|
Evolution
| Rationale
| Anatomy
| Literature:
Theory
Literature:
Practice | Conclusion
| Glossary
Appendix: Islamic Financial Institutions | References
References
Abdallah,
A., 1987. 'Islamic
banking', Journal of Islamic Banking and Finance,
January March, 4(1): 3156.
Abdeen,
A.M. and Shook, D.N., 1984. The
Saudi Financial System, J. Wiley and Sons,
Chichester.
AbdelMagib,
M.F., 1981. 'Theory of
Islamic banks: accounting implications',
International Journal of Accounting, Fall: 78102.
Aftab,
M., 1986. 'Pakistan moves
to Islamic banking', The Banker, June: 5760.
Ahmad,
Sheikh Mahmud, 1952. Economics
of Islam, Lahore.
____,
n.d. 'Interest and
Unemployment', Islamic Studies, Islamabad, VIII (l):
946.
AlArabi,
Mohammad Abdullah, 1966. 'Contemporary
banking transactions and Islam's views thereon',
Islamic Review, London, May 1966: l0l6.
AlJarhi,
Ma'bid Ali, 1983. 'A
monetary and financial tructure for an interest free
economy, institutions, mechanism and policy', in
Ziauddin, Ahmad et al. (eds.), Money and Banking in
Islam, International Centre for Research in Islamic
Economics, Jeddah, and Institute of Policy Studies,
Islamabad.
Ali,
M. (ed.) 1982. Islamic
Banks and Strategies of Economic Cooperation, New
Century Publishers, London.
____
(ed.) 1984. Papers on
Islamic Banking, New Century Publishers, London.
Ariff,
M. 1982. 'Monetary policy
in an interestfree Islamic economy nature and scope'
in M. Ariff, (ed.), Monetary and Fiscal Economics of
Islam, International Centre for Research in Islamic
Economics, Jeddah.
____
1988. Islamic Banking in
Southeast Asia, Institute of Southeast Asian
Studies, Singapore.
Bruce,
N.C., 1986. 'Islamic
banking moves east', Euromoney, July: 1425.
Chapra,
M. Umer, 1982. 'Money and
banking in an Islamic economy' in M Ariff (ed.),
above.
____
1985. Toward a Just
Monetary System, The Islamic Foundation, Leicester.
Choudhury,
Masul Alam, 1986. Contributions
to Islamic Economic Theory: A Study in Social
Economics, St Martin Press, New York.
Council
of Islamic Ideology (CII), Pakistan, 1983. 'Elimination
of interest from the economy', in Ziauddin, Ahmed et
al. (eds.).
ElAsker,
A.A.F., 1987. The Islamic
Business Enterprise, Croom Helm, London.
ElDin,
A.K., 1986. 'Ten years of
Islamic banking', Journal of Islamic Banking and
Finance, July-September, 3(3):4966.
Halim,
Abdul, 1986. 'Sources and
uses of funds: a study of Bank Islam Malaysia Berhad,'
paper presented to the Seminar on Developing a
System of Islamic Financial Instruments, organized
by the Ministry of Finance Malaysia and the Islamic
Development Bank, Kuala Lumpur.
Hjarpe,
Jan, 1986. 'mudaraba
banking and takaful insurance: the question of
"Islamic Banks", their significance and
possible impact', in Jan Selmer, and Loong Hoe Tan,
Economic Relations between Scandinavia and ASEAN:
Issues on Trade, Investment, Technology Transfer and
Business Culture, University of Stockholm and
Institute of Southeast Asian Studies, Singapore.
Homoud,
S.H., 1985. Islamic
Banking, Arabian Information, London.
Huq,
Azizul, 1986. 'Utilization
of financial investments: a case study of
Bangladesh', paper submitted to the Seminar on
Developing a System of Islamic Financial
Instruments, organized by the Ministry of Finance
Malaysia and the Islamic Development Bank, Kuala
Lumpur.
Iqbal,
Zubair and Mirakhor, Abbas, 1987. Islamic
Banking, International Monetary Fund Occasional
Paper 49, Washington D.C.
Irshad,
S.A., 1964. InterestFree
Banking, Orient Press of Pakistan, Karachi.
Kahf,
Monzer, 1982a. 'Saving and
investment functions in a twosector Islamic
economy', in M. Ariff (ed.) , above.
____
1982b. 'Fiscal and
monetary policies in an Islamic economy', in M.
Ariff (ed.),above.
Karsten,
I., 1982. 'Islam and
financial intermediation', IMF Staff Papers, March,
29(1):10842.
Khan,
Abdul Jabbar, 1986. 'Noninterest
banking in Pakistan: a case study', paper presented
to the Seminar on Developing a System of Islamic
Financial Instruments, organized by the Ministry of
Finance Malaysia and the Islamic Development Bank,
Kuala Lumpur.
Khan,
M. Fahim, 1983. 'Islamic
banking as practised now in the world' in Ziauddin,
Ahmad et al. (eds.).
Khan,
M. S.,1986. 'Islamic
interestfree banking', I M F Staff Papers, March,
33(1):127.
____,
1987 'Principles of
monetary policy in an Islamic framework', paper
presented to the International Institute of Islamic
Economics, Islamabad, Pakistan, July.
____,
and Mirakhor, A., 1986. 'The
framework and practice of Islamic banking', Finance
and Development, September.
____
and ____, 1987 Theoretical
Studies in Islamic Banking and Finance (Book
Distribution Centre, Houston.
____
and ____ forthcoming (1988). 'The
financial system and monetary policy in an Islamic
economy', Journal of Research in Islamic Economics.
Khan,
Muhammad Akram, 1968. 'Theory
of employment in Islam', Islamic Literature,
Karachi, XIV (4): 5l6.
____
n.d. 'International
monetary crisis, causes and cure', The Criterion,
Karachi, 6 (2): 519.
Khan,
W.M., 1985. Towards an
InterestFree Islamic Economic System, The Islamic
Foundation, Leicester.
Man,
Zakariya, 1988. 'Islamic
banking: the Malaysian experience', in M. Ariff
(ed.), above.
Mannan,
M.A., 1970. Islamic
Economics, Lahore.
Mastura,
Michael O., 1988. 'Islamic
banking: the Philippine experience', in M. Ariff
(ed.), above.
Mirakhor,
Abbas, 1986. 'Some
theoretical aspects of an Islamic financial system',
paper presented at a Conference on Islamic Banking
sponsored by the Central Bank of the Islamic
Republic of Iran, Tehran, 1114 June.
Mohsin,
M., 1982. 'Profile of
ribafree banking', in M. Ariff (ed.), above. Naqvi,
S.N.H., 198l. Ethics and Economics: An Islamic
Synthesis, The Islamic Foundation, Leicester.
____,
1982. 'Interest rate and
intertemporal allocative efficiency in an Islamic
economy', in M. Ariff (ed.), above.
Naughton,
S.A.J. and Tahir, M.A., 1988. 'Islamic
banking and financial devel opment', Journal of
Islamic Banking and Finance, 5 (2).
Nienhaus,
V., 1983. 'Profitability
of Islamic PLS banks competing with interest banks:
problems and prospects', Journal of Research in
Islamic Economics, l(l):3747.
____,
1986. 'Islamic economics,
finance and banking theory and practice', Journal of
Islamic Banking and Finance, 3(2):3654.
____,
1988. 'The performance of
Islamic banks trends and cases', paper presented to
the Conference on Islamic Law and Finance, convened
in the University of London, 8 April.
Partadireja,
Ace, 1974. 'Rural credit:
the Ijon system', Bulletin of Indonesian Economic
Studies, 10 (3): 5471.
Qureshi,
Anwar Iqbal, 1946. Islam
and the Theory of Interest, Lahore.
Rahardjo,
Dawam, 1988. 'Islamic
banking in Indonesia?' in M. Ariff (ed.), above.
Rahman,
Fazalur, n.d. 'Riba and
interest', Islamic Studies, Karachi, 3(l):l43.
Ready, R.K., 198l. 'The march toward
selfdetermination', paper presented at the First
Advanced Course on Islamic Banks, International
Institute of Islamic Banking and Economics, Cairo,
28 August l7 September.
Rosa,
D.A., 1986. 'Islamic
financial policies and domestic resource mobilisa
tion', Savings and Development , 2:14353.
Salama,
Abidin Ahmad, 1986. 'Utilisation
of financial instruments: a case study of Faisal
Islamic Bank (Sudan)', paper submitted to the
Seminar on Developing a System of Islamic Financial
Instruments, organized by the Ministry of Finance
Malaysia and the Islamic Development Bank, Kuala
Lumpur.
Scharf,
T.W., 1983. Arab and
Islamic Banks, OECD, Paris.
Siddiqi,
M.N., 1982. 'Islamic
Approaches to Money, Banking and Monetary Policy: A
Review', in M. Ariff (ed.), above.
____,
1983a. Banking Without
Interest, The Islamic Foundation, Leicester.
____,
1983b. Issues in Islamic
Banking, Islamic Foundation, Leicester.
____,
1985. Partnership and
Profit Sharing in Islamic Law, Islamic Foundation,
Leicester.
____,
1988. 'Islamic banking:
theory and practice', in M. Ariff (ed.), above.
Su'ud,
M. Abu, n.d. 'The economic
order within the general conception of the Islamic
way of life', Islamic Review, London, 55 (2): 2426
and (3): lll4.
Udovitch,
Abraham L., 1970. Partnership
and Profit in Medieval Islam, Princeton University
Press, Princeton, N.J.
Uzair,
Mohammad, 1955. An Outline
of `Interestless Banking', Raihan Publications,
Karachi.
____,
1982. 'Central banking
operations in an interestfree banking system', in M.
Ariff (ed.), above.
Zaidi,
N.A., 1987. 'Profit rates
policy for PLS depositors', Journal of Islamic
Banking and Finance, 4 (4): 3546.
Endnotes
1
Surah al-Rum (Chapter 30),
verse 39; Surah al-Nisa (Chapter 39), verse l6l;
Surah al-Imran (Chapter 3), verses l302; Surah al-Baqarah
(Chapter 2), verses 2758l. See Yusuf Ali's
Translation of the Qur'an.
2
Hadith compiled by Muslims (Kitab
al-Musaqat).
3
This refers to a Hadith
compiled by Muslims (Kitab al-Musaqat).
4
Bank Islam Malaysia Berhad
has been offering a 70:30 profitsharing ratio in
favour of depositors (Man 1988).
5
In 1984 the Islamic Bank of
Bangladesh offered rates of return ranging from 4.95
per cent to l4.l3 per cent. The Faisal Islamic Bank
of Egypt, Cairo, gave a 9 per cent rate of return on
deposits in the same year (Afkar Inquiry, December
1985).
6
According to Sharia,
profits arising from a mudaraba arrangement
can be divided in any proportion between the two
contracting parties as agreed upon at the time of
the contract, but losses, if any, will fall on the
financier only.
7
Some Muslim countries have
recently introduced what are called 'Muqarada
Bonds', the proceeds of which are to be used for
incomeyielding public utility projects such as the
construction of bridges and roads. The bond holders
will have a share in the collection of tolls and
other receipts.
8
Qirad, sometimes also
called muqarada, refers to a financial
arrangement whereby the financier gets a share in
the output, as in the case of Muqarada Bonds (see
footnote 7). In the literature, the terms qirad
and mudaraba are often used interchangeably.
9
The market shares of the Islamic
banks are close to 20 per cent in Egypt, Kuwait and
Sudan and roughly l0 per cent in Jordan and Qatar.
By contrast, in Turkey, Islamic banks account for
less than 1 per cent of the market (see Nienhaus
1988).
Courtesy
of Mohamed Ariff, University of Malaya
|
