Islamic banking is growing and is here to stay
Islamic banking is growing and is here to stay

Research Report on Islamic Banking – Part 4 – Glossary, Appendix and References

by Mohamed Ariff, University of Malaya, taken from Asian-Pacific Economic Literature, Vol. 2, No. 2 (September 1988), pp. 46-62


Glossary

al-wadiah = safe keeping

bai’muajjal = deferred-payment sale

bai’salam = pre-paid purchase

baitul mal = treasury

fiqh = jurisprudence

Hadith = Prophet’s commentary on Qur’an

hajj = pilgrimage

halal = lawful

haram = unlawful

ijara = leasing

iman = faith

mithl = like

mudaraba = profit-sharing

mudarib = entrepreneur-borrower

muqarada = mudaraba

murabaha = cost-plus or mark-up

musharaka = equity participation

qard hasan = benevolent loan (interest free)

qirad = mudaraba

rabbul-mal = owner of capital

riba = interest

Shariah = Islamic law

shirka = musharaka

Appendix

Islamic Financial Institutions (outside Pakistan and Iran)
Australia Islamic Investment Company, Melbourne.

Bahamas Dar al Mal al Islami, Nassau Islamic Investment Company Ltd, Nassau, Masraf Faisal Islamic Bank & Trust, Bahamas Ltd.

Bahrain Albaraka Islamic Investment Bank, Manama, Bahrain Islamic Bank, Manama, Bahrain Islamic Investment Company, Manama, Islamic Investment Company of the Gulf, Masraf Faisal al Islami, Bahrain.

Bangladesh Islamic Bank of Bangladesh Ltd, Dhaka.

Denmark Islamic Bank International of Denmark, Copenhagen.

Egypt Albaraka Nile Valley Company, Cairo, Arab Investment Bank (Islamic Banking Operations), Cairo., Bank Misr (Islamic Branches), Cairo, Faisal Islamic Bank of Egypt, Cairo, General Investment Company, Cairo, Islamic International Bank for Investment and Development, Cairo, Islamic Investment and Development Company, Cairo, Nasir Social Bank, Cairo.

Guinea Islamic Investment Company of Guinea, Conakry, Masraf Faisal al Islami of Guinea, Conakry.

India Baitun Nasr Urban Cooperative Society, Bombay.

Jordan Islamic Investment House Company Ltd Amman, Jordan Finance House, Amman, Jordan Islamic Bank for Finance and Investment, Amman.

Kibris (Turkish Cyprus) Faisal Islamic Bank of Kibris, Lefkosa.

Kuwait Al Tukhaim International Exchange Company, Safat., Kuwait Finance House, Safat.

Liberia African Arabian Islamic Bank, Monrovia.

Liechtenstein Arinco Arab Investment Company, Vaduz, Islamic Banking System Finance S.A. Vaduz.

Luxembourg Islamic Finance House Universal Holding S.A.

Malaysia Bank Islam Malaysia Berhad, Kuala Lumpur, Pilgrims Management and Fund Board, Kuala Lumpur.

Mauritania Albaraka Islamic Bank, Mauritania.

Niger Faisal Islamic Bank of Niger, Niamy.

Philippines Philippine Amanah Bank, Zamboanga.

Qatar Islamic Exchange and Investment Company, Doha, Qatar Islamic Bank.

Saudi Arabia Albaraka Investment and Development Company, Jeddah, Islamic Development Bank, Jeddah.

Senegal Faisal Islamic Bank of Senegal, Dakar, Islamic Investment Company of Senegal, Dakar.

South Africa JAAME Ltd, Durban.

Sudan Bank al Baraka al Sudani, Khartoum, Faisal Islamic Bank of Sudan, Khartoum, Islamic Bank of Western Sudan, Khartoum, Islamic Cooperative Development Bank, Khartoum, Islamic Investment Company of Sudan, Khartoum, Sudan Islamic Bank, Khartoum, Tadamun Islamic Bank, Khartoum, Jersey The Islamic Investment Company, St Helier, Masraf Faisal al Islami, St Helier.

Switzerland Dar al Mal al Islami, Geneva., Islamic Investment Company Ltd, Geneva, Shariah Investment Services, PIG, Geneva.

Thailand Arabian Thai Investment Company Ltd, Bangkok.

Tunisia Bank al Tamwil al Saudi al Tunisi.

Turkey Albaraka Turkish Finance House, Istanbul, Faisal Finance Institution, Istanbul.

U.A.E. Dubai Islamic Bank, Dubai, Islamic Investment Company Ltd, Sharjah.

U.K. Albaraka International Ltd, London, Albaraka Investment Co. Ltd, London, Al Rajhi Company for Islamic Investment Ltd, London, Islamic Finance House Public Ltd Co., London.

The list includes Islamic banks as well as Islamic investment companies but it does not include Islamic insurance or takaful companies.

Source: Siddiqi (l988)

References

Abdallah, A., 1987. ‘Islamic banking’, Journal of Islamic Banking and Finance, January-March, 4(1): 31-56.

Abdeen, A.M. and Shook, D.N., 1984. The Saudi Financial System, J. Wiley and Sons, Chichester.

Abdel-Magib, M.F., 1981. ‘Theory of Islamic banks: accounting implications’, International Journal of Accounting, Fall: 78-102.

Aftab, M., 1986. ‘Pakistan moves to Islamic banking’, The Banker, June: 57-60.

Ahmad, Sheikh Mahmud, l952. Economics of Islam, Lahore.

____, n.d. ‘Interest and Unemployment’, Islamic Studies, Islamabad, VIII (l): 9-46.

Al-Arabi, Mohammad Abdullah, l966. ‘Contemporary banking transactions and Islam’s views thereon’, Islamic Review, London, May l966: l0-l6.

Al-Jarhi, Ma’bid Ali, l983. ‘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.) l982. Islamic Banks and Strategies of Economic Cooperation, New Century Publishers, London.

____ (ed.) 1984. Papers on Islamic Banking, New Century Publishers, London.

Ariff, M. l982. ‘Monetary policy in an interest-free 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 South-east Asia, Institute of Southeast Asian Studies, Singapore.

Bruce, N.C., 1986. ‘Islamic banking moves east’, Euromoney, July: 142-5.

Chapra, M. Umer, l982. ‘Money and banking in an Islamic economy’ in M Ariff (ed.), above.

____ l985. Toward a Just Monetary System, The Islamic Foundation, Leicester.

Choudhury, Masul Alam, l986. Contributions to Islamic Economic Theory: A Study in Social Economics, St Martin Press, New York.

Council of Islamic Ideology (CII), Pakistan, l983. ‘Elimination of interest from the economy’, in Ziauddin, Ahmed et al. (eds.).

El-Asker, A.A.F., 1987. The Islamic Business Enterprise, Croom Helm, London.

El-Din, A.K., 1986. ‘Ten years of Islamic banking’, Journal of Islamic Banking and Finance, July-September, 3(3):49-66.

Halim, Abdul, l986. ‘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, l986. ‘Mudaraba banking and taka-ful 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 South-east Asian Studies, Singapore.

Homoud, S.H., 1985. Islamic Banking, Arabian Information, London. Huq, Azizul, l986. ‘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, l987. Islamic Banking, International Monetary Fund Occasional Paper 49, Washington D.C.

Irshad, S.A., l964. Interest-Free Banking, Orient Press of Pakistan, Karachi.

Kahf, Monzer, l982a. ‘Saving and investment functions in a two-sector Islamic economy’, in M. Ariff (ed.) , above.

____ l982b. ‘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):108-42.

Khan, Abdul Jabbar, l986. ‘Non-interest 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, l983. ‘Islamic banking as practised now in the world’ in Ziauddin, Ahmad et al. (eds.).

Khan, M. S.,1986.’Islamic interest-free banking’, I M F Staff Papers, March, 33(1):1-27.

____, 1987 ‘Principles of monetary policy in an Islamic framework’, paper presented to the International Institute of Islamic Economics, Islamabad, Pakistan, July.

  • Research Report on Islamic Banking, Part 1
  • Research Report on Islamic Banking, Part 2
  • Research Report on Islamic Banking, Part 3
  • Research Report on Islamic Banking, Part 4 – Glossary, Appendix and References