Islamic finance. [+] Read full article

The Recent Financial Growth of Islamic Banks and Their Fulfillment of Maqasid Al-Shariah: Gap
Analysis

Initially conceived in response to a faith-based logic of conforming to the principles of shariah in


all spheres of life, the astounding growth of Islamic finance industry can be judged by the rapid
pace at which the Islamic financial institutions (IFIs) are evolving around the world, where they
co-exsist with a parallel system of conventional financial service. Growing at a rate of 10-15
percent per annum in the last decade, today the Islamic financial industry comprises of a range of
financial institutions, including banks, non-banks finance companies, venture capital firms,
insurance companies, mutual funds etc. However in the midst of all this boom one must not forget
the real foundational purpose of these Islamic financial institutions and must relate to the fact that
how much this recent growth is in line, based and driven by their foundational purposes i.e.
MAQASID AL-SHARIAH. This study focuses exactly on this aspect and hence comes up with
some meticulous analysis to assess the gap between this pomped financial growth and its
compatibility with maqasid al-shariah by providing a litmus test for judgmental philosophies and
hence in a niche effort to locate the gap between the two. [+] Read full article

Some Core Concepts in Sukuk

There is a basic dissonance between the tendency to mimic conventional financial practices and
products and promoting Islamic finance. The former tendency assumes that conventional
financial products and practices respond to genuine social needs. It ignores their ill effects in
terms of injustice, inequity and instability. But the entire rationale of Islamic finance is quest of
prosperity with justice and equity. Insofar as a debt market obstructs equitable distribution of
wealth and income, it must be constrained. Distancing sukuk from debts should be considered in
this context