Concept And Application Of Shariah For The Construction Industry: Shariah Compliance In Construction Contracts, Project Finance And Risk Management PDF Download

Author: Khairuddin Abdul Rashid
Publisher: World Scientific
ISBN: 9813238925
Category : Technology & Engineering
Languages : en
Pages : 344

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Book Description
The application of Shariah compliance in business transactions continues to increase. The Asian financial crisis of 1997, global financial crisis of 2007-2008, Enron scandal and other reported ills besieging conventional business transactions have led to advocates of Shariah-compliant business transactions promoting the latter as a credible alternative. However, unlike the banking, commerce and financial sectors, the uptake by the construction sector was sluggish due to limited understanding of Shariah among the practitioners and policymakers compounded by the lack of research and publications on its application for the construction sector.This book is intended for students, researchers, practitioners and policymakers of the construction industry as well as the related upstream and downstream activities. It offers basic theories, challenges current practices, and proposes innovative ideas on Shariah compliance and its application for the construction industry.Related Link(s)

Author: Khairuddin Abdul Rashid
Publisher:
ISBN: 9789813238916
Category : TECHNOLOGY & ENGINEERING
Languages : en
Pages : 344

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Book Description

Author: Nadia Mansour
Publisher: Springer Nature
ISBN: 3031278607
Category : Business & Economics
Languages : en
Pages : 549

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Book Description
This volume discusses the role and characteristics of Islamic finance and how it can contribute to a sustainable financial system. Islamic finance is not only for the 1.5 billion Muslims. Several countries are interested in it because it has interesting characteristics in terms of transparency and banking regulation. Although the origins of Islamic finance date back several centuries, its resurgence is relatively recent. From its modern beginnings in Egypt and Malaysia, Islamic finance is now a growing sector and its recent performance contrasts with that of conventional banks. Rapid growth and innovation are transforming the sector, driving economic development in an increasing number of jurisdictions, while also increasing the number of new opportunities and challenges. Today, with the problem of climate change and its adverse effects on the whole world, the flexibility of Islamic finance concerning the operations available to those who wish to finance the development of infrastructure, makes this area crucial for sustainable finance.

Author: Syed Adam Alhabshi
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110562758
Category : Business & Economics
Languages : en
Pages : 192

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Book Description
Risk-sharing investment is currently the buzz word in Islamic finance. However, there is an incongruence in applying multilayered and opaque Tijarah contracts for investment purposes. This has contributed to the divergence between Shariah and Common Law and caused tremendous problems and systemic legal risks to Islamic finance. The authors of Shariah Investment Agreement introduce a legal tool in the form of a Shariah Investment Agreement carefully drafted to ensure that it is Shariah-compliant and can be applied in Common Law jurisdictions as well, so as to allow for the execution of risk-sharing investment in Islamic finance. It details the building blocks and key considerations that must be noted when drafting such agreements so the investor and investee will know what to expect when entering into such a contract. Proper implementation of the Shariah Investment Agreement will pave a clear route to a harmonious convergence between Shariah and Common Law and lead to Islamic finance developing further to become a stronger, unstoppable force in the finance industry.

Author: Ahcene Lahsasna
Publisher: John Wiley & Sons
ISBN: 1118796861
Category : Business & Economics
Languages : en
Pages : 243

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Book Description
A comprehensive guide to one of the key risk management issues in the expanding field of Islamic finance For Islamic financial institutions, Sharia non-compliance is a growing and key risk that must be carefully managed. This book offers a thorough look at non-compliance risk and explains the legal documentation necessary to ensure compliance for professionals in the Islamic finance industry. In addition, the book offers helpful guidance and understanding for the legal departments of Islamic financial institutions, as well as lawyers, legal firms, Shariah advisors, Shariah officers, and students studying Islamic finance. The book covers fundamental concepts, major risk elements, tools and techniques for identifying non-compliance, legal documentation, and the impact of non-compliance, among other vital topics. Offers comprehensive coverage of the growing field of non-compliance risk management in Islamic finance Includes in-depth coverage of legal documentation Written by an expert on the topic who teaches at INCEIF, The Global University for Islamic Finance and IIUM, International Islamic University of Malaysia in Malaysia

Author: Hussein Kureshi
Publisher: John Wiley & Sons
ISBN: 1119020573
Category : Business & Economics
Languages : en
Pages : 387

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Book Description
A very accessible and concise guide to Islamic finance Contracts and Deals in Islamic Finance provides a clear breakdown of Islamic financial contracts and deal structures for beginners. The embedded requirements within selected Islamic financial contracts, such as risk weightage, capital structures, creations of cash flows, and balance sheets, are explained fully to provide a solid understanding of the backbone of the industry. Aimed primarily at beginners and those with a background in conventional banking, this book guides readers through the major contracts, how they're applied, and how to discern a contract's legitimacy. Case studies and interviews with bankers and global regulators provide real-life examples of contract application, and the author's own experiences provide deep insight into the everyday issues that arise. Ancillary instructor's materials include PowerPoint slides and lecture notes that facilitate use in the classroom. Literature describing the application of Islamic financial contracts is few and far between, and those providing a basic breakdown of these contracts and questioning their validity are rarer still. This book is the first of its kind, offering a basic approach to understanding Islamic contracts, designed for the true beginner. Understand the current contracts applied in Islamic banking Learn how contracts are applied across different jurisdictions Identify illegitimate contracts and those not in the spirit of Shariah law Examine the current economic realities surrounding Islamic finance By highlighting the underlying themes in Islamic finance and assessing the current practices, this book gives readers the solid understanding and up-to-date perspective that form a solid foundation upon which successful Islamic finance is practiced. For a solid introduction to the Islamic finance industry, Contracts and Deals in Islamic Finance is an accessible, practical guide.

Author: Faizal Karbani
Publisher: FT Press
ISBN: 1292001453
Category : Business & Economics
Languages : en
Pages : 192

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Book Description
A practical and accessible guide to Islamic finance that helps demystify the differences with conventional banking, enabling practitioners to develop Sharia compliant products for customers. The Islamic Finance industry is estimated to be worth $1.2 trillion and is growing globally at over 10% per year. Mastering Islamic Finance will give practitioners an understanding of Islamic finance, from the basic techniques, through to advanced applications. Helping to demystify and clarify the differences with conventional banking, it will enable practitioners to develop Sharia compliant products for customers. According to Sharia law there are strict rules on how financial services and products can be designed; in Islamic Finance money cannot make money and the subject of the finance must be an asset or a verifiable, real trade or business activity. Sharia compliant financial instruments have been devised to enable Muslims to abide by the principles of Islam and still make the most of their money. Mastering Islamic Finance will equip readers with an understanding of Islamic financial instruments so they can sensibly apply them in practice. For each instrument there is a definition of the concept and how it differs from its equivalent in conventional banking. There are also examples and case studies to highlight practical applications. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed.

Author: Karim Ginena
Publisher: John Wiley & Sons
ISBN: 1118460804
Category : Business & Economics
Languages : en
Pages : 408

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Book Description
A practical guide for robust sharī'ah governance ofthe Islamic banking industry Debate in the market on the extent of sharī'ahcompliance of Islamic banks, their products, and activities haspiqued stakeholders' interest. In Foundations of Sharī'ahGovernance of Islamic Banks, Karim Ginena and Azhar Hamidexplore the depths of sharī'ah governance to unravelits mysterious dimensions, and equip academics and practitionerswith a solid understanding of the subject, which has become aserious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain thesharī'ah risk that Islamic banks experience, andpresent a compelling argument for how this should be done. Ginenaand Hamid propose a robust sharī'ah governance modelthat comprehensively tackles thisrisk, and helps improve the extentof sharī'ah compliance of market players. The authorsdetail the internal, external, and institutional arrangementsneeded to promote responsible sharī'ah governance, andcritically analyze current laws, regulations, and industrypractices on the topic. The chapters of the book do thefollowing: Examine the roots, characteristics and objectives ofsharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ahgovernance, explore the different approaches adopted by bankingsupervisors, and provide examples of relevant legal and regulatorymeasures; Explain to bank directors and management the fiduciary dutythey assume with respect to sharī'ah compliance, anddetail how they could discharge this responsibility in line withbest practices; Elaborate on the purpose of the Sharī'ahSupervisory Board (SSB), its responsibilities, competence criteria,internal regulations, and key governance guidelines; additionally,they explore different SSB models; Describe the internal sharī'ah control systemincluding its six components, and examine the internalsharī'ah audit function as well as different stages ofconducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, withguidance on reporting lines, scope of duties, authority, andpractical ways on fulfilling tasks, such as a samplesharī'ah risk assessment grid and auditchecklists; Discuss the newly emerging external sharī'ahadvisory firms that are expected to play a key role in the comingyears and the services they provide. Through an effective treatment of each of these elements, andthe way that they interact with one another, the book offers afresh take on how robust sharī'ah governance of Islamicbanks can be successfully accomplished. It is a comprehensiveresource for academics, regulators, directors, lawyers, auditors,consultants, employees, and customers of Islamic banks interestedin learning more about these challenges. This essential readingpersuasively extends the discourse on the subject and addressescritical sharī'ah issues that have policy implicationsfor decision makers in jurisdictions aiming to attract thefast-growing Islamic finance industry or increase their marketshare.

Author: Saad Bakkali
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110593432
Category : Business & Economics
Languages : en
Pages : 141

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Book Description
The contemporary finance deals mainly with multilateral and multi-counterparty transactions. Islamic Jurisprudence (Fiqh) has yet to develop its conceptualization of this modality of financing. Thus far, it has become a norm for large financing projects to rely on a complex structure of interconnected bilateral contracts that in totality becomes opaque, complex and costly. An unfortunate result of the unavailability of an efficient Fiqhi model applicable to modern multilateral and multi-counterparty contracts has been the fact that the present Islamic finance has been forced to replicate conventional risk-transfer (interest rate based) debt contracts thus drawing severe criticisms of duplicating conventional finance. In 2012, a gathering of some of the Muslim world’s most prominent experts in Jurisprudence (Fuqaha) and economists issued the Kuala Lumpur Declaration (Fatwa) in which they identified risk sharing as the essence of Islamic finance. The Declaration opened the door for a new Fiqh approach to take the lead in developing the jurisprudence of multilateral and multi-counterparty transactions. This Declaration (Fatwa) provides a prime motivation to search for a comprehensive model of risk sharing that can serve as an archetypal contract encompassing all potential contemporary financial transactions. From the perspective of Islamic Jurisprudence (Fiqh), the technicalities of the concept of risk sharing in contemporary finance have yet to be defined in Islamic literature. This book attempts to clarify and shed light on these technicalities from the perspective of Fiqh. It is a comprehensive study that relies on the fundamental Islamic sources to establish a theoretical and practical perspective of Fiqh encompassing risk-sharing Islamic finance as envisioned in the Kuala Lumpur Declaration of 2012. This new paradigm should lead to a more efficient approach to multilateral and multi-counterparty Islamic contracts which, here-to-fore has been lacking in the current configuration of Islamic finance.

Author: Bloomsbury Publishing
Publisher: A&C Black
ISBN: 1849300380
Category : Business & Economics
Languages : en
Pages : 586

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Book Description
Islamic Finance: Instruments and Markets looks at the application of Sharia law to the world of banking and finance. It provides you with an understanding of the rationale behind the instruments and the rapidly developing Islamic financial markets. Coverage includes in-depth analysis of the financial instruments within the Sharia framework and how they are applied in various sectors including insurance, investment and capital markets. Regulatory issues are also discussed both from the role of the Sharia board to reporting financial risk to legal bodies. It addresses issues such as bringing a New Ethical Dimension to Banking through to The International Role of Islamic Finance and provides you with a range of checklists from Business Ethics in Islamic Finance to The Role of the Shariah Advisory Board in Islamic Finance and Regulatory and Capital Issues under Shariah Law.