Download The Art of Islamic Banking and Finance: Tools and Techniques by Yahia Abdul-Rahman PDF

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By Yahia Abdul-Rahman

An in depth examine the fast-growing box of Islamic banking and financeThe paintings of Islamic Banking and Finance is a contemporary American tackle what it capacity to include Islamic finance ideas into daily banking and funding ideas via introducing a brand new model of banking for every person of all faiths: The Riba-Free (RF) banking.The writer is taken into account the daddy of RF (Islamic) banking in the United States. He has been a banker and an Imam/scholar for over forty years in the USA because 1968. He began the tedious method with a finance corporation, LARIBA, in Pasadena, California in 1987. this is often the 1st publication ever within the box to track the origins of prohibiting the renting of cash at a value known as rate of interest and over-indulging in debt. The booklet studies in nice info the theological foundations of prohibiting curiosity within the Jewish Bible, the Christian Bible, and the Qur'aan. the writer then discusses funds and the way fiat cash is created, the function of the Federal Reserve, and the banking process in the US. The ebook additionally discusses for the 1st time ever the way to comprise a major point of RF (Islamic) finance utilizing commodity indexation and staining the goods to be financed to marketplace so that it will stay away from engaging in financial "bubbles." the writer discusses how those ideas paintings, how they have an effect on shopper habit, and the way they modify the position of the banker/financier.Covers a brand new pioneering version that's according to the legislation (Shari'aa) and the way it's utilized in each transaction from joint ventures and portfolio administration to domestic mortgages and private financingShows the way to include the legislation (Shari'aa) into American financing and banking systemsPoints to RF (Islamic) finance and banking with a view to emphasize socially in charge investingThe paintings of Islamic Banking and Finance additionally encompasses a dialogue at the emergence of a tradition of RF (Islamic) banking and finance at the present time, that's in accordance with the true Judeo-Christian-Islamic spirit and extremely powerful when put next to twentieth-century versions that use monetary engineering and structuring concepts to avoid the legislations (Shari'aa). The booklet additionally comprises case experiences in accordance with the particular adventure of the writer and designated research of some of the best effects discovered through utilizing this new model of banking to financing.

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Many of them closed at least 10 loans a month, for an income of more than $160,000 a month! Some of these brokers prospected very low-income families to get them to buy homes and take loans they could not afford. One of these low-income hard-working families was that of our own gardener and his wife. The only thing the mortgage broker asked them for was their Social Security numbers, dates of birth, and signatures on the bottom line of a loan application. Bingo! They got the loan and the young mortgage banker kid got a fat commission.

As has been the case, home prices declined and most of those who used this finance method lost their homes. Negative Amo (Amortization) Loans were engineered so that the buyer would agree to a monthly payment that would suit his/her budget needs; if rates were low, then the small monthly payment of the loan would cover the interest and principle. Conversely, if interest rates rose higher, the loan value would increase, because the constant small monthly payments would not cover the needed payment of interest and principal.

If a person was speculating on crude oil, for instance, and he or she expected the price to go up in the future, that investor would buy a crude oil futures contract. And if he or she expected that the price would go down, the investor would sell crude oil futures. 5. A financial derivative instrument is a financial contract whose value is based on, or derived from, another financial instrument (such as a bond or share) or a market index (such as the Share Price Index). 6. (pp) stands for ‘‘May God’s Prayers and Peace be showered onto them’’ (in Arabic, ‘‘Sallaa Allahu Alayhi Wa Sallam’’), a standard idiom that is uttered by all Muslims after mentioning (or writing) any of God’s prophets’ names or hearing any these names mentioned.

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