Difference between revisions of "Islamic BankingTuranBank2"

Latest revision as of 04:53, 10 November 2017

Top 20 FREQUENT WORDS

islamic 55 financing 14 icd 13 banking 11 contract 9 funds 9 price 9 banks 8 client 8 sale 8 based 7 financial 7 mfis 7 profit 7 social 7 agreed 6 azerbaijan 6 billion 6 microfinancing 6 modes 6 murabaha 6

DOCUMENT KEY POINTS

• classical islamic banking th a th century early forms of proto capitalism and free market caliphate regime from the arabic a R a Ca or khil fa was the islamic form of government representing the political unity and leadership of the muslim world
• by the s islamic banking had attracted the attention of several western commercial banks there are more than financial institutions operating on the basis of noninterest based instruments in more than different countries

• trillion while the islamic financial market is estimated to be us billion in size with an annual growth rate of more than islamic equity funds managing assets in access over us
• emerging islamic capital markets developing process started during s and s primary instruments included a c cost plus sale or purchase finance modaraba a c leasing ijara a c trust financing modaraba and a c equity participation musharika

• billion shari a compliant assets growing over the last years represent an estimated us billion banking assets approximately billion capital market
• emerging islamic capital markets the total worldwide muslim population is

• sharia originates from the quran moslems holy book sunna prophet muhammad preaching and practise ijtihad the opinion of islamic jurists on particular issue ijma the consensus of the islamic community on a particular issue qiyas or analogy the application of accepted principles by analogy to new cases not a source relied upon by all schools the central tenet of the financial system is the prohibition of riba a a term literally meaning an excess and interpreted as any unjustifiable increase of capital whether through loans or sales
• basic of islamic banking an islamic banking and financial system is a rule based system comprising a set of rules and laws collectively referred to as sharia governing economic social political and cultural aspects of muslim societies

• the system can be fully appreciated only in the context of islam s teachings on the work ethic wealth distribution social and economic justice and the expected responsibilities of the individual society the state and all stakeholders
• basic of islamic banking other principles of islamic doctrine advocating risk sharing promotion of entrepreneurship discouragement of speculative behaviour preservation of property rights transparency and the sanctity of contractual obligations

• musawamah musawamah is a general kind of sale in which price of the commodity to be traded is bargained between seller and the purchaser without any reference to the price paid or cost incurred by the former
• major modes of islamic financing mudarabah a form of partnership where one party provides the funds while the other provides expertise and management

• it is a contract in which the seller earns a profit margin on his purchase price and allows the buyer to pay the price of the commodity at a future date in a lump sum or in instalments
• the price fixed for the commodity in such a transaction can be the same as the spot price or higher or lower than the spot price

• it is a contract under which the islamic bank finances equipment building or other facilities for the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period the ownership in the asset would be transferred to the lessee
• it refers to a contract of land leased at a fixed rent payable in cash and also to a mode of financing adopted by islamic banks

• icd islamic corporation for the development of the private sector a islamic development bank affiliate is the first international islamic financial institution which defined credit lines to the azeri bank under islamic principles
• turanbank international bank of azerbaijan rabitabank unibank bankstandard kauthar bank amrahbank icd invested to equity of caspian international investment company initially usd mln

• turanbank s role identify and apprise clients sub projects prepare all legal documentation murabaha agreement disburse to suppliers follow up project implementation and post implementation monitoring ensure on time collection from clients and transfer of payments to icd guarantee full payment to icd client s role as authorized by murabaha agreement terms procure and take delivery of assets refer to murabaha agreement for full details commit to purchase assets from icd promise to buy commit to payment
• turanbank s practice in islamic banking all presented practise are based on murabaha mode of financing and mainly implemented under icd s line of financing

• letter of guarantee turanbank operational account disbursement within days icd is notified immediately
• fix murk up client sub project

Please note, This is an auto generated summary based on sentances position in the document and other factors

DOCUMENT WORD ANALYSIS

Main Category

AlHuda Material\islamic banking

KeyWords

contract price sale asset financing lease client purchase ijarah payment profit musharakah lessee amount commodity housing agreement contracts ownership project

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DOCUMENT REFERENCES

Number of Pages

21

Published Date

2016-09-17 00:26:36

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