The Basis of Islamic Banking and Finance

May 12th, 2015
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Learning outcomes • Understand the ethical underpinning of Islamic Finance.• Understand the roles of Sharia’a.• Know the sources of Shari’a.

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Tutorial 1 updated The Basis of Islamic Banking and FinanceTutorial 1- Chapter 1Prepared by : Wafa SalmanUpdated 09/09/14Learning outcomes Understand the ethical underpinning ofIslamic Finance. Understand the roles of Shariaa. Know the sources of Sharia. Know the authorities able to interpret theQuran and Sunnah and their role.1. Introduction Islamic Finance has been growing steadily atan estimated rate of 10-15% per year. Islamic Finance estimated to have assets ofaround $ 1 trillion. To understand Islamic Finance, it is necessaryto understand the principles it is based on,and the fact that Shariaa governs all aspectsof Muslims life.CAUTION We do not advocateany particular streamof the Islamic religion,and the views onIslamic instrumentsrepresent a generallyaccepted view of thefinancial instruments inthe market place.2. Ethical underpinning of Islamic Finance ISLAMIC COMMERCIAL ETHICS( Stewardship , Integrity , Sincerity , piety , Righteousness and Perfection at work) CHARITABLE DISTRIBUTION( Zakat : mandatory , Sadaqat : voluntary) WEALTH CREATION(Earnings should be directly linked to economic activity and production) ENTERPRISE AND ASSET BIAS( Commercial transaction is either associated with an underlying asset or represent an investment in an enterprise)3.1 The Role of Shariaa Shariaa is one of the three basic elements ofIslam :1. Faith and Belief ( The Aqi

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