Islamic economic jurisprudence

The term Islamic Finance (English Islamic finance ), the test called to make financial services in accordance with the religious rules of Islam and Sharia.

Includes all financial transactions, the Islamic rules of general interest ban ( Riba ), the prohibition of speculation ( Gharar ) and the prohibition of gambling ( Maysir, Quimar ) are subject. The general prohibition of interest prohibits banks, for example, carry out money transactions interest, but which are the basis for normal lending by banks. To be able to make credit transactions, new forms of credit on the basis of tangible capital loans have been developed by the banks that are compliant with the Shari'ah.

Example Murabaha

Murabaha / مرابحة / Murabaha can be seen as such a form of property, capital loan, a bank buys here on behalf of a customer a certain good and sells it to those customers with a premium on. In a conventional banking, the customer would take out a loan to buy the estate itself and then pay off the loan with interest and the acquired good would possibly serve as collateral for the loan. This form of financing would not Shari'a compliant, as this would violate the prohibition of interest. Instead, the bank buys the property and sells it to customers at a premium on, and this is given the opportunity to pay the purchase price in installments.

Subregions

In addition to the Islamic banking system to Islamic finance also expect Islamic insurance, as well as the Islamic bond and also all private financial transactions between Muslims and also between Muslims and non -Muslims must be handled according to the rules of Sharia. Testing compliance with Islamic financial institutions by so-called " Shariah Board ". Also, the Dow Jones Islamic Market Indexes has such a Shariah board used, setting the rules and belong to the six scholars from Syria, Pakistan, Bahrain, Saudi Arabia, the USA and Malaysia.

Instruments of Islamic finance

Arbun

A Arbun / عربون / ʿ arbūn is a non-refundable deposit ( deposit) of a buyer who is paid to the seller after agreeing to the contract of sale. It serves as a kind of security that the purchase contract will be dutifully fulfilled the prescribed time.

Murabaha

A form of installment credit, but in which the lender acquires ownership of the financed property and this resold to the borrower on the installment basis. Murabaha thus represents a special form of installment credit

Sukuk

The Sukuk / صكوك / Sukuk is a Sharia-compliant bond, in which instead of an interest charge an entrepreneurial income such as rent is paid to the creditor. What is interesting is that the rental income are often linked to interest rate indices such as Euribor.