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Guide to Islamic Banking

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Guide to Islamic Banking ALL RIGHTS RESERVED © No part of this book may be reproduced or utilized in any form or by any means, electronic or mechanical, including photocopying and recording or by any information storage and retrieval system, without the permission of the publisher. Edition: April, 2015 Compiled by: Shayan Ahmed Baig, Fayyaz-ur-Rehman Khan Reviewed by: Ahmed Ali Siddiqui (Meezan Bank ) Supervised by: Khizar Ashfaq Qasmi Published By Maktaba Ma’ariful Quran (Quranic Studies Publishers) Compound Jamia Darul-uloom Karachi Korangi Industrial Area, Post Code-75180 Karachi - Pakistan Tel: 92-21 35031565, 35123130 E-mail : [email protected] [email protected] Also Available at: Idaratul Ma’arif, Darul Uloom Karachi Maktaba Darul Uloom Karachi Darul Ishaat, Urdu Bazar, Karachi Idara-e-Islamiat Lahore / Karachi Baitul Quran, Urdu Bazar Karachi Azhar Academy Ltd. London E12 5QA UK Tel: +44-20-8911-9797 Contents Preface 1 Specific Learning Object (SLOs) 5 Chapter 1: Islamic Economic System 17 Chapter 2: Factors of Production in Islam 31 Chapter 3: The Objectives of the Distribution of Wealth in Islam 43 Chapter 4: Prohibition of Riba in Qur’an and Hadith 49 Chapter 5: Riba and its Types 61 Chapter 6: Islamic Contract 83 Chapter 7: Elements of Valid Sale 92 Chapter 8: Sale 97 Chapter 9: Khiyars 101 Chapter 10: Musharakah 105 Chapter 11: Mudarabah 127 Chapter 12: Diminishing Musharakah 135 Chapter 13: Murabaha 145 Chapter 14: Salam 161 Chapter 15: Istisna 167 Chapter 16: Istijrar 175 vi Meezan Bank’s Guide to Islamic Banking Chapter 17: Ijarah 179 Chapter 18: Ijarah Wa Iqtina 197 Chapter 19: Tawarruq 207 Chapter 20: Islamic Banking Framework Comparison with Conventional banks 212 Chapter 21: Musharakah in Bank Deposits 223 Chapter 22: Project Financing 235 Chapter 23: Working Capital Financing 239 Chapter 24: Import Financing 247 Chapter 25: Export Financing 255 Chapter 26: Treasury Operations of Islamic Banks 267 Chapter 27: Securitization 279 Chapter 28: Islamic Investment Funds 287 Chapter 29: The Principle of Limited Liability 303 Chapter 30: Takaful: The Islamic Insurance 315 Chapter 31: Guarantees and Pledge 323 Chapter 32: Shariah Audit and Compliance for Islamic Financial 327 Institutions Chapter 33: Examining the Prudence of Islamic Banks: A Risk 337 Management Perspective PREFACE In the last few years, the world has witnessed a significiant growth in Islamic Banking and Finance and has recognized the importance of Islamic Banking system as one of the most viable and sustainable banking system. Especially after the last financial crises of the world, where most of the big conventional banks failed to sustain their existence, the steady performance of Islamic Financial Institutions has shown the strength and significance of this system to the masses. Few years back, Islamic Banks could only facilitate limited financial requirements of the customers but now solution is provided for almost all financing needs of the customers. This encouraging growth of Islamic Banking system now requires robust research in the field of Product Development and other related fields like Risk Management etc, to capitalize this rising demand and emerge as a system of first choice for the whole world. In order to rise to the level of becoming the financial system of first choice, Islamic Bank now need to focus on developing products and services that are unique in their nature rather than matching products and services of Conventional Banking system. This will give Islamic Financial system the real strength that is inherent in the modes of Islamic Banking and Finance. All this cannot be achieved without seeking and aligning knowledge about the Islamic Finance with the rapidly changing financial requirements of the society. A need was felt that literature about Islamic Financial concepts should be available in such a language that is easily comprehendible by the masses and that literature must not only be a theoretical literature but also takes into account the recent developments in the financial world. 2 Meezan Bank’s Guide to Islamic Banking In this book, which is an updated version of my previous book-Meezan Bank Guide to Islamic Banking, an effort has been made to bridge the gap between the theoretical Concepts of Islamic Banking and Finance and their practical applications which would enable a reader to grasp the concepts in a convenient manner. Following additions have been made in this version: 1) The arbic text of all the Quranic Ayahs and Hadiths that were mentioned in the previous edition has been added in this book. 2) An effort has been made to include the sources of Hadiths or Fiqh rulings to add to the credibility of the information available in the book. 3) To ensure uniformity, all the translations of the Quranic verses have been replaced with the translation from “The Noble Quran” only written by my father Justice Mufti Taqi Usmani. 4) The text of the old chapters have been updated and revised wherever it was required. 5) New chapters on emerging fields in Islamic Banking and Finance such as Risk Manangement for Islamic Banks, Treasury Operations, Import-Export Financing, Tawarruq, Takaful, Guarantees have been added in the book to discuss shariah concepts applicable to all these recent developments. 6) A new chapter on “Shariah Audit” has been added in the book to discuss the unique nature and scope of audit in the field of Islamic Banking and Finance. 7) Guidelines for accounting treatment of major modes like Murabaha, Ijarah and Istisna have been added in the book. Preface 3 I am grateful to all team members who helped me prepare this book and gave me some very good suggestions. I am also grateful to Mr. Ahmed Ali Siddiqui, Mr. Shayan Ahmed Baig and Mr. Fayyaz ur Rehman Khan from Product Development and Shariah Compliance Department of Meezan Bank Limited for their efforts in development of this updated version. In the end, I pray to Allah Subhanahu Wa Ta’ala to accept all our efforts in His cause, and give us the guidance and ability for such humble efforts in future as well so as to free the world from Riba and revive Islamic values all over the world. Ameen! Dr. Muhammad Imran Ashraf Usmani Safar 1436 AH Specific Learning Objectives (SLOs) Part 1: Islamic Banking-Introduction, Background & Global Scenario By the end of this part, you should be able to: • Explain the concept of Islamic Shariah (Covered in Chapter 1) • Explain the importance of Shariah in Islamic banking (Covered in Chapter 1) • List the sources of Shariah (Covered in Chapter 1) • Describe the concept of lawful and unlawful as per Shariah (Covered in Chapter 1) • Explain the concept of free and fair market system in Islam (Covered in Chapter 3) • Reading Material - Discuss the global scenario of Islam banking and its impact on traditional banking practices (Covered in Chapter 20) + Reading Material • Explain the architecture of an Islamic financial system and discuss its effectiveness (Covered in Chapter 2) • Differentiate between Islamic Economic and Finance System and Capitalism and Socialism (Covered in Chapter 2) • Explain the concept of wealth in Islam (Covered in Chapter 2) • Explain the objectives of wealth distribution in Islam (Covered in Chapter 3) • Describe the Factors of Production in Islam and their compensations (Covered in Chapter 2) 6 Meezan Bank’s Guide to Islamic Banking Part 2: Concept of Riba, Gharar and Qimar and Other Prohibited Activities By the end of this part, you should be able to: • Define Riba in the light sof Quran and Hadith (Covered in Chapter 4) • Explain the various types of Riba (Covered in Chapter 5) • Discuss the point of view of Islamic banking on interest (Covered in Chapter 4 and 5) • Differentiate between the concepts of Gharar and Qimar and explain why these are prohibited under Islamic Shariah (Covered in Chapter 30) • Describe the other activities that are termed as prohibited under Islamic finance (Covered in Chapter 30) Part 3: Islamic Law of Contract By the end of this part, you should be able to: • Define the Islamic law of contract (Covered in Chapter 6) • Explain the basic elements of an Islamic contract (Covered in Chapter 6) • Explain the scenarios under which an Islamic contract is termed void or valid (Covered in Chapter 6) • Analyze the scenarios under which an Islamic contract is termed void or valid (Covered in Chapter 6) • Define Uqood Muawadha and explain its importance in Islamic Law of Contract (Covered in Chapter6) • Define Uqood Ghair Muawadha and explain its importance in Islamic Law of Contract (Covered in Chapter 6) Specific Learning Objectives (SLOs) 7 Part 4: Islamic Law of Sale By the end of this part, you should be able to: • Differentiate between the concepts of Bai Batil, Bai Fasid and Bai Makrooh (Covered in Chapter 8) • Analyze the prohibited transactions under Islamic law of sale and purchase (Covered in Chapter 8) • Explain the concepts of subject matter, price, delivery and possession under Islamic law of sale and purchase (Covered in Chapter 7) • Describe the concepts of Khiyar and discuss the conditions under which Khiyar can be exercised (Covered in Chapter 9) • Describe the concept of Iqala and discuss the conditions under which it can be exercised (Covered in Chapter 9) Part 5: Comparison of Islamic and Conventional Banking By the end of this part, you should be able to: • Differentiate between the concept of Islamic and conventional banking (Covered in Chapter 20) • Differentiate between the governing principles and business model frame works of Islamic and conventional banking •
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