A Primer on Islamic Finance by Bala Shanmugam

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By Bala Shanmugam

This straightforward yet finished creation to Islamic finance is reader pleasant and broad in scope. It covers the fundamental ideas, markets, items, and problems with Islamic finance and exhibits the various nature of Shari'a criteria in numerous nations.

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Structure of Ijarah Sukuk 6. Service Agency Agreement Seller/ Lessee 1. Sale of Beneficial Ownership 3. Lease (Issuer/ Lessor) SPV 2. Issuance of Sukuk 5. Periodic Income Distribution Sukuk Holders Junior Sukuk Holder (seller) License Agreement Senior Sukuk Holder (investors) 4. Rental Payment Off-Takers 48 ©2009 The Research Foundation of CFA Institute The Islamic Capital Market 2. To finance the purchase, the issuer raises sukuk of an equivalent amount through a combination of senior and junior sukuk.

7. The owner of the asset, or lessor (the bank), bears all the risks associated with ownership, such as asset maintenance, while the user of the asset (lessee) pays a fixed price (rent) for enjoying the benefits of the asset. Many scholars are critical of a practice whereby the Islamic bank makes the lessee the actual payer of the takaful (Islamic insurance) contribution or premium by passing on the premium costs as part of the lease installments to be paid by the lessee (Ayub 2007). The problem is that some of the risks of ownership may be assumed by the bank but the cost of the transfer of these risks is actually borne by the lessee.

London is emerging as a hub for Islamic finance because of the financial center’s wellestablished depth and breadth of investment and banking skills and its historical links to the Middle East and Asia. 5 billion Muslims worldwide expected to deposit their money in Islamic banks by 2015. The future is even brighter in Asia, where 50–60 percent of all Muslim saving is forecasted to be managed by Islamic financial institutions by the end of the next decade (Murugiah 2007). ©2009 The Research Foundation of CFA Institute 43 Chapter 4.

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