Appendix I: Questionnaire on Islamic Finance Objectives ...978-1-137-51566-7/1.pdf · 158 Appendix...
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Appendix I: Questionnaire on Islamic Finance Objectives and Achievements Dear Respondent, I am conducting an academic research on whether the Objectives of Islamic Finance are being achieved or not by Islamic Banks and Financial Institutions. I very humbly request you to spend your precious five minutes in filling the questionnaire as per your perception about the Islamic Finance Industry. Your contribution in this regard will be highly appreciated and will be acknowledged at the time of submission of thesis. 1. Your Name (Optional): Prof./Dr./Mr./Mrs./Miss ................................. ................................................................................. 2. Please select your age: a) Under 25 b) 26–35 c) 36–45 d) 46 or older 3. Please select your gender? a) Male b) female 4. How are you related with Islamic Finance, please tick any one from the following. a) Customer b) Employee of Islamic Bank c) Shariah Advisor d) Regulatory officer e) Others (Please specify ......... 5. By religion you are a? a) Muslim d) Buddhist b) Christian e) Atheist/Secular c) Hindu f) Others please specify 6. Data Collection country: a) Malaysia c) United Arab Emirates Note: There is no right or wrong answer, all I am interested in knowing is your opinion on a “- point Scale”. Where, 5 = Strongly Agree, 4 = Agree, 3 = Neutral, 2 = Disagree, 1 = Strongly Disagree. 157
Transcript of Appendix I: Questionnaire on Islamic Finance Objectives ...978-1-137-51566-7/1.pdf · 158 Appendix...
Appendix I: Questionnaire onIslamic Finance Objectives andAchievements
Dear Respondent,
I am conducting an academic research on whether the Objectives of Islamic Financeare being achieved or not by Islamic Banks and Financial Institutions. I very humblyrequest you to spend your precious five minutes in filling the questionnaire as per yourperception about the Islamic Finance Industry. Your contribution in this regard will behighly appreciated and will be acknowledged at the time of submission of thesis.
1. Your Name (Optional): Prof./Dr./Mr./Mrs./Miss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Please select your age:a) Under 25 b) 26–35c) 36–45 d) 46 or older
3. Please select your gender?a) Male b) female
4. How are you related with Islamic Finance, please tick any one from thefollowing.a) Customer b) Employee of Islamic Bankc) Shariah Advisor d) Regulatory officere) Others (Please specify . . . . . . . . .
5. By religion you are a?a) Muslim d) Buddhistb) Christian e) Atheist/Secularc) Hindu f) Others please specify
6. Data Collection country:a) Malaysia c) United Arab Emirates
Note: There is no right or wrong answer, all I am interested in knowing is your opinionon a “- point Scale”. Where,
5 = Strongly Agree,4 = Agree,3 = Neutral,2 = Disagree,1 = Strongly Disagree.
157
158 Appendix I: Questionnaire on Islamic Finance Objectives and Achievements
Please tick (√
) the number for each statement.
Do you think Islamic Banking and Financial Services is:
1 True to the teachings of Islam? 5 4 3 2 12 Shariah Based? 5 4 3 2 13 A good vehicle to promote Islamic values? 5 4 3 2 14 Working as per the teachings of Quran and
Sunnah?5 4 3 2 1
5 First in conformity with the norms of Islamand then in accordance with customer’spreferences?
5 4 3 2 1
6 Investing in business where there is no Gharar(more risk)?
5 4 3 2 1
7 Practically not indulged in businesses likegambling, pornographic, alcohol, cinema andother forbidden businesses in Islam?
5 4 3 2 1
8 Not different from other commercial banksexcept in complying with Shariah legalprescriptions with regard to product offering?
5 4 3 2 1
9 Promoting Islamic values and way of lifetowards staff, clients and general public?
5 4 3 2 1
Do you think:
10 Shariah scholars play their role while issuingdifferent products?
5 4 3 2 1
11 Shariah board acts as a watchdog while issuingdifferent products?
5 4 3 2 1
Do you think Islamic banks and financial institutions:
12 Do not exploit its customers in any way? 5 4 3 2 113 Do not indulge in misleading advertisements? 5 4 3 2 114 Do not earn income through unfair means? 5 4 3 2 115 Are free from exploitation, discontentment and
strife?5 4 3 2 1
16 Are in consonance with the principles of fairdealing, justice and benevolence?
5 4 3 2 1
17 Properly reflect the values in which they arebased?
5 4 3 2 1
18 Follow Islamic ethics? 5 4 3 2 1
Appendix I: Questionnaire on Islamic Finance Objectives and Achievements 159
I believe that the following objectives of Islamic finance are being achievedby Islamic Banks and Financial Institutions:
19 Maximizing profits (good percentage of returnto investors).
5 4 3 2 1
20 Help in alleviating poverty (povertyeradication).
5 4 3 2 1
21 Promoting sustainable development projects. 5 4 3 2 122 Providing employment opportunities. 5 4 3 2 123 Minimizing cost of operations. 5 4 3 2 124 Enhancing product and service quality. 5 4 3 2 125 Offering viable and competitive financial
products.5 4 3 2 1
Do you think Islamic Banks and Financial Institutions:
26 Are providing enough retail products? 5 4 3 2 127 Contributing to social welfare? 5 4 3 2 128 Collecting and distributing Zakat? 5 4 3 2 129 Contribute in removing society’s inequalities
and improving general standard of living?5 4 3 2 1
30 Performance cannot be judged only throughgood percentage of profit/return?
5 4 3 2 1
31 Use modern technology in performing bankingtransactions?
5 4 3 2 1
32 Completely serve as an alternative bankingsystem?
5 4 3 2 1
Do you think following products and services of Islamic finance are reallyIslamic:
33 Mudarabah (sleeping partnership)? 5 4 3 2 134 Musharakah (partnership Financing)? 5 4 3 2 135 Sukuk? 5 4 3 2 136 Ijarah (leasing)? 5 4 3 2 137 Takaful (insurance)? 5 4 3 2 138 Murabahah (cost plus financing)? 5 4 3 2 1
160 Appendix I: Questionnaire on Islamic Finance Objectives and Achievements
Your comments and suggestions are welcome, regarding the development ofIslamic Finance Industry in the world . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . If you need additional sheets, please ask.
Thank You
Your Signature please
Appendix II: Islamic FinancialInstitutions (By Region andCountry1)
1. Middle East
1.1 Bahrain1.2 Jordan1.3 Kuwait1.4 Lebanon1.5 Qatar1.6 Syria1.7 Saudi Arabia1.8 United Arab Emirates1.9 Yemen
2. Asia (South and Southeast)
2.1 Bangladesh2.2 Brunei Darussalam2.3 Indonesia2.4 Pakistan2.5 Malaysia2.6 Thailand
3. Africa
3.1 Kenya3.2 South Africa3.3 Sudan
4. Asia (Northern)
4.1 China
5. Australia and Pacific Islands
5.1 Australia
1 Different banks and financial institutions across globe are given. This is not thecomplete list in any way. In this list only those banks and financial institutionshave been taken which the researcher knows from his personal website, which is‘World Database for Islamic Banking and Finance’ (WDIBF), and having websiteURL www.wdibf.com.
161
162 Appendix II: Islamic Financial Institutions (By Region and Country)
6. Commonwealth of Independent States
6.1 Azerbaijan6.2 Kazakhstan6.3 Russia
7. Europe
7.1 France7.2 Germany
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Appendix III: Glossary on IslamicFinance
Al Ghunm bil Ghurm: This provides the rationale and the principle of profit-sharing in Shirkah arrangements. Earning profit is legitimized only by engagingin an economic venture, risk sharing and thereby contributing to the economy.
Al-Aariyah (Gratuitous loan of non-fungible objects): Al-Aariyah means the loanof a particular piece of property, the substance of which is not consumed by itsuse, without anything being taken in exchange. In other words, it is the gift ofusufruct of a property or commodity that is not consumed on use. It is differentfrom Qard, which is the loan of fungible objects which are consumed on use andin which the similar and not the same commodity has to be returned. It is alsoa virtuous act like Qard. The borrowed commodity is treated as liability of theborrower who is bound to return it to its owner.
Al-Kafalah (Suretyship): Literally, Kafalah means responsibility, amenability orsuretyship. Legally, in Kafalah a third party becomes surety for the payment ofdebt. It is a pledge given to a creditor that the debtor will pay the debt, fine,etc. Suretyship in Islamic law is the creation of an additional liability with regardto the claim, not to the debt or the assumption only of a liability and not ofthe debt.
Al-Qur’an (also written as the Qur’an only): The Holy Book of Muslims, con-sisting of the revelations made by God to Prophet Muhammad (peace be uponhim). The Qur’an lays down the fundamentals of the Islamic faith, includingbeliefs and all aspects of the Islamic way of life.
Al-Rahn: Pledge, collateral; legally, Rahn means to pledge or lodge a real or corpo-real property of material value, in accordance with the law, as security, for a debtor pecuniary obligation so as to make it possible for the creditor to recover thedebt or some portion of the goods or property. In the pre-Islamic contracts, Rahnimplied a type of earnest money which was lodged as a guarantee and materialevidence or proof of a contract, especially when there was no scribe available toput it into writing. The institution of earnest money was not accepted in Islamiclaw and the common Islamic doctrine recognized Rahn only as a security for thepayment of a debt.
Al-Sarf : Basically, in pre-Islamic times it was exchange of gold for gold, silver forsilver and gold for silver or vice versa. In Islamic law such exchange is regarded as‘sale of price for price’ (Bai al Thaman bil Thaman), and each price is considerationof the other. It also means sale of monetary value for monetary value – currencyexchange.
Amanah: It refers to deposits in trust. A person can hold a property in trustfor another, sometimes by express contract and sometimes by implication of a
180
Appendix III: Glossary on Islamic Finance 181
contract. Amanah entails absence of liability for loss except in breach of duty.Current Accounts are regarded as Amanah (trust). If the bank gets authority touse Current Accounts funds in his business, Amanah transforms into a loan.As every loan has to be repaid, banks are liable to repay full amount of the CurrentAccounts.
Arbun: Down payment; a non-refundable deposit paid by a buyer retaining aright to confirm or cancel the sale.
Awqaf : Plural of waqf. Waqf means appropriation or tying up a property inperpetuity for specific purposes. No property rights can be exercised over thecorpus. Only the usufruct is applied towards the objectives (usually charitable) ofthe waqf.
Ayah: A verse of al-Qur’an.
Bai bil Wafa: Sale with a right in the seller, having the effect of a condition, torepurchase (redeem) the property by refunding the purchase price. According tomajority of Fuqaha it is not permissible.
Bai Muajjal: Literally, it means a credit sale. Technically, a financing techniqueadopted by Islamic banks that takes the form of Murabaha Muajjal. It is a con-tract in which the seller earns a profit margin on his purchase price and allowsthe buyer to pay the price of the commodity at a future date in a lump sumor in installments. He has to expressly mention cost of the commodity and themargin of profit is mutually agreed. The price fixed for the commodity in sucha transaction can be the same as the spot price or higher or lower than the spotprice.
Bai Salam: Salam means a contract in which advance payment is made for goodsto be delivered later on. The seller undertakes to supply some specific goods tothe buyer at a future date in exchange of an advance price fully paid at the time ofcontract. According to normal rules of the Shariah, no sale can be effected unlessthe goods are in existence at the time of the bargain, but Salam sale forms anexception given by the Holy Prophet (SAW) himself to the general rule providedthe goods are defined and the date of delivery is fixed. It is necessary that thequality of the commodity intended to be purchased is fully specified leaving noambiguity leading to dispute. The objects of this sale are goods and cannot begold, silver or currencies because these are regarded as monetary values exchangeof which is covered under rules of Bai al Sarf, i.e. mutual exchange is hand tohand without delay. Barring this, Bai′ Salam covers almost everything which iscapable of being definitely described as to quantity, quality and workmanship.
Bay al-salam: A sale in which payment is made in advance by the buyer and thedelivery of the goods is deferred by the seller.
Bay: Stands for sale. It is often used as a prefix in referring to different sales-basedmodes of Islamic finance, like murabahah, ijarah, istisna, and salam.
Daman: (1) Contract of guarantee, security or collateral; (2) Responsibilityof entrepreneur/manager of a business; one of two basic relationships towardproperty, entailing bearing the risk of its loss; compare Amanah.
182 Appendix III: Glossary on Islamic Finance
Dayn (or Debt): A Dayn comes into existence as a result of any other contractor credit transaction. It is incurred either by way of rent or sale or purchase orin any other way which leaves it as a debt to another. Duyun (debts) ought to bereturned without any profit since they are advanced to help the needy and meettheir demands and, therefore, the lender should not impose on the borrowermore than what he had given on credit.
Falah: Falah means to thrive, to become happy or to have luck and success.Technically it implies success both in this world and in the Akhirah (Hereafter).The Falah presumes belief in one God, the apostlehood of Prophet Muhammad(Peace be upon him), Akhirah and conformity to the Shariah in behaviour.
Fatawa: Plural of fatwa. Religious verdicts by fuqaha.
Fiqh: Refers to the whole corpus of Islamic jurisprudence. In contrast with con-ventional law, fiqh covers all aspects of life, religious, political, social, commercialor economic. The whole corpus of fiqh is based primarily on interpretations of theQur’an and the Sunnah and secondarily on ijma (consensus) and ijtihad (individ-ual judgment). While the Qur’an and the Sunnah are immutable, fiqhi verdictsmay change due to changing circumstances.
Fuqaha: Plural of faqîh meaning jurist, who gives opinion on various juristicissues in the light of the Qur’an and the Sunnah.
Gharar: It means any element of absolute or excessive uncertainty in any busi-ness or a contract about the subject of contract or its price, or mere speculativerisk. It leads to undue loss to a party and unjustified enrichment of other, whichis prohibited.
Ghish: Literally means deception, fraud. Technically, means trying to deceivesomeone by concealing vital information in a deal.
Hadith: Sayings, deeds and reactions of Prophet Muhammad (peace be uponhim) narrated by his companions.
Halal: Anything permitted by the Shariah.
Haram: Anything prohibited by the Shariah.
Hawalah: Literally, it means transfer; legally, it is an agreement by which a debtoris freed from a debt by another becoming responsible for it, or the transfer of aclaim of a debt by shifting the responsibility from one person to another – con-tract of assignment of debt. It also refers to the document by which the transfertakes place.
Hibah: Hibah means Gift.
Hikmah: Wisdom.
Ijab: Offer, in a contract; see also qabul.
Ijarah: Letting on lease. Sale of a definite usufruct of any asset in exchange ofdefinite reward. It refers to a contract of land leased at a fixed rent payable in cashand also to a mode of financing adopted by Islamic banks. It is an arrangementunder which the Islamic banks lease.
Appendix III: Glossary on Islamic Finance 183
Ijarah-wal-Iqtina: A mode of financing, by way of Hire-purchase, adopted byIslamic banks. It is a contract under which the Islamic bank finances equipment,building or other facilities for the client against an agreed rental together witha unilateral undertaking by the bank or the client that at the end of the leaseperiod, the ownership in the asset would be transferred to the lessee. The under-taking or the promise does not become an integral part of the lease contract tomake it conditional. The rental as well as the purchase price is fixed in such amanner that the bank gets back its principal sum along with some profit, whichis usually determined in advance.
Ijma: Consensus of all or majority of the leading qualified jurists on a certainShariah matter in a certain age.
Ijtihad: It refers to an endeavor of a qualified jurist to derive or formulate a ruleof law to determine the true ruling of the divine law in a matter on which therevelation is not explicit or certain, on the basis of Nass or evidence found inthe Holy Qur’an and the Sunnah. Express injunctions have no room for Ijtihad.Implied injunctions can be interpreted in different ways by way of inference fromthe accepted principles of the Shariah.
Illah: It is the attribute of an event that entails a particular Divine ruling inall cases possessing that attribute. Illah is the basis for applying analogy fordetermining permissibility or otherwise of any act or transaction.
Inah (a kind of Bai): Double sale by which the borrower and the lender sell andthen resell an object between them, once for cash and once for a higher price oncredit, with the net result of a loan with interest.
Inan (a type of Shrikah): It is a form of partnership in which each partnercontributes capital and has a right to work for the business, not necessarilyequally.
Israf : It refers to immoderateness, exaggeration and waste and covers spendingon lawful objects but exceeding moderation in quantity or quality; spending onsuperfluous objects while necessities are unmet; spending on objects which areincompatible with the economic standard of the majority of the population.
Istihsan: It is a doctrine of Islamic law that allows exception to strict legal rea-soning, or guiding choice among possible legal outcomes, when considerationsof human welfare so demand.
Istisna’a: It is a contractual agreement for manufacturing goods and commodi-ties, allowing cash payment in advance and future delivery or a future paymentand future delivery. A manufacturer or builder agrees to produce or build awell-described good or building at a given price on a given date in the future.Price can be paid in installments, step by step as agreed between the parties.Istisna’a can be used for providing the facility of financing the manufactureor construction of houses, plants, projects, and building of bridges, roads andhighways.
Jahl or Jahala: Ignorance, lack of knowledge; indefiniteness in a contract,sometime leading to Gharar.
184 Appendix III: Glossary on Islamic Finance
Jua’alah or Ji’alah: Literally, Joalah constitutes wages, pay, stipend or reward.Legally, it is a contract for performing a given task against a prescribed fee ina given period. A similar contract is ‘Ujrah’ in which any work is done againststipulated wage or fee.
Kali bil-Kali: The term Kali refers to something delayed; appears in a maximforbidding the sale of al-Kali bil-Kali i.e. the exchange of a delayed counter valuefor another delayed counter value.
Kharaj bi-al-Daman: Gain accompanies liability for loss; a Hadith forming alegal maxim and a basic principle – see also Al- Ghunm bil Ghurm.
Khilafat al-Rashidah: The period of the first four caliphs after the Prophet(peace be upon him), ranging from the year 11AH (632 AC) to the year 41AH(661 AC).
Khiyar al-Majlis: Option of the contracting session; the power to annul acontract possessed by both contracting parties as long as they do not separate.
Khiyar al-Shart: A right, stipulated by one or both of the parties to a contract, tocancel the contract for any reason for a fixed period of time.
Khiyar al-shart: Option to rescind a sales contract. One of the parties to a salescontract may stipulate certain conditions, which if not met, would grant a rightto the stipulating party an option to rescind the contract.
Khiyar: Option or a power to annul or cancel a contract.
Maisir: An ancient Arabian game of chance played with arrows without headsand feathering, for stakes of slaughtered and quartered camels. It came to beidentified with all types of hazard and gambling.
Mal-e-Mutaqawam: Things the use of which is lawful under the Shariah; orwealth that has a commercial value. Legal tenders of modern age that carrymonetary value are included in Mal-e-Mutaqawam. It is possible that certainwealth has no commercial value for Muslims (non-Mutaqawam) but is valuablefor non-Muslims. Examples are wine and pork.
Mithli (Fungible goods): Goods that can be returned in kind, i.e. gold for gold,silver for silver, wheat for wheat, etc.
Mubah: Object that is lawful (i.e. something which is permissible to use ortrade in).
Mudarabah: A form of partnership where one party provides the funds whilethe other provides expertise and management. The latter is referred to as theMudarib. Any profits accrued are shared between the two parties on a pre-agreedbasis, while loss is borne by the provider(s) of the capital.
Murabaha: Literally it means a sale on mutually agreed profit. Technically, it isa contract of sale in which the seller declares his cost and the profit. This hasbeen adopted by Islamic banks as a mode of financing. As a financing technique,it can involve a request by the client to the bank to purchase a certain item forhim. The bank does that for a definite profit over the cost which is stipulated inadvance.
Appendix III: Glossary on Islamic Finance 185
Musaqah: A contract in which the owner of a garden agrees to share its producewith someone in an agreed proportion in return for latter’s services in irrigatingand looking after the garden.
Musawamah: Musawamah is a general kind of sale in which price of the com-modity to be traded is bargained between seller and the purchaser without anyreference to the price paid or cost incurred by the former.
Musharakah: Musharakah means a relationship established under a contract bythe mutual consent of the parties for sharing of profits and losses in the jointbusiness. It is an agreement under which the Islamic bank provides funds whichare mixed with the funds of the business enterprise and others. All providers ofcapital are entitled to participate in management, but not necessarily required todo so. The profit is distributed among the partners in pre-agreed ratios, whilethe loss is borne by every partner strictly in proportion to respective capitalcontributions.
Qabul: Acceptance, in a contract; see also Ijab.
Qard (Loan of fungible objects): The literal meaning of Qard is ‘to cut’. It isso called because the property is really cut off when it is given to the borrower.Legally, Qard means to give anything having value in the ownership of the otherby way of virtue so that the latter could avail of the same for his benefit withthe condition that same or similar amount of that thing would be paid back ondemand or at the settled time. It is that loan which a person gives to another as ahelp, charity or advance for a certain time. The repayment of loan is obligatory.The Holy Prophet is reported to have said “ . . . . Every loan must be paid . . . . . . ”.But if a debtor is in difficulty, the creditor is expected to extend time or evento voluntarily remit the whole or a part of the principal. Qard is, in fact, a par-ticular kind of Salaf. Loans under Islamic law can be classified into Salaf andQard, the former being loan for fixed time and the latter payable on demand (seeSalaf).
Qard al-hasan: A loan extended without interest or any other compensationfrom the borrower. The lender expects a reward only from God.
Qimar: Qimar means gambling. Technically, it is an arrangement in which pos-session of a property is contingent upon the happening of an uncertain event.By implication it applies to a situation in which there is a loss for one party anda gain for the other without specifying which party will lose and which will gain.
Qiyas: Literally it means measure, example, comparison or analogy. Technically,it means a derivation of the law on the analogy of an existing law if the basis(illah) of the two is the same. It is one of the sources of Islamic law.
Rabb al-mal: Capital owner (financier) in a mudarabah contract.
Riba Al-Fadl: Riba Al-Fadl (excess) is the quality premium in exchange of lowquality with better quality goods e.g. dates for dates, wheat for wheat, etc. –an excess in the exchange of Ribawi goods within a single genus. The Con-cept of Riba Al-Fadl refers to sale transactions while Riba Al-Nasiah refers to loantransactions.
186 Appendix III: Glossary on Islamic Finance
Riba Al-Nasiah: Riba Al-Nasiah or riba of delay is due to exchange not beingimmediate with or without excess in one of the counter values. It is an incrementon principal of a loan or debt payable. It refers to the practice of lending moneyfor any length of time on the understanding that the borrower would returnto the lender at the end of the period the amount originally lent together withan increase on it, in consideration of the lender having granted him time topay. Interest, in all modern banking transactions, falls under purview of Riba Al-Nasiah. As money in present banking system is exchanged for money with excessand delay, it falls, under the definition of riba. A general accord reached amongscholar about its prohibition.
Riba: An excess or increase. Technically, it means an increase over principal in aloan transaction or in exchange for a commodity accrued to the owner (lender)without giving an equivalent counter-value or recompense (iwad) in return tothe other party; every increase which is without an iwad or equal counter-value.
Ribawi: Goods subject to Fiqh rules on Riba in sales, variously defined by theschools of Islamic Law: items sold by weight and by measure, foods, etc.
Salaf (or Loan/Debt): The word Salaf literally means a loan which draws forthno profit for the creditor. In wider sense, it includes loans for specified periods,i.e. short, intermediate and long-term loans. Salaf is another name of Salam aswell, wherein price of the commodity is paid in advance while the commodity orthe counter value is supplied in future; thus the contract creates a liability for theseller. Amount given as Salaf cannot be called back, unlike Qard, before it is due.
Shariah: The term Shariah refers to divine guidance as given by the Holy Qur’anand the Sunnah of the Prophet Muhammad (PBUH) and embodies all aspects ofthe Islamic faith, including beliefs and practice.
Shirkah: A contract between two or more persons who launch a business orfinancial enterprise to make profits. In the conventional books of Fiqh, the part-nership business has been discussed under the option of Shirkah that, broadly,may include both Musharakah and Mudarabah.
Sunnah: Custom, habit or way of life. Technically, it refers to the utterances ofthe Prophet Muhammad (PBUH) other than the Holy Quran known as Hadith,or his personal acts, or sayings of others, tacitly approved by the Prophet.
Tabarru: It is a donation/gift the purpose of which is not commercial but is seek-ing the pleasure of Allah. Any benefit that is given by a person to other withoutgetting anything in exchange is called Tabarru. Gracious repayment of debt, abso-lutely at lender’s own discretion and without any prior condition or inducementfor reward, is also covered under Tabarru. Repaying a loan in excess of principaland without a pre-condition is commendable and compatible with the Sunnah ofthe Holy Prophet (peace be upon him). But, it is matter of individual discretionand cannot be adopted as a system because this would mean that loan wouldnecessarily yield a profit. If such reward takes the form of a system, it would beconsidered Riba.
Tabzir: Spending wastefully on objects which have been explicitly prohibited bythe Shariah irrespective of the quantum of expenditure. See also Israf.
Appendix III: Glossary on Islamic Finance 187
Takaful: An alternative for the contemporary insurance contract. A group of per-sons agree to share certain risk (e.g. damage by fire) by collecting a specifiedsum from each. In case of loss to anyone of the group, the loss is met from thecollected funds.
Tawakkul: Trust in God for results after one has undertaken all necessary effort.It is one of the important values for Muslims. After making all necessary efforts,a Muslim believes that the results are in the hand of God.
Ujrah: See Jua’alah.
Wadiah: A contract whereby a person leaves valuables with someone for safe-keeping. The keeper can charge a fee, even though in Islamic culture it isencouraged to provide this service free of charge or to recover only the costsof safekeeping without any profit.
Wakalah: A contract of agency in which one person appoints someone else toperform a certain task on his behalf, usually against a certain fee.
Waqf : Appropriation or tying up a property in perpetuity for specific purposes.No property rights can be exercised over the corpus. Only the usufruct is appliedtowards the objectives (usually charitable) of the waqf.
Zakah: The amount payable by a Muslim on his net worth as a part of hisreligious obligations, mainly for the benefit of the poor and the needy.
Notes
1 Islamic Finance: An Introduction
1. An event in which there is a possibility of total loss to one party. Maysir haselements of gharar, but not every gharar is maysir.
2. Gharar is the sale of probable items whose existence or characteristics are notcertain, due to the risky nature which makes the trade similar to gambling.The sale of fish in the sea and the birds in the sky are examples of this.
3. This hadith is reported by all the six famous books of hadith (see Ibn ul-humam, Fath-ul-humam, Fath-ul-Qadir v. 6, p. 25).
4. In the case of a Sovereign Sukuk, the underlying assets (such as toll roads andutilities) will need to be permitted assets from a Shariah perspective.
2 Historical Development and Research Design
1. S. Heffernan (1996). John Wiley and Sons, UK.2. W.J. Fischel (1992) “Djahbadh,” TheEncyclopedia of Islam, vol. 2, pp. 382–3.3. A.A. Duri (1986) “Baghdad”, The Encyclopedia of Islam (Leiden, E.S. Brill),
vol. 1, pp. 894–909.4. J.H. Kramers (1952) “Geography and Commerce.” In T. Arnold and A.
Guillaume (eds), The Legacy of Islam (Oxford: Oxford University Press).5. Overview of Islamic Finance, US Department of the Treasury Office of
International Affairs, August 2006.6. All of Iran’s banking assets were converted by law to be Shariah-compliant in
1983 (Islamic Banking Law).7. www.wdibf.com (World Database for Islamic Banking and Finance).
3 Islamic Finance – An Overview
1. (Qur’an 5:3). ‘5’ indicates the chapter number and ‘3’ indicates the versenumber.
2. Qur’an is the highest and most authentic authority in Islam. It consists thesacred writings of Islam revealed by Allah (God) to the prophet Muhammad(PBUH) during his life at Mecca and Medina. Quotations from the Quran arenormally followed by a reference to the number of the chapter (sura) and thenumber of the quoted verse (aya). All Quranic texts in this thesis are printedin italics.
3. It is a collection of the Prophet’s sayings and deeds, including his opin-ions about matters, as well as the practices of his companions. The sunnahoccupies a place second to the Qur’an.
4. A committee of religious advisers whose opinion is sought on the acceptabil-ity of new instruments, and which conduct a religious audit of the bank’sactivities as well as other features reflecting their religious status. These are
188
Notes 189
usually those people who have a command on economic as well as religiousknowledge.
5. Peace Be Upon Him (PBUH).6. Muslim, Kitab al-Musaqat, Bab la’ana akil al-riba wa mu’kilahu; also in
Tirmidhi and Musnad Ahmad.7. Muslim, Kitab al-Hajj, Bab Hajjat al-Nabi, may peace be on him; also in
Musnad Ahmad.8. Mishkat al-Masabih, Kitab al-Buyu, Bab al-riba, on the authority of Ahmad
and Daraqutni). Bayhaqi has also reported the above hadith in Shuab al-Iman with the addition that “Hell befits him whose flesh has been nourishedby the unlawful” (ibid.).
9. Ibn Majah, Kitab al-Tijarah, Bab al-taghliz fi al-riba; also in Musnad Ahmad.10. Abu Dawud, Kitab al-Buyu, Bab fi ijtinab alshubhat; also in Ibn Majah.11. Mustadrak al-Hakim, Kitab al-Buyu.12. Commentary on verse 2:275 in Tafsir al-Kabir of Fakhruddin al-Razi.13. Jabir ibn Abdallah, giving a report on the Prophet’s Farewell Pilgrimage, said:
The Prophet, peace and blessings of God be on him, addressed the peopleand said: All of the riba of Jahilliyyah is annulled. The first riba that I annulis our riba, that accruing to Abbas ibn Abd al-Muttalib (the Prophet’s uncle);it is being cancelled completely. (Muslim, Kitab al-Hajj, Bab Hajjat al-Nabi,may peace be on him; also in Musnad Ahmad).
14. Al-Qur’an (106:2).15. Abd al-Rahman al-Jaziri’s book ‘Al-Fiqh Ala al-Madhahib al-Arba‘ah’ is a com-
pendium on the juristic opinions of the four predominant schools of Muslimjurisprudence. It is held in high esteem and considered to be an authority onthe subject.
16. From Abu Hurayrah: The Prophet, peace be on him, said: “Riba has seventysegments, the least serious being equivalent to a man committing adulterywith his own mother” (Ibn Majah).
17. Cited by Ibn Kathir in commentary on verse 2:275.18. From Umar ibn al-Khattab: The last verse to be revealed was on riba and the
Prophet, peace be on him, was taken without elaborating it to us; so give upnot only riba but also ribah [whatever raises doubts in the mind about itsrightfulness] (Ibn Majah, op. cit.).
19. There are two Hadiths related to this:
(1) From Anas ibn Malik: The Prophet, peace be on him, said: “Deceivinga mustarsal [an unknowing entrant into the market] is riba (Suyuti, al-Jami al-Saghir, under the word ghabn; Kanz al Ummal, Kitab al-Buyu,al-Bab al-thani, al-fasl al-thani, on the authority of Sunan al-Bayhaqi).
(2) From Abdallah ibn Abi Awfa: The Prophet, peace be on him, said:“A najish (one who serves as an agent to bid up the price in an auction)is a cursed taker of riba (Cited by Ibn Hajar al-Asqalani in his commen-tary on al-Bukhari called Fath al-Bari, Kitab al-Buyu, Bab al-najash; alsoin Suyuti, al-Jami al-Saghir, under the word alnajish and Kanz al-Ummal,op. cit., both on the authority of Tabarani’s al-Kabir).
20. From Abu Umamah: The Prophet, peace be on him, said: “Whoever makesa recommendation for his brother and accepts a gift offered by him has
190 Notes
entered riba through one of its large gates” (Bulugh al-Maram, Kitab al-Buyu,Bab al-riba, reported on the authority of Ahmad and Abu Dawud).
21. This is explained in three hadiths:
(1) From Abu Sa‘id and Abu Hurayrah: A man employed by the Prophet,peace be on him, in Khaybar brought for him janibs [dates of very finequality]. Upon the Prophet’s asking him whether all the dates of Khaybarwere such, the man replied that this was not the case and added thatthey exchanged a sa’ [a measure] of this kind for two or three [of theother kind]”. The Prophet, peace be on him, replied, “Do not do so.Sell [the lower quality dates] for dirhams and then use the dirhams tobuy janibs.” [When dates are exchanged against dates] they should beequal in weight”. (Bukhari, Kitab al-Buyu, Bab idha arada bay tamarin bitamarin khayrin minhu; also Muslim and Nasa’i).
(2) From Abu Sa’id: Bilal brought to the Prophet, peace be on him,some barni [good quality] dates whereupon the Prophet asked himwhere these were from. Bilal replied, “I had some inferior dates whichI exchanged for these – two sa’s for a sa’.” The Prophet said, “Oh no, thisis exactly riba. Do not do so, but when you wish to buy, sell the inferiordates against something [cash] and then buy the better dates with theprice you receive”. (Muslim, Kitab al-Musaqat, Bab al-ta‘am mithlan bimithlin; also Musnad Ahmad).
(3) From Fadalah bin Ubayd al-Ansari: On the day of Khaybar he bought anecklace of gold and pearls for twelve dinars. On separating the two, hefound that the gold itself was equal to more than twelve dinars. So hementioned this to the Prophet, peace be on him, who replied, “It [jew-ellery] must not be sold until the contents have been valued separately”.(Muslim, Kitab al-Musaqat, Bab bay al-qiladah fiha kharaz wa dhahab;also in Tirmidhi and Nasa’i).
22. This is explained in two Hadiths:
(1) From Abu Sa‘id al-Khudri: The Prophet, peace be on him, said: “Do notsell gold for gold except when it is like for like, and do not increaseone over the other; do not sell silver for silver except when it is likefor like, and do not increase one over the other; and do not sell whatis away [from among these] for what is ready”. (Bukhari, Kitab al-Buyu,Bab bay al-fiddah bi al-fiddah; also Muslim, Tirmidhi, Nasa’i and MusnadAhmad).
(2) From Abu Sa’id al-Khudri: The Prophet, peace be on him, said: “Gold forgold, silver for silver, wheat for wheat, barley for barley, dates for dates,and salt for salt – like for like, and hand-to-hand. Whoever pays moreor takes more has indulged in riba. The taker and the giver are alike [inguilt]”. (Muslim, ibid; and Musnad Ahmad).
23. David Oakley, Shannon Bond, Cynthia O’Murchu, and Celve Jones, “IslamicFinance Explained,” Financial Times.
24. Reuters, “Islamic Finance Set to Cross $1 Trillion: Moody’s,” The EconomicTimes, 21 October 2010.
Notes 191
25. Jospeh DiVanna and Brian Caplen, “Top 500 Islamic Financial Institutions,”The Banker, 2 November 2010.
26. www.thecityuk.com and retrieved on 13 June 2011.27. A form of partnership where one party provides the funds while the other
provides expertise and management. The latter is referred to as the Mudarib.Any profits accrued are shared between the two parties in pre-agreed ratios,while loss is borne by the provider of the capital.
28. Musharikah means a relationship established under a contract by the mutualconsent of the parties for sharing of profits and losses in the joint busi-nesses. It is an agreement under which the Islamic bank provides funds,which are mixed with the funds of the business enterprises and others.All providers of capital are entitled to participate in the management, butnot necessarily required to do so. The profit is distributed among the part-ners in pre-agreed ratios, while the loss is borne by each partner strictly inproportion to respective capital contributed.
29. A contract under which an Islamic bank finances equipment, building orother facilities for the client against an agreed rental together with a unilat-eral undertaking by the bank or the client that at the end of the lease period,the ownership in the asset would be transferred to the lessee. The undertak-ing or the promise does not become an integral part of the lease contract tomake it conditional. The rental as well as the purchase price is fixed in suchmanner that the bank gets back its principal sum along with profit, which isusually determined in advance.
30. Literally, it means a sale on mutually agreed profit. Technically, it is a con-tract of sale in which the seller declares his cost and profit. Islamic bankshave adopted this as a mode of financing. As financing technique, it involvesa request by the client to the bank to purchase a certain item for him. Thebank does that for a definite profit over the cost, which is settled in advance.
31. http://www.pwc.com/my/en/issues/islamic-finance-malaysia.jhtml. Retrievedon May 5, 2011.
32. http://www.moneyworks.ae/news/archive/3200708.pdf. Retrieved on 12 May 2011.33. http://www.beltoneenclave.com/research/Beltone_UAE_Banking_Sector_Review_
for_BE.pdf. Retrieved on 12 May 2011.
4 Objectives of Islamic Finance
1. Quran (4:29).2. Cited by Ibn Rushd in Bidayat al- Mujtahid, Cairo, 1960, vol. 2, p. 167.3. Jaziri, vol. 2, pp. 283–4.4. Quran (2:284).5. Quran (23:84–5).6. Quran (24:33).7. Muslim (second athentic hadith book after Bhukahri), vol. 2, p. 728: 122.8. See, for example, verses 3 and 4 of Surah 53 of the Holy Qur’an.9. Quran (15:9).
10. Quran (33:21).11. Quran (24:54).12. Quran (6:165).
192 Notes
13. Quran (75:36).14. Muslim, vol. 4, p. 1987: 34.15. Bukhari, vol. 8, p. 15.16. Ibid., p. 199; and Nisa’i, vol. 8, p. 65.17. Musnad lmam Ali al-Rida. Beirut, 1966, p. 474.18. Abu Yusuf, Kitab al-Kharaj; Cairo, 1367 A.H.19. Abu Yusuf, pp. 4 and 6.
5 The Objectives and Achievements of Islamic Finance:An Analysis
1. Religious ruling about the permissible and non-permissible transactions.
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Index
achievements 143age profile of respondents 92
background 41banks 6branches 9
challenges of Islamic Finance 61components of Islamic Finance 6conclusion 13, 35, 64, 141, 146, 156conventional banks 5conventional financial system 4country profile of respondents 93current Islamic finance market 19customers 87
development of Islamic Finance 51
economic objectives 76vs age 128vs country 129vs gender 130vs profession 126
employees of Islamic banks 88equity and capital market 7ethical objectives 79
vs age 115vs country 116vs gender 117vs profession 113
factor analysis 101full-fledged banks 9
gender profile of respondents 91general banking services 6glossary 180
history of Islamic finance 15hypotheses of the study 30
Ijara (leasing) 12Ijma 43
Ijtehaad 44institutions 161interest 44investment and investment
management 6Islamic banking 5Islamic banking assets 59Islamic finance 1
in Malaysia 56in Saudi Arabia 21in the United Arab Emirates 59
Islamic financial system 4Islamic objectives 75
vs age 108vs country 110vs gender 111vs profession 107
Islamic Shariah and itsobjectives 70
limitations of the research 34literature review 25
meaning of Riba (usury) 47Mudarabah (sleeping partnership) 11Murabahah (cost-plus financing) 10Musharakah (partnership financing)
11
objectives (Maqasid) of Shariah 72objectives of Islamic finance 66objectives of the study 30operating structure of Islamic
banks 8others 89
plan of the research 33products and services of Islamic
finance 10prohibition of Riba (interest) 45
in Hadith 46in Qur’an 45
200
Index 201
Qiyas 43questionnaire 85, 157Qur’an 43
references 14, 36, 64, 81, 141Regulatory Officers 89reliability of data 98religious profile of respondents 92research gap 29research methodology 32research process 31research questions 32Riba (meaning) 47Riba Al-Fadl 49Riba Al-Nasi’ah 47right people 63
Salam 12sample 84sampling plan 86sampling size 89scope for further research 35Shariah advisors 88social objectives 78
vs age 121vs country 122
vs gender 123vs profession 119
social services 7sources of Islamic/divine law 43sources of Shariah tenets 70stakeholders 87statement of the problem 24subsidiaries 9suggestions for development of
Islamic finance 151Sukak (bond) 13Sunnah 43
Takaful (insurance) 7, 13Takaful assets 59talent shortage 62types of Islamic Finance Objectives
75types of Riba 47
universe 83
validity 100
Waqf and Zakat 8Window Model 9
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