August 1, 2018
There was no direct equivalent of insurance in classical Islamic traditions. Since Insurance is about risk mitigation, the scholars had to look for equivalent strategies in […]
June 30, 2018
The banks converting from conventional to Islamic banking can continue to have demand and time deposits with different maturities. The main difference is that no interest […]
June 1, 2018
Islamic banking provides financial services to both Muslims and non-Muslims. In that sense, it is similar to a conventional bank and requires meticulous studies of banking […]
May 20, 2018
The following are the accounting definitions in a general conceptual framework of an Islamic bank’s financial statements. Assets An asset is defined as having possession of […]
May 15, 2018
Conventional accounting provides information related to financial position, operations, and cash flows about an entity to allow interested parties to make informed decisions about the entity. […]
May 5, 2018
Shari’ah Boards perform the all-important role of reviewing, approving, and overseeing the services and transaction of an Islamic bank. The boards consist of recognized scholars who […]
May 1, 2018
A functioning economy requires a stable and reliable banking and financial services sector. Banks cannot be relegated to a totally laissez-faire market where all transactions are […]
April 1, 2018
Sukuk are Islamic equivalent of fixed income bonds found in the western markets. Shari’ah scholars have varying opinions about legitimacy of Sukuk structure in Islam. This […]
March 31, 2018
Islamic funds maintain a committee of scholars who work independent of the fund managers and advise the managers about Shari’ah compliance of various securities. The opinion […]