"The recent impressive growth in the Islamic finance industry makes it essential that the world’s financial bodies and institutions understand this market and have suitably qualified staff to service the industry’s needs. Conventional finance includes elements such as interest and risk which are prohibited under Shari’ah law. Islamic finance or Shari’ah compliant financial activities excludes prohibited items and activities allowing individuals to invest savings and raise finance in ways which do not compromise their religious or ethical beliefs. Islamic financial products and services are developed to adhere to legal maxims that are the overriding principles and essential parameters of Islamic law, widely accepted by Muslim jurists. These new products are based round a series of contracts, the principles of which most readers will readily recognise. These contracts dramatically change the relationship between the bank and the suppliers of funds and similarly, the relationship of the bank with the users of funds.
CIMA is working with industr y leading professionals to provide globally relevant qualifications in Islamic finance. Many approaching Islamic finance for the first time are daunted by the intricacies of the subject, but a little effort usually leaves them feeling confident to explore this dynamic area of finance. This glossar y explains the key Arabic terms and ..."