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Download Thirty Years of Islamic Banking: History, Performance and by Munawar Iqbal, Philip Molyneux (auth.) PDF

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By Munawar Iqbal, Philip Molyneux (auth.)

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Extra resources for Thirty Years of Islamic Banking: History, Performance and Prospects

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One famous regulation of this kind was Regulation ‘Q’ in the USA which has now been scrapped, but there are still rules in many countries which place an upper limit on the rate of interest that the banks can pay. Now, we know that the rate of inflation in many countries is more than 50 per cent. In Latin America, sometimes the rate of inflation has been 1,000 per cent. In some Muslim countries also the rate of inflation is quite high. In the early 1980s, the rate of inflation in Turkey was 50–100 per cent, and most of the time the rate of interest paid on deposits did not match the rate of inflation.

Suppose the lease contract is for five years. The lessee would have to continue making lease payments even if he does not need the asset, say, after two years. In the case of a purchase through an interest-bearing loan, the purchaser can sell the asset in the market and repay the loan, thus reducing his loss. This cannot be done in a financial lease. If someone is unable to make lease payments, that person may lose his stake in the asset even though part payment of the asset price has been made beyond the rental charge he would normally pay in an operating lease.

Several of these will be discussed in the next chapter. Based on the Islamic theory of financial contracts, guidelines for Islamic financial engineering have been derived. These can be summarized in the four Cs of Islamic financial engineering: consciousness, clarity, capability, and commitment. 3 Development of the Islamic Banking Model What is Islamic banking: the model Islamic banking, like any other banking system, must be viewed as an evolving system. No one disputes that there is a definite desire amongst Muslim savers to invest their savings in ways that are permitted by the Islamic Sharijah.

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