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Contracts, Structures, and Computation Mechanisms of Islamic Bank Retail Financing Products: A Critical Assessment

In: Islamic Banking

Author

Listed:
  • Buerhan Saiti

    (Institute of Islamic Banking and Finance (IIiBF), Kuala Lumpur)

  • Hishamuddin Abdul Wahab

    (Universiti Sains Islam Malaysia (USIM))

  • Khaliq Ahmad

    (Institute of Islamic Banking and Finance (IIiBF), Kuala Lumpur)

Abstract

This chapter discusses Islamic bank retail financing, its instruments, and operations. The discussion demonstrates that it is essential to have a banking system based on Shariah principles that fulfill the needs of Muslim consumers. The chapter examines the various personal financing products, their underlying Islamic contracts, and their computational mechanisms with appropriate examples. It also critically evaluates the products of Islamic bank retail financing. The availability of various personal financing instruments in Islamic banks allows Muslim consumers to achieve their financing needs. Moving forward, a greater variety of instruments that invite fewer Shariah issues must be offered in the market to ensure a more vibrant Islamic banking system.

Suggested Citation

  • Buerhan Saiti & Hishamuddin Abdul Wahab & Khaliq Ahmad, 2017. "Contracts, Structures, and Computation Mechanisms of Islamic Bank Retail Financing Products: A Critical Assessment," Palgrave CIBFR Studies in Islamic Finance, in: Nafis Alam & Syed Aun R. Rizvi (ed.), Islamic Banking, chapter 5, pages 81-125, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-319-45910-3_5
    DOI: 10.1007/978-3-319-45910-3_5
    as

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