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Islamic banking and finance
Published on October 7, 2014 42 min
A selection of talks on Finance, Accounting & Economics
Welcome to the Islamic Banking and Finance presentation by Professor Philip Molyneux from Bangor University. The aim of the presentation is to highlight some of the key features of Islamic banking and finance. Islamic banking and finance has developed rapidly over the last 30 years to become an increasingly important part of the global financial sector. The lecture will highlight features of Islamic banking, Islamic equity, indices and mutual funds, and will also briefly mentioned Islamic bonds, which is known as sukuk, and Islamic insurance, known as Takaful. The aim is to give an insight into the key features of the sector, its growing importance, and the various types of instruments used in Islamic banking and finance.
What is Islamic banking and finance? Islamic banking and finance is any sort of financial activity undertaken that's consistent with Islamic law, known as Shariah. It's undertaken in accordance with the rules of Shariah known as fiqh muamalat, and this is just simply the Islamic rules on transactions. A key feature of Islamic banking and finance that makes it different from conventional or Western banking and finance is that it does not allow for the payments or receipt of interest. It also aims to promote a greater degree of fairness and equity in the conduct of business transactions in the financial sector. It's existed for over 30 years. The first Islamic banks were established in Egypt during the 1960s based on the German savings bank mutual model.