Open AccessToward Islamic Banking Without Tawarruq
Author(s) -
Mohammad Mahbubi Ali
Publication year - 2017
Publication title -
islam and civilisational renewal
Language(s) - English
Resource type - Journals
eISSN - 2041-8728
pISSN - 2041-871X
DOI - 10.52282/icr.v8i2.199
Subject(s) - islam , fiqh , sukuk , hedge , islamic finance , business , nominate , accounting , financial instrument , sharia , islamic banking , finance , economics , financial system , computer science , ecology , philosophy , theology , machine learning , biology
Islamic financial products have evolved and developed remarkably from simple and straightforward structures to highly sophisticated and multifaceted instruments. During the 1980s and 1990s, Islamic financial products were dominated by deposits and savings, syndicated project financing, Shari’ah-compliant stocks and mutual funds. The last two decades have witnessed the unveiling of more complicated structures, including various sukuk models, derivatives, Islamic structured products, Islamic hedge funds, and others. Most, though not all, of these replicate conventional products, splicing together nominate contracts from the Islamic fiqh legacy with a few modern modifications to meet legal requirements and to become Shari’ah-compliant’.