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Islamic Banking and Finance Movement Worldwide: Performance and Prospects

In: Developments in Islamic Banking

Author

Listed:
  • Mohammad Mansoor Khan

    (University of South Australia)

  • Muhammad Ishaq Bhatti

    (La Trobe University)

Abstract

Islamic banking and finance (IBF) is an ideological discipline that draws on Shariah principles to expunge interest and other exploitative elements from the economic and financial spheres of human society. It is an equity-based system that primarily relies on profit and loss sharing (PLS) modes, namely, Mudarabah (joint venture) and Musharakah (equity participation), to perform borrowing, lending and investment functions. However, it may use some other interest-free instruments, such as Murabaha (deferred payment sale), Ijarah (leasing), Bai Salam (advance payment) and Bai Istisna (procurement engagement), to replace the interest-based banking and finance system in its entirety.

Suggested Citation

  • Mohammad Mansoor Khan & Muhammad Ishaq Bhatti, 2008. "Islamic Banking and Finance Movement Worldwide: Performance and Prospects," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Developments in Islamic Banking, chapter 3, pages 38-76, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-0-230-58230-9_3
    DOI: 10.1057/9780230582309_3
    as

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