ISLAMIC (MICRO)FINANCE

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7 APPENDIX 7.1 Abbreviations AAOIFI BDT BMT GCC IBF IBFI IBBL IFSB IMFI IRP IsDB KSA MENA MFI NGO OIC PKR PPAF PMN RDS ROSCA SBP SSBD SME UAE UPDS USD Accounting and Auditing Organization for Islamic Financial Institutions Bangladeshi taka Baitul Maal Wat Tamwil (Indonesian Islamic microfinance institution) Gulf Cooperation Council Islamic banking and finance Islamic banking and finance institution Islami Bank Bangladesh Limited Islamic Financial Services Board Islamic microfinance institution Islamic Relief Pakistan Islamic Development Bank Kingdom of Saudi Arabia Middle East and North Africa Microfinance institution Non-governmental organization Organization of Islamic Cooperation Pakistani rupee Pakistan Poverty Alleviation Fund Pakistan Microfinance Network Rural Development Scheme (rural Islamic microfinance program of IBBL) Rotating savings and credit association State Bank of Pakistan Small Scale Business Development (past title of IRP’s Islamic microfinance program) Small/medium enterprise United Arab Emirates Urban Poor Development Scheme (urban Islamic microfinance program of IBBL) United States dollar 7.2 Glossary Bai-muajjal Credit sale utilizing a contract to establish deferred payment terms between a buyer and a seller Bai-salam Advance purchase investment contract Fatwa (fatawa, plural) Scholarly rulings or judgments Fiqh Juridical interpretations of Shari’a Hadith Collected sayings and acts of the Prophet Mohammed Halal Permitted in Islam Haram Forbidden in Islam Hawala/hundi Unregulated trust-based forms of money transfer Ijtihad Independent reasoning conducted in light of the Qur’an, Sunnah, and ISLAMIC MICROFINANCE: CONTEXT, CULTURE, PROMISES, CHALLENGES | www.gatesfoundation.org 43
Ijara Istisna Gharar Maisir Mudaraba Murabaha Mushakarah Purdah Qard hassan Riba Sadaqat Shari’a Sukuk Sunnah Takaful Umma Waqf Zakat hadith Lease Payment contract for the manufacture/construction of an asset Excessive uncertainty Gambling Trustee financing, a financing partnership Mark-up/cost-plus financing contract Profit-loss sharing contract Curtain, veiling, seclusion, modesty A loan for which only the principle must be repaid Unwarranted increase of money, often interchangeable with usury or interest Voluntary charity Islamic law Islamic bonds Practices, teachings, and path of the Prophet Mohammed Insurance Islamic community Immovable property placed in an irrevocable trust Mandatory annual giving for both individuals and corporations, postexpenses 7.3 Recommended Reading Prepared Statement For US Senate Committee on Banking, Housing and Urban Affairs’ hearing: “Money Laundering and Terror Financing Issues in the Middle East” Mahmoud El-Gamal, 13 July 2005 http://www.banking.senate.gov/public/index.cfm?FuseAction=Files.View&FileStore_id=4848a750- 712d-4c6d-acc2-a8ba91385433 Costs and Sustainability of Sharia-Compliant Microfinance Mayada El-Zoghbi and Kaylene Alvarez CGAP FocusNote No. 101, Washington, DC: World Bank, February 2015 http://www.cgap.org/sites/default/files/Focus-Note-Costs-and-Sustainability-of-Sharia-Compliant- Microfinance-Products-Feb-2015.pdf Trends in Sharia-Compliant Financial Inclusion Mayada El-Zoghbi and Michael Tarazi CGAP FocusNote No. 84, Washington, DC: World Bank, March 2013 https://www.cgap.org/sites/default/files/Focus-Note-Trends-in-Sharia-Compliant-Finanicial- Inclusion-Mar-2013.PDF Islamic Social Finance Report 2014 IRTI/Thomson Reuters. Jeddah, Saudi Arabia: Islamic Research and Training Institute of the Islamic Development Bank, 2014 http://www.irti.org/English/Research/Documents/Report-2.pdf 44 ISLAMIC MICROFINANCE: CONTEXT, CULTURE, PROMISES, CHALLENGES | www.gatesfoundation.org
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Page 5 and 6: Table of Contents 1 EXECUTIVE SUMMA
Page 7 and 8: anthropological fieldwork enables c
Page 9 and 10: sukuk (bonds) when Shari’a compli
Page 11 and 12: 2.3 Guiding principles and common c
Page 13 and 14: does recognize the time value of mo
Page 15 and 16: ‘true’ nor ‘false’ nor abso
Page 17 and 18: MALAYSIA: (see Section 3.4) Kuala L
Page 19 and 20: DIB’s strategy in recent years is
Page 21 and 22: Market surveys by financial institu
Page 23 and 24: Research suggests that the growth o
Page 25 and 26: compelling and visible than Islam.
Page 27 and 28: PAKISTAN Akhuwat: Akhuwat is the IM
Page 29 and 30: Murabaha: A “mark-up” or “cos
Page 31 and 32: 3.5 Case study: Islami Bank Banglad
Page 33 and 34: 3.6 Case study: Islamic Relief Paki
Page 35 and 36: Perhaps the most vigorous defense o
Page 37 and 38: television, and are otherwise limit
Page 39 and 40: The limits of charity • Receipt o
Page 41 and 42: came under scrutiny for a draft law
Page 43 and 44: “…may involve serious problems
Page 45 and 46: Punjab government has thrown its su
Page 47: can ease administrative burdens for
Page 51 and 52: Long Reads: Islam and the Economic
Page 53 and 54: cx_hh_islamicfinance08_0421spirit.h
Page 55: TechNavio. 2014. “Global Islamic

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