Islamic banking and finance
著者
書誌事項
Islamic banking and finance
Spiramus, 2010
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注記
Originally published: 2009
Includes bibliographical references and index
内容説明・目次
内容説明
Islamic banking has grown rapidly over the past decade and currently continues to grow, while many conventional banks and financial institutions write off $billions of bad debt. In 30 years Islamic banking has developed from local provision to providers of established international financial products. This book explains the principles of Islamic banking and finance. It then provides a guide to Islamic finance products such as istisna'a, murabaha, musharaka, mudaraba, ijara, sukuk and salam, so that the reader can understand the key concepts and main vocabulary of Islamic finance. It goes on to discuss the application of Islamic products to a variety of financial contexts (e.g. asset management, treasury, risk management, raising finance, tax). It also provides guidance on the regulatory frameworks for Islamic finance.
目次
Figures. x
Tables. xi
Foreword. xiii
1 Introduction. 1
2 Historic Developments. 3
2.1 The History of Finance. 3
2.2 The History of Islamic Finance. 8
3 Economic Principles. 11
3.1 Early Economic Thought. 11
3.2 Modern Economics and Banking. 14
3.3 Contracts and Prohibitions. 15
3.3.1 Law of contract. 16
3.3.2 Contract validity. 18
3.3.3 Principles of Contract Applied to Financial Instruments. 19
3.4 Sharia'a and Prohibitions. 19
3.4.1 Usury. 20
3.4.2 Uncertainty and Gambling. 22
3.4.3 Impact of Prohibitions on Islamic Finance. 23
4 Islamic Finance Products Explained. 25
4.1 Definitions. 25
4.2 The Asset. 27
4.3 Transaction Types. 28
4.3.1 Partnership Contracts. 29
4.3.1.1 Joint Venture. 29
4.3.1.2 Passive Partnership. 30
4.3.2 Instruments with Predictable Returns. 32
4.3.2.1 Deferred Payment Sale. 32
4.3.2.2 Leasing. 33
4.3.2.3 Short Term Production Finance. 35
4.3.2.4 Long Term Production Finance. 36
4.3.3 Other Instruments. 37
4.3.3.1 Contract of Exchange. 37
4.3.3.2 Letters of Credit. 38
4.3.3.3 Guarantee. 39
4.3.3.4 Unilateral Promise. 40
4.3.3.5 Down Payment. 40
4.3.3.6 Agency Agreement. 41
4.4 Bond-Like Instruments. 41
4.4.1 Bonds. 41
4.4.2 Sukuk. 42
4.4.2.1 Generic Structure. 43
4.4.2.2 New AAOIFI Sukuk rules. 45
4.4.2.3 Sukuk Based on Partnership Transactions. 46
4.4.2.4 Sukuk Based on Predictable Return Transactions. 47
5 Distribution of Islamic Products. 53
5.1 Distribution Channels and Sharia'a Compliance. 53
5.2 Sharia'a Compliant versus Sharia'a Based. 54
5.3 Competition or Opportunity. 55
6 Application of Islamic Products in Retail Finance. 57
6.1 Current Accounts. 57
6.1.1 Qard Al Hassan. 57
6.1.2 Amanah or Wadia. 58
6.2 Credit card. 58
6.3 Deposit Accounts. 60
6.3.1 Restricted and Unrestricted Investment Accounts. 61
6.3.2 Capital Certainty and Capital Adequacy. 62
6.3.3 Accounting Treatment. 62
6.3.4 Reserves. 63
6.4 Funds. 64
6.5 Mortgage Products. 65
6.6 Personal Loans. 67
6.6.1 Secured Personal Loans. 67
6.6.2 Unsecured Personal Loans. 69
6.7 Transfers. 70
7 Application of Islamic Products in Treasury. 73
7.1 Interbank Liquidity. 73
7.1.1 Deposit Given. 74
7.1.2 Deposit Taken. 76
7.1.3 Variation on Commodity Murabaha. 77
7.1.4 Agency Contract. 79
7.2 Hedging. 80
7.2.1 Derivatives. 80
7.2.2 Option to Buy or Sell 81
7.2.3 Foreign Exchange Requirements. 81
7.2.3.1 Currency Swaps. 82
7.2.4 Profit Rate Swap. 83
7.2.5 Selling an Asset Forward. 84
7.3 Combination of Transaction Types. 84
7.4 Asset-Based Securities. 85
7.5 Syndication. 85
8 Application of Islamic Products in Corporate Finance. 89
8.1 Trade Finance. 89
8.2 Project Finance. 91
8.2.1 What is Project Finance?. 92
8.2.2 Appropriate Islamic products. 95
8.2.3 The Project Finance Market. 97
8.3 Property Finance. 98
8.3.1 Property Finance - A Practitioners View.. 98
8.3.2 Suitable Transaction Types. 101
8.4 Leasing. 107
8.4.1 Determination of Rental Payments. 108
9 The Application of Islamic Products to Private Equity. 109
10 The Role of the London Metal Exchange. 111
10.1.1 The London Metal Exchange. 111
10.1.2 Warrants. 111
10.2 LME Base Metals. 113
11 Asset Management. 115
11.1 Selection of Sharia'a compliant investments. 115
11.1.1 Industry Screen. 116
11.1.2 Financial Screen. 116
11.1.3 Application of the Industry and Financial Screen. 117
11.1.4 Non-Compliance. 118
11.2 Types of Funds. 118
11.3 Asset Management - A Practitioners View.. 119
11.3.1 Core and Satellite Asset Allocations. 120
11.3.2 Secret 1: Index Trackers Consistently Outperform Active Funds. 122
11.3.3 Secret 2: Sharia'a Compliant Indices Outperform Conventional Indices 126
11.3.4 Secret 3: Sharia'a Indices are Liquid. 127
11.3.5 Secret 4 - How Islamic Money Market Assets Can Avoid Interest. 129
11.3.6 Our Recommendations. 130
12 Risks in Islamic Banks. 131
13 Sharia'a Supervisory Board. 135
13.1 Roles. 135
13.1.1 The Advisory Role. 136
13.1.2 The Approval Role. 136
13.1.3 The Audit Role. 137
13.2 Social Responsibilities. 137
13.3 Corporate Governance. 138
13.4 Structures and variations of Sharia'a Supervisory Boards. 140
13.5 Challenges facing Sharia'a Supervisory Boards. 141
14 The Islamic Financial Infrastructure. 143
14.1 Regulatory Institutions. 143
14.1.1 Financial Regulators. 143
14.1.2 The Fiqh Academy. 144
14.1.3 Islamic Development Bank. 144
14.1.4 Islamic Financial Services Board. 144
14.1.5 Accounting and Auditing Organisation for Islamic Financial Institutions 144
14.1.6 International Islamic Financial Markets. 145
14.2 Socially Responsible Investments and Micro Finance. 145
14.2.1 Socially Responsible Investments. 145
14.2.2 Micro Finance. 146
14.3 The Case for LIBOR. 147
15 Tax in the United Kingdom.. 149
15.1 Tax Issues for Islamic Banking in the United Kingdom.. 150
15.1.1 VAT and Islamic finance. 151
15.1.1.1 Partnership contracts. 151
15.1.1.2 Home Purchase Plans. 151
15.1.1.3 Cost plus financing. 152
15.1.2 VAT compliance. 154
15.1.2.1 Commodities. 154
15.1.2.2 Interest. 154
15.1.3 The VAT issue going forward. 154
15.2 Stamp Duty Land Tax. 155
15.3 Background to the UK Government Policies. 155
15.3.1 Changes to Taxation and Regulatory Policy since 2003. 156
15.3.1.1 Changes in 2003. 156
15.3.1.2 Changes in 2005. 156
15.3.1.3 Changes in 2006. 156
15.3.1.4 Changes in 2007. 157
15.3.2 Announcements in 2008. 157
15.3.2.1 Commercial Sukuk: current SDLT treatment. 158
15.3.2.2 Proposed Legislative Framework. 160
15.3.2.3 Tax treatment of alternative finance investment bonds. 162
16 Capital Adequacy under Basel II 163
16.1 Introduction. 163
16.2 Capital Adequacy and Minimum Capital Requirements. 163
16.3 Challenges in Islamic Finance. 169
16.3.1 Balance Sheet Size and Loss Data History. 170
16.3.2 Equity Treatment. 170
16.4 IFSB Capital Adequacy Standards. 171
16.4.1 The Definition of Capital 171
16.4.2 Credit Risk Mitigation. 172
16.4.3 Market Risk. 173
16.4.4 Operational Risk. 174
16.4.5 Capital Adequacy for Different Transaction Types. 174
16.4.6 Capital Adequacy for Sukuk. 176
16.4.6.1 Sukuk held as investment in the banking book. 176
16.4.6.2 Sukuk in the trading book. 178
16.4.6.3 Sukuk origination. 178
16.5 Capital Adequacy for Islamic Banks around the World. 179
16.6 Expected Future Developments in Capital Adequacy. 179
17 How to Value a Bank. 181
17.1 The Components. 182
17.1.1 Growth. 182
17.1.2 Risk. 182
17.1.3 Returns. 183
17.1.4 Capital and its Cost. 183
17.2 The Models. 183
17.3 The Special Case of Banks. 184
17.4 The Special Case of Islamic Banks. 185
17.5 Can a Bank be Valued?. 185
18 The Future. 187
Appendix A - Definitions. 191
Selected Bibliography. 195
Index 197
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