Ebrahim, MS and Sheikh, M (2016) Debt Instruments in Islamic Finance: A Critique. Arab Law Quarterly, 30 (2). pp. 185-198. ISSN 0268-0556
Abstract
This paper assesses the employment of the traditional Islamic debt instrument, by contemporary Islamic banks, from an economic efficiency perspective. We highlight the fact that the performance of the bulk of the instruments pales in front of the modern facility of Participating Preferred Ijāra. Thus, the shortcomings of the traditional instruments illustrate that the future does not augur well for neither the ‘Islamic’ banking industry nor the emerging Muslim economies. For the Muslim world to move forward, it is imperative to scientifically restructure its financial intermediation system consistent with the Sharīca.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | This is an author produced version of a paper published in Arab Law Quarterly. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Tawarruq; Murābaḥa; Ribā; Sharīca; Qard Ḥasan; Ijāra |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Arts, Humanities and Cultures (Leeds) > School of Languages Cultures & Societies (Leeds) > Arabic & Middle Eastern Studies (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 07 Dec 2015 09:48 |
Last Modified: | 24 Feb 2018 01:38 |
Published Version: | https://dx.doi.org/10.1163/15730255-12341317 |
Status: | Published |
Publisher: | Brill Academic Publishers |
Identification Number: | 10.1163/15730255-12341317 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:92355 |