Islamic Contracts: Debt vs Partnership

Introduction The RAM-rated sukuk market had earlier experienced an influx of debt-based sukuk such as Murabahah and BBA. At the time, underlying sukuk contracts followed a linear, straightforward approach; sukuk had been raised pursuant to a contract of sale, with the most common based on the principles of Murabahah and BBA – the earliest form…

Muslim consumerism

Muslim consumerism is linked to real economy sectors. Dubai actually has most of the attributes of an Islamic economy. For example, an activity log for a person in Dubai may entail : He lives in a residence that is Islamically mortgaged by, say, Tamweel, and it is ‘insured’ by Takaful Re Limited. The profit rate payment is…

Certification for The Growth of The Market

Human development in Islamic finance is as critical as other parts of the anatomy of Islamic finance. Training of personnel requires a comprehensive, systematic and goal-directed structure. There have been many approaches towards developing human capital. Some take the form of seminars and conferences. Many seminars and conferences have been organised to cover either the…

Regulating takaful Lessons from Malaysia

Takaful, like insurance, is a service with a difference. In both industries, the consumer “pays” in advance for services to be rendered in the future. The service here is the payment of claims should it occur. This feature makes takaful a regulated industry. Takaful is, however, different from conventional proprietary (a company with shareholders) insurance…