Islamic banking, Projekty'z Bankowość islamska. Warsaw School of Economics
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tsukiakari7 January 2016

Islamic banking, Projekty'z Bankowość islamska. Warsaw School of Economics

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Prezentacja w języku angielskim na temat bankowości islamskiej
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The basics of Islamic banking

PRESENTATION BY ALEKSANDRA KOWALSKA

Introduction of the term

Islamic banking is a type of banking that is consistent with the principles of Islamic law (for which the Arabic term is sharia).

 It is guided by Islamic economics.  A more correct term for Islamic banking is sharia compliant finance.

Four principles of Islamic banking

 Wealth must be generated from legitimate trade and asset-based investment. (The use of money for the purpose of making money is expressly forbidden)

 Investment should also have a social and an ethical benefit to wider society beyond pure return.

 Risk should be shared.  All harmful activities (haraam) should be avoided.

Prohibited elements in Islamic banking:

Riba  Investing in businesses that provide goods or services considered

haraam MaysirGharar

Riba – definition and types

 Literally, it means excess, expansion, increase, addition or growth.  Technically, it refers to the “premium” that must be paid by the

borrower to the lender along with the principal amount as a condition for the loan or an extension in its maturity.

Types of riba  Riba al-nasi’ah - pertaining to loan contracts.  Riba al-fadl - pertaining to trade contracts.

Maysir (gambling) - definition

 Also known as qimar. Refers to easily available wealth or acquisition of wealth by chance, whether or not it deprives the other’s right.

 Qimar means the games of chance – one gains at the cost of other.

Gharar - definition

 Literally, it means deception, danger, risk, and uncertainty.  Technically, it means exposing oneself to excessive risk and danger in

a business transaction.  Types of gharar:

 Gharar yasir (minor/slight) – tolerated and will not invalidate a contract  Gharar fahish (excessive/major) – not tolerated and may result in

invalidating the a contract  Examples: the sale of fish in the sea - the sale of bird in the air - the sale of

unborn animals - lost items

Islamic banking – present and future

 International Islamic banking assets with commercial banks set to exceed US$778b in 2014.

 The global profit pool of Islamic banks is set to triple by 2019.  Islamic banking assets in six core markets Qatar, Indonesia, Saudi Arabia,

Malaysia, UAE, Turkey on course to touch US$1.8t by 2019.  Global Islamic banking assets witnessed a compounded annual growth rate

(CAGR) of around 17% from 2009 to 2013.  Islamic banks in Saudi Arabia, Kuwait and Bahrain represent more than 48.9%,

44.6% and 27.7% market share respectively.  Positive progress has been has made in Indonesia, Turkey and Pakistan, with

43.5%, 18.7% and 22.0% CAGR respectively from 2009-2013.

International Islamic banking assets

Digitization: the future of Islamic banking

Plans for the future

Thank you for listening!

To find out more:

 http://www.ey.com/EM/en/Industries/Financial-Services/Banking---Capital- Markets/EY-world-islamic-banking-competitiveness-report-2014-15

 https://www.atkearney.com/documents/10192/654853/Future+of+Islamic+B anking.pdf/27167edf-a96d-4465-b88a-83beb25ed4bd

 http://www.bbc.com/news/business-28365639  https://www.imf.org/external/pubs/ft/wp/2015/wp1581.pdf

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