By Jaseem Ahmed, Harinder S Kohli
Islamic Finance is a compilation of chosen writings of Dr. Venkataraman Sundararajan (1945 2010), a world coverage maker who performed an important position within the improvement of the regulatory and supervisory frameworks and coverage for Islamic finance. Spanning greater than a decade of his concepts on Islamic finance, this ebook offers either easy and complex wisdom at the field.Â The chapters reveal not just Dr. Sundararajan s long-standing dedication to aiding enhance Islamic banking, but additionally how Islamic finance itself has developed speedily among 1998 and 2010.
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Additional info for Islamic Finance: Writings of V. Sundararajan
Assuming that these three countries constitute 30 percent of the stock market capitalization in IDB member countries, the annual stock market capitalization meeting the DJIMI criteria in the member countries may have exceeded USD 300 billion in 2004. There is no established source of data for the takaful segment of the industry. Tentative estimates by IRTI show that by the year 2005, seventyeight takaful companies were operating worldwide. These sources show that by the end of 2000 the total gross premium underwritten by takaful companies was worth USD 530 million.
Schools), a leasing-based instrument (ijara) is sometimes used to raise the needed funds. Under this arrangement, investors become co-owners of the project with the government (or the sole owners if they provide full funding). Once the project is completed, the investors lease their share to the government for a certain period of time at a negotiated lease rate. The lease contract often includes an option-to-buy for the government at the end of the lease contract. Despite the validity of these approaches to develop government funding instruments, there are inherent limitations in their usefulness for flexible monetary management and efficient domestic debt management.
It must be stressed that the above information is only indicative and not an actual estimate of the industry’s size. The information suggests that by the end of 2005, more than 300 institutions in over sixty-five jurisdictions were managing assets worth around USD 700–1,000 billion in a Shari’ah-compatible manner. A large part of the banking and takaful is concentrated in Bahrain, Malaysia, and Sudan. A significant part of mutual funds concentrate in the Saudi Arabian and Malaysian markets, in addition to the more advanced international capital markets.
Islamic Finance: Writings of V. Sundararajan by Jaseem Ahmed, Harinder S Kohli