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Islamic banking and finance in South-East Asia: its development and future

Author: Venardos, Angelo M. Publisher: World Scientific Publishing 2005.Language: EnglishDescription: 247 p. ; 23 cm.ISBN: 9812561528Type of document: BookBibliography/Index: Includes bibliographical references and index and glossary
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Asia Campus
Main Collection
Print HG1500.44 .A V46 2005
(Browse shelf)
900097878
Available 900097878
Book Europe Campus
Main Collection
Print HG1500.44 .A V46 2005
(Browse shelf)
001186752
Available 001186752
Total holds: 0

Includes bibliographical references and index and glossary

Digitized

Islamic Banking and Finance in South-East Asia Its Development and Future Contents Foreword Acknowledgements Introduction Chapter 1 Islamic History 1.1 The Quran ................................................................ 1.2 The Five Principles of Islam ....................................... 1.3 The Mosque .............................................................. 1.4 Muhammad and the Origins of Islam ........................ 1.5 The Spread of Islam .................................................. 1.6 The Golden Age of Islam ............................................ 1.7 Decline and Fall ........................................................ 1.8 A Revival of Fortunes ................................................ 1.9 Middle-Eastern Oil .................................................... 1.10 Islamic Nationhood in the Late Twentieth Century .................................................................. 1.11 The Iranian Revolution and After.............................. 1.12 Islamic Banking and Islamic Revival ....................... Chapter 2 Shari'ah Law and Islamic Jurisprudence xv xvii 1 10 10 11 12 12 14 15 17 18 20 21 22 25 27 2.1 From the Obligatory to the Forbidden ........................ 28 2.2 The Quran, the Sunnah and the Hadith ........................... 28 vii viii Contents 2.3 The Five Major Schools of Islamic Law ........................ 2.4 Classical Islamic Jurisprudence and the Processes for Ascertaining the Law............................ 2.5 The Concept of Fatwah ............................................................. 2.6 From Revelation to Codification: Scholasticism and the Formulation of Doctrine ..................................... 2.7 Closing of the Door of Ijtihad .................................................. 2.8 Shari'ah and State Law in the Modern Era .................. Chapter 3 Islamic Commercial Law 29 32 35 36 38 39 42 3.1 Islamic vs. Non-Islamic Commercial Transactions ............................................................ 43 3.2 Principal Requirements of the Shari'ah in Relation to Commercial Activities ............................. 44 3.3 Islam: the Difference between Equity and Debt . . ....... 46 3.4 Rationale of the Prohibition of Interest ........................ 3.5 Conventional Banking and the Prohibition of Riba in Islam ................................................................... 3.6 Treatment of Deposits with Interest ............................ 3.7 Profit and Loss Sharing .............................................. 3.8 Profit-Sharing Enterprises .......................................... 3.9 Islamic Contract Law.................................................. 3.10 Types of Contract in Shari'ah ................................... 3.11 Islamic Financing in a Contemporary Setting . . . ...... 3.12 The Problem of Uncertainty (gharar) ................................. 3.13 Summary ................................................................. Chapter 4 Islamic Financial Products 47 49 50 51 51 52 54 56 56 58 62 4.1 The Emergence of Islamic Banking ............................. 63 4.2 Different Paths, Same Goal ........................................ 67 4.3 What Investment Products are Permissible under Islamic Shari'ah Law ................................................. 69 4.4 Shari'ah Investment Principles ................................... 70 Contents ix 4.5 Equity-Financing and Debt-Financing in Pre-Islamic Arab Society .......................................... 4.6 Islamic Equity-Financing and Debt-Financing . . ........ 4.7 Equity Securities: Profit-Sharing Contracts ................. 4.8 Debt-Financing Contracts .......................................... 4.9 Debt Securities .......................................................... 4.10 Shari'ah Qualifications in Leasing ............................ 71 74 75 77 83 84 4.11 Other Risk-Taking Products ..................................... 85 4.12 Islamic Insurance .................................................... 85 4.13 Takaful ul Insurance in a Contemporary Context . . . .. 87 4.14 Takaful ul Compared with Conventional Insurance . ... 88 4.15 Summary ................................................................ 89 Chapter 5 Issues and Challenges of Islamic Banking Today 5.1 Obstacles to the Application of Islamic Law to Present Day Banking ............................................... 93 5.2 Derivation from Revealed Sources .............................. 94 5.3 Methodological Differences ......................................... 95 5.4 Pluralism of Fatwahs ................................................................. 98 5.5 The Problem of Applying Islamic Law in a Western Legal Environment .................................................. 99 5.6 Accounting and Corporate Regulatory Practices . ...... 101 5.7 Depositors and Regulators ....................................... 104 5.8 Regulators' Concerns................................................ 106 5.9 Legal Challenges ...................................................... 110 5.10 Developing an Efficient Regulatory Framework . ..... 111 5.11 Special Requirements of Islamic Banking ............... 113 5.12 Assessment and Management of Investment Risks .................................................................... 114 5.13 Proposals for a Regulatory Framework for Islamic Banking ................................................................ 117 5.14 Conclusion ............................................................ 118 92 x Contents Chapter 6 Islam in South-east Asia 6.2 6.3 6.4 6.5 6.6 6.7 European Rivalries and Colonisation ........................ The Road to Independence ....................................... Post-Independence: A New World Order ................... The Philippines ........................................................ Indonesia ................................................................. Malaysia .................................................................. 122 124 126 128 129 130 132 6.1 The Coming of Islam to South-east Asia ................... 122 6.8 Brunei ..................................................................... 135 6.9 Islam in South-east Asia Today ................................ 137 Chapter 7 Colonial Legacies: Islam and State Law in South-east Asia 138 7.1 Shari'ah vs. State Law ............................................. 139 7.2 British Malaya.......................................................... 140 7.3 The Introduction of English Common Law to Malaya .................................................................. 143 7.4 Out of India ............................................................. 143 7.5 Muslim Law in Malaysia .......................................... 146 7.6 Conflict between Muslim Law and English Common Law......................................................... 147 7.7 Maria Hertogh: A Case in Point ................................ 148 7.8 Post-Independence ................................................... 151 Chapter 8 Islamic Banking in Malaysia 154 8.1 Origins of Islamic Banking in Malaysia .................... 156 8.2 Bank Negara Guidelines on Islamic Banking . . . ...... 158 8.3 The Shari'ah Supervisory Council ............................ 158 8.4 Making Islamic Banking Compatible with Conventional Banking ........................................... 159 8.5 Some Observations on the Malaysian Legal Framework ............................................................ 161 Contents xi 8.6 Islamic Financial Products in Malaysia: The Concept of an Islamic Window ..........................162 8.7 The Malaysian Government Investment Certificate .............................................................. 163 8.8 Debt Securities ......................................................... 164 8.9 Islamic Accepted Bills ............................................... 165 8.10 Takaful Insurance in Malaysia .................................. 166 8.11 Conclusion ............................................................. 168 Chapter 9 Islamic Banking in Indonesia 9.1 Islam and Government in Indonesia .......................... 9.2 Traditional Islamic Financial Institutions in Indonesia ............................................................... 9.3 Introduction of Measures to Permit Islamic Banking in Indonesia ............................................. 9.4 Contemporary Indonesian Islamic Financial Institutions ............................................................ 9.5 The Introduction of Standard Accounting Procedures.............................................................. 9.6 Forms of Lending and Borrowing in Indonesia . . ....... 9.6.1 Lending Forms .............................................. 9.6.2 Profit-Sharing Forms ..................................... 9.6.3 Borrowing Forms ........................................... 9.7 Conclusion ............................................................... Chapter 10 Labuan: A Niche in the Islamic Money Market 10.2 10.3 10.4 10.5 Labuan Offshore Companies ................................... Currency and Exchange Control .............................. Tax Incentives ........................................................ Labuan International Financial Exchange ................ 172 173 176 177 178 179 181 181 182 183 184 186 188 188 189 189 10.1 Role of Labuan Financial Services Authority . . . . 187 xii Contents 10.6 Moving Forward with Islamic Banking ..................... 190 10.7 Conclusion ............................................................. 191 Chapter 11 Islamic Banking in Brunei 11.1 Introduction ........................................................... 11.2 Brunei International Financial Corporation (BIFC) ... 11.3 The Exclusion of Money Laundering a First Priority ................................................................... 11.4 Parallel Jurisdictions .............................................. 11.5 Islamic Banking in Brunei ....................................... 193 193 195 196 197 197 11.6 Takaful in Brunei ......................................................200 11.7 Latest Developments ............................................... 201 11.8 Conclusion ............................................................. 202 Chapter 12 Banking in Singapore 204 12.1 Introduction ........................................................... 204 12.2 Legal Framework: Legislation Enacted by the Parliament of Singapore ..........................................209 12.3 English Common Law and Statutes ......................... 210 12.4 Singapore: An Alternative to Switzerland .................. 211 12.5 Singapore: Financial System Stability Assessment ............................................................212 12.6 Singapore's Role as a Financial Centre .................... 213 12.7 Islamic Banking in Singapore .................................. 214 12.8 Conclusion ............................................................. 216 Chapter 13 Conclusion 218 13.1 Introduction ........................................................... 218 13.2 Conversion Project Plan .......................................... 220 13.3 Moral Hazard and the Risk of Fraud ........................ 221 13.4 The Problem of Delays in Payment and Insolvency .............................................................. 222 13.5 Problems with Futures Contracts ............................ 223 Contents xiii 13.6 Moving Forward ...............................................224 13.7 Conclusion ........................................................ 225 Glossary Bibliography Index 231 237 245

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