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PPT : Islamic Finance And Banking (If & B) As An Alternative In Globalized Economy
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* Syari’ah laws and values that comprehensively guide individuals’ in (ritual and non-ritual) life.
* In business and economy, syari’ah laws explicitly state that Allah allow trade (business) but prohibit riba (Ahallallahul bai’a wa harramarriba).
* Dealings with haram (unlawful) services and commodities, such as gambling, liquors, etc. are prohibited.
* Contracts should be based upon profit and risk sharing; and in the forms of buyer – seller (murabahah), lessor – leasee (ijaarah), partnership (musyarakah), and or debtor – creditor (qard hasan) relationship.
* Islamic laws do not allow business contracting under future uncertain events. No speculation.
* Islamic laws do not allow business on monetary instruments; money is medium of exchange only that should not have any intrinsic value.
* Zakat should be included in managing assets, as the obligation to contribute to social welfare.
* Segragation between syari’ah and non-syari’ah fund.
* Syari’ah supervisory board or other institutions to maintain that the transactions are conducted in accordance to syari’ah laws.
* Syari’ah based accounting standards.
* More ethical business and economy.
* Better governance, due to participation of investors (debt holders) in risk sharing.
* Less uncertainty and less transaction costs.
* Less speculation.
* Syari’ah businesses deal only on real sector (goods and services), so that it will add economic value.
* Relatively new and at the developing stage that needs more socialization and evidence that it is better (more efficient) than the conventional ones.
* Syari’ah finance and banking scheme has a high growth potential. Studies indicate that it grows at 15% per year (Ghannadian and Goswami, 2004).
* Conventional banks, including multinationals get into the business, offering islamic financial products.
* Grais & Pellegrini (2006) reported that the global Islamic financial services industry consisted of 284 institutions offering Islamic financial services (IIFS) operating in 38 countries, both Muslim and non-Muslim.
* Solé (2007) identified that there were more than 300 Islamic financial institutions spread over 51 countries, plus well over 250 mutual funds that comply with Islamic principles.
* Assets held by fully shariah-compliant banks or Islamic banking windows of conventional banks rose by 28.6 percent to $822bn from $639bn in 2008, compared to just 6.8% for that of conventional bank (The Banker’s Top 500 Islamic Financial Institutions Survey).
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