Purpose - Sharīʿah Secretariat plays a significant role in assisting Sharīʿah Supervisory Boards (SSBs) in their role in achieving Sharīʿah compliance in Islamic banks (IBs). The key objective of the study is to develop a organizational framework of the Sharīʿah Secretariat for the IBs...

The time value of money is a basic investment concept and a basic element in the conventional theory of finance. The Shari`ah does not rule out this consideration, for it does not prohibit any increment in a loan given to cover the price of a commodity in any sale contract to be paid at a future...

This article examines current legal and regulatory issues of Islamic banking in Bangladesh. The most important issue in this context is the lack of a well-defined regulatory and supervisory framework for Islamic banks for their effective functioning in line with the tenets of Shariah. Other...

Bangladesh has the third largest Muslim population in the world after Indonesia and Pakistan. Higher demand of Islamic banking products and services requires existence of superior quality in service, efficiency in system, strict compliance to Islamic Shari`ah and satisfactory community service...

Sukuk restructuring primarily aims at offering a debtor more latitude, in form and time, to settle his obligations. To meet Shari'ah requirements of transferring assets to Sukuk holders in asset-based Sukuk, the originator usually transfers the beneficial ownership to the issuer special purpose...

This study undertakes an analysis of the risks in retakāful whether they are shared by the participating takāful operators (TOs) and retakāful fund, or are transferred to retakāful operators (RTOs). In the latter case RTOs become liable for deficits where the losses, if any, would directly...

The companions of the Prophet Muhammad (صلى الله عليه و سلم) who devoted their lives in understanding and propagation of Islam possess the most highly regarded and noblest status amongst all the Muslims, as envisaged in the Quran and the Sunnah. This paper deals with the issue of...

As the Islamic financial system has evolved over the last three decades, takāful has emerged as a Sharīʿah-compliant alternative to conventional insurance, which is embedded in realising its underlying maqasid (goals or objectives) of Sharīʿah. Contrary to previous studies that attempted to...

Purpose –The paper‟s purpose is to contribute to the existing body of work in the area of Islamic finance (IF) by examining its activities in Australia and evaluating the country‟s current regulation and supervision of Islamic financial market (IFM) to cater the need of IF for Muslims...