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Islamic banking and finance in South-East Asia: it's development and future

Author: Venardos, Angelo M. Publisher: World Scientific Publishing 2006.Language: EnglishDescription: 238 p. ; 22 cm.ISBN: 9812568883Type 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 2006
(Browse shelf)
900173292
Available 900173292
Total holds: 0

Includes bibliographical references and index and glossary

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Islamic banking and finance in South-East Asia Islamic banking and finance in South-East Asia Foreword Preface to 2nd Edition Acknowledgements Introduction Chapter 1 Islamic History 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 xiii xvii The Quran . . . . . . . . . . . . . . . . . . . . . . . . . The Five Principles of Islam . . . . . . . . . . . . . . . TheMosque . . . . . . . . . . . . . . . . . . . . . . . . Muhammad and the Origins of Islam . . . . . . . . . . The Spread of Islam . . . . . . . . . . . . . . . . . . . . The Golden Age of Islam . . . . . . . . . . . . . . . . . Decline and Fall . . . . . . . . . . . . . . . . . . . . . . A Revival of Fortunes . . . . . . . . . . . . . . . . . . . Middle-Eastern Oil . . . . . . . . . . . . . . . . . . . . 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 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 From the Obligatory to the Forbidden . . . . . . . . . The Quran. the Sunnah and the Hadith . . . . . . . . . The Five Major Schools of Islamic Law . . . . . . . . . Classical Islamic Jurisprudence and the Processes for Ascertaining the Law . . . . . . . . . . . The Concept of Fatwah . . . . . . . . . . . . . . . . . . From Revelation to Codification: Scholasticism and the Formulation of Doctrine . . . . . . . . . . . . Closing of the Door of Ijtihad . . . . . . . . . . . . . . Shari'ah and State Law in the Modern Era . . . . . . . Chapter 3 Islamic Commercial Law Islamic vs . Non-Islamic Commercial Transactions . . Principal Requirements of the Shari'ah in Relation to Commercial Activities . . . . . . . . . . . . Islam: the Difference between Equity and Debt . . . . Rationale of the Prohibition of Interest . . . . . . . . . Conventional Banking and the Prohibition of Riba in Islam . . . . . . . . . . . . . . . . . . . . . . . . . . . Treatment of Deposits with Interest . . . . . . . . . . . Profit and Loss Sharing . . . . . . . . . . . . . . . . . . Profit-sharing Enterprises . . . . . . . . . . . . . . . . Islamic Contract Law . . . . . . . . . . . . . . . . . . . Types of Contract in Shari'ah . . . . . . . . . . . . . . Islamic Financing in a Contemporary Setting . . . . . The Problem of Uncertainty (gharar) . . . . . . . . . . Summary . . . . . . . . . . . . . . . . . . . . . . . . . . Chapter 4 Islamic Financial Products 4.1 4.2 The Emergence of Islamic Banking . . . . . . . . . . . Different Paths. Same Goal . . . . . . . . . . . . . . . . Con tents What Investment Products are Permissible under Islamic Shari'ah Law . . . . . . . . . . . . . . . . . . . Shari'ah Investment Principles . . . . . . . . . . . . . Equity-Financing and Debt-Financing in Pre-Islamic Arab Society . . . . . . . . . . . . . . . . . Islamic Equity-Financing and Debt-Financing . . . . . Equity Securities: Profit-sharing Contracts . . . . . . . Debt-Financing Contracts . . . . . . . . . . . . . . . . Debt Securities . . . . . . . . . . . . . . . . . . . . . . . Shari'ah Qualifications in Leasing . . . . . . . . . . . . Other Risk-Taking Products . . . . . . . . . . . . . . . Islamic Insurance . . . . . . . . . . . . . . . . . . . . . TakafilInsurance in a Contemporary Context . . . . . TakafulCompared with Conventional Insurance . . . Summary . . . . . . . . . . . . . . . . . . . . . . . . . . Chapter 5 Issues and Challenges of Islamic Banking Today Obstacles to the Application of Islamic Law to Present Day Banking . . . . . . . . . . . . . . . . . . . Derivation from Revealed Sources . . . . . . . . . . . Methodological Differences . . . . . . . . . . . . . . . Pluralism of Fatwahs . . . . . . . . . . . . . . . . . . . The Problem of Applying Islamic Law in a Western Legal Environment . . . . . . . . . . . . . . . Accounting and Corporate Regulatory Practices . . . Depositors and Regulators . . . . . . . . . . . . . . . . Regulators' Concerns . . . . . . . . . . . . . . . . . . . Legal Challenges . . . . . . . . . . . . . . . . . . . . . Developing an Efficient Regulatory Framework . . . . Special Requirements of Islamic Banking . . . . . . . Assessment and Management of Investment Risks . . Proposals for a Regulatory Framework for Islamic Banking . . . . . . . . . . . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . 111 Chapter 6 Islam in South-east Asia The Coming of Islam to South-east Asia . . . . . . . . European Rivalries and Colonisation . . . . . . . . . . The Road to Independence . . . . . . . . . . . . . . . . Post-Independence: A New World Order . . . . . . . . The Philippines . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . . . . . . . Malaysia . . . . . . . . . . . . . . . . . . . . . . . . . . Brunei . . . . . . . . . . . . . . . . . . . . . . . . . . . . Islam in South-east Asia Today . . . . . . . . . . . . . Chapter 7 Colonial Legacies: Islam and State Law in South-east Asia Shari'ah vs. State Law . . . . . . . . . . . . . . . . . . . British Malaya . . . . . . . . . . . . . . . . . . . . . . . The Introduction of English Common Law to Malaya . . . . . . . . . . . . . . . . . . . . . . . . . . OutofIndia . . . . . . . . . . . . . . . . . . . . . . . . Muslim Law in Malaysia . . . . . . . . . . . . . . . . . Conflict between Muslim Law and English CommonLaw . . . . . . . . . . . . . . . . . . . . . . . Maria Hertogh: A Case in Point . . . . . . . . . . . . . Post-Independence . . . . . . . . . . . . . . . . . . . . Chapter 8 Islamic Banking in Malaysia 8.1 8.2 8.3 8.4 8.5 Origins of Islamic Banking in Malaysia . . . . . . . . . Bank Negara Guidelines on Islamic Banking . . . . . The Shari'ah Supervisory Council . . . . . . . . . . . . Making Islamic Banking Compatible with Conventional Banking . . . . . . . . . . . . . . . . . . Some Observations on the Malaysian Legal Framework . . . . . . . . . . . . . . . . . . . . . 115 115 117 119 120 121 123 124 127 128 130 131 132 134 135 137 138 140 142 144 145 147 148 149 150 8.6 8.7 8.8 8.9 8.10 8.11 Islamic Financial Products in Malaysia: The Concept of an Islamic Window . . . . . . . . . . . . . The Malaysian Government Investment Certificate . . Debt Securities . . . . . . . . . . . . . . . . . . . . . . . Islamic Accepted Bills . . . . . . . . . . . . . . . . . . . Takaful Insurance in Malaysia . . . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . Chapter 9 Islamic Banking in Indonesia 9.1 9.2 9.3 9.4 9.5 9.6 Islam and Government in Indonesia . . . . . . . . . . Traditional Islamic Financial Institutions in Indonesia . . . . . . . . . . . . . . . . . . . . . . . . Introduction of Measures to Permit Islamic Banking in Indonesia . . . . . . . . . . . . . . . . . . . Contemporary Indonesian Islamic Financial Institutions . . . . . . . . . . . . . . . . . . . . . . . . . The Introduction of Standard Accounting Procedures . . . . . . . . . . . . . . . . . . . . . . . . . Forms of Lending and Borrowing in Indonesia . . . . 9.6.1 Lending Forms . . . . . . . . . . . . . . . . . . 9.6.2 Profit-sharing Forms . . . . . . . . . . . . . . . 9.6.3 Borrowing Forms . . . . . . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . 9.7 Chapter 10 Labuan: A Niche in the Islamic Money Market 10.1 10.2 10.3 10.4 10.5 10.6 10.7 Role of Labuan Financial Services Authority . . . . . . Labuan Offshore Companies . . . . . . . . . . . . . . . Currency and Exchange Control . . . . . . . . . . . . . Tax Incentives . . . . . . . . . . . . . . . . . . . . . . . Labuan International Financial Exchange . . . . . . . Moving Forward with Islamic Banking . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . xii Chntents Chapter 11 Islamic Banking in Brunei 11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8 Introduction . . . . . . . . . . . . . . . . . . . . . . . . Brunei International Financial Corporation (BIFC) . . The Exclusion of Money Laundering a First Priority . Parallel Jurisdictions . . . . . . . . . . . . . . . . . . . Islamic Banking in Brunei . . . . . . . . . . . . . . . . Takaful in Brunei . . . . . . . . . . . . . . . . . . . . . . Latest Developments . . . . . . . . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . 182 Chapter 12 Banking in Singapore Introduction . . . . . . . . . . . . . . . . . . . . . . . . Legal Framework - Legislation Enacted by the Parliament of Singapore . . . . . . . . . . . . . . . . . 12.3 English Common Law and Statutes . . . . . . . . . . . 12.4 Singapore -An Alternative to Switzerland . . . . . . 12.5 Singapore - Financial System Stability Assessment . 12.6 Singapore's Role as a Financial Centre . . . . . . . . . 12.7 Islamic Banking in Singapore . . . . . . . . . . . . . . 12.8 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . 12.1 12.2 Chapter 13 Conclusion 13.1 13.2 13.3 13.4 13.5 13.6 13.7 Introduction . . . . . . . . . . . . . . . . . . . . . . . . Conversion Project Plan . . . . . . . . . . . . . . . . . Moral Hazard and the Risk of Fraud . . . . . . . . . . The Problem of Delays in Payment and Insolvency . . Problems with Futures Contracts . . . . . . . . . . . . Moving Forward . . . . . . . . . . . . . . . . . . . . . Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . Glossary Bibliography Index 236

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