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       Figure 3.4.Istisna process flow

       Figure 3.5.Ijarah process flow

       Figure 3.6.Diminishing Musharakah process flow

       Figure 3.7.Musharakah structure

       Figure 3.8.Mudarabah structure

       Figure 5.1.Risk–return preferences in utility curve for investors

       Figure 5.2.Systematic and unsystematic risk in the portfolio

       Figure 5.3.Efficient frontier and investor equilibrium

       Figure 6.1.Ijarah Sukuk structure

       Figure 6.2.Istisna Sukuk structure

       Figure 6.3.Salam Sukuk structure

       Figure 6.4.Wakalah Sukuk structure

       Figure 6.5.Mudarabah Sukuk structure

       Figure 6.6.Musharakah Sukuk structure

       Figure 7.1.Commodity Murabaha

       Figure 8.1.Utility function of a risk-averse person

       Figure 8.2.Takaful Wakalah model

       Figure 8.3.Takaful Mudarabah model

       Figure 9.1.Capital to assets ratio on GINI coefficient

       Figure 9.2.Some important risks in Islamic banking

List of Tables

       Table 1.1.Growth in Islamic banking and finance (2012–2017)

       Table 1.2.Share of countries in global Islamic banking assets

       Table 1.3.Islamic banking indicators globally

       Table 1.4.Growth in Islamic fund assets

       Table 1.5.The distinction of Waqf from other social finance institutions

       Table 2.1.Increase in price due to interest cost

       Table 3.1.Comparative analysis of Islamic and conventional banks

       Table 3.2.Balance sheet of an Islamic bank

       Table 3.3.Comparison of Diminishing Musharakah with mortgage

       Table 3.4.Rental computations in Islamic mortgage

       Table 3.5.Payment schedule in Islamic mortgage

       Table 3.6.Profit distribution in Islamic banking

       Table 4.1.Maqasid-e-Shari’ah and sustainable development

       Table 4.2.Use of Islamic finance in sustainable development goals

       Table 4.3.Aggregate demand stimulants in Islamic finance

       Table 5.1.Global market share in Islamic asset management

       Table 5.2.Investment allocation in Islamic asset management

       Table 5.3.Screening criteria of global indices

       Table 5.4.Returns and volatility of Islamic and conventional indices

       Table 6.1.Sukuk structures in 2017

       Table 6.2.Share of top 10 countries in sovereign Sukuk issuance in 2017

       Table 6.3.Share of countries in corporate Sukuk issuance in 2017

       Table 8.1.Distinction between conventional insurance and Takaful

       Table 8.2.Regional statistics on Takaful contributions

       Table 8.3.Share of general and family Takaful

       Table 9.1.Comparison of BASEL II and BASEL III

       Table 9.2.Numerical illustration of CAR

       Table 9.3.Computation of RWA

       Table 10.1.Comparison of socio-economic indicators across country groups

       Table 10.2.Microfinance outreach statistics

       Table 10.3.Simulation of wealth redistribution under the Zakat system

       Table 10.4.Simulation of wealth redistribution under Zakat with growth

       Table 10.5.Proposed poverty alleviation framework

       Table 12.1.Credit services by financial sector and banks in OIC

       Table 12.2.Savings–investment gap in selected OIC countries

       Table 12.3.Account penetration in selected OIC countries

PART I

Chapter 1

       Introduction to Islamic Finance

       1.1Normative Foundations of Productive Enterprise in Islam

       1.1.1Emphasis on economic pursuits

      We start with a discussion on how Islamic teachings guide in the quest to earn a livelihood. Islamic principles inspire individuals to make an effort for Halal means of earning as long as they refrain from the prohibited means and ways of earning, such as Riba (interest),¹ bribery,² fraud,³ Maysir (gambling),⁴ theft,⁵ the trade of intoxicants,⁶ and prostitution.⁷ In general, excluding the above and similar modes of earning incomes, the Qur’an permits mutually beneficial and voluntary exchange.⁸ As per Islamic principles, endowments granted by Allah are to be used for personal use as well as for societal causes to earn Falah (welfare in this world and hereafter). Prophet Muhammad (pbuh) said, The truthful and trustworthy businessman will be in the company of Prophets, saints and martyrs on the Day of Judgment.⁹

      Islamic teachings compel one to avoid idleness and dependence on others without becoming part of the labour force or engaging in entrepreneurship. Prophet Muhammad (pbuh) said, For one of you to go out early to gather firewood and carry it on his back so that he can give charity from it and be free of need from the people, is better for him than to ask a man who may give that to him or refuse. Indeed, the upper hand (giving) is more virtuous than the lower hand (receiving), and begin with (those who are) your dependents.¹⁰ In yet another Hadith, Prophet Muhammad (pbuh) explained, The upper hand is better than the lower hand, and the upper hand is the one that spends, and the lower hand is the one that asks.¹¹ Prophet Muhammad (pbuh) said that begging is not allowed for the physically fit and rich persons except for those who are facing extreme poverty or indebtedness.¹²

       1.1.2Filter

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