Class notes ISLAMIC FINANCE PRODUCTS AND SERVICES Financial and Accounting Principles in Islamic Finance, ISBN: 9783030162993
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Course
ISLAMIC FINANCE PRODUCTS AND SERVICES
Institution
ISLAMIC FINANCE PRODUCTS AND SERVICES
Book
Financial and Accounting Principles in Islamic Finance
A summary with table of comparisons for understanding Islamic products and services offered by Islamic banks in Malaysia and the regulations behind it that helps to understand the whole structure in short time.
“Provision of Finance” means entering into, or making an arrangement for another person to enter
into, the businesses or activities which are in accordance with Shariah including:
(a) Equity or partnership financing, including musyarakah,musyarakah mutanaqisah and mudarabah;
(b) Lease based financing, including al-ijarah, al-ijarah muntahia bi al-tamlik and al-ijarah thumma al-bai`;
(c) Sale based financing, including istisna`, bai` bithaman ajil, bai` salam, murabahah and musawamah;
(d) Currency exchange contracts; Bai al-sarf
(e) Fee based activity, including wakalah;
(f) Purchase of bills of exchange, certificates of Islamic deposit or other negotiable instruments; and
(g) The acceptance or guarantee of any liability, obligation or duty of any person.
Debt based refer to financing activities Debt based refer to loan/ advances
● Revolving Financing Facilities (cash-line, Revolving Credit Facilities [same as IB]
credit card) Term Loan Products (Asset/Property Loan,Vehicle
● Term Financing Product (Property/Asset Loan)
Financing, Vehicle Financing etc
● Trade Finance Facilities (Import/Purchase &
Export/Sale)
● Ar - Rahn Financing (only IB)
Almost all Islamic Financing are Debt–Based
Products.
Tenure of debt-financing (i) Long-Term, (ii)
Medium-Term & (ii) Short-Term debt financing.
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