Islamic Finance

LondonPete · Post by **LondonPete** » Thu Dec 30, 2004 3:39 pm

Are there any good general websites or books for an overview of this area, as well as what is and isn't allowed?

Nonius · Post by **Nonius** » Thu Dec 30, 2004 3:43 pm

Google "Islamic Banking" and or "Sharia".

Crassus · Post by **Crassus** » Thu Dec 30, 2004 3:45 pm

isn't there a thraed on this on kilbott?

Nonius · Post by **Nonius** » Thu Dec 30, 2004 3:47 pm

http://www.islamic-finance.com/indexnew.htm

LP, did you just create this website?

anyway, also google "usury".

exotiq · Post by **exotiq** » Thu Dec 30, 2004 4:11 pm

Another keyword to try is "Riba"

I picked up some good books on this topic in Kuala Lumpur, none of which have been that remarkable in my view, but I haven't spotted too many in the west...

Nonius · Post by **Nonius** » Thu Dec 30, 2004 4:12 pm

there was an article in FT a few months ago about a relatively new Islamic Bank in the UK. Google that and talk to the dude who set it up. We do a number of Islamic Swaps at SuckCool btw. Mostly currency swaps.

LondonPete · Post by **LondonPete** » Thu Dec 30, 2004 4:22 pm

Thanks Nonius. It's not my site, sadly I cannot type that fast.

Crassus, Lostlott had a verbatim post that mentioned a couple of stipulations including firms being invested in could not have a debt/equity ratio greater than a third. Wasn't the Koran forward looking?

On a serious note does the Koran infer usury is bad like the Bible rather than explicitly denying it, I mean Christians in the middle ages weren't too keen on engaging in ursury themselves usually outsourcing the task to the Jews.

As a side note HSBC seem to have a decent presence in IF, and Durham University (UK) has a number of MSc courses in Islamic Finance. I remember reading that FT article too.

Nonius · Post by **Nonius** » Thu Dec 30, 2004 5:06 pm

From “[i]AL-BAQARA”[/i]

[url][i]002.275[/i][/url] [i][/i]

[b][i][/i][/b]

[b][i]“[/i][/b][b][i]YUSUFALI:[/i][/b] [b][i]Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: "Trade is like usury," but Allah hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever).”[/i][/b]

Nonius · Post by **Nonius** » Thu Dec 30, 2004 5:08 pm

[i]From AL-E-IMRAN[/i][b][i][/i][/b]

[b][i] [/i][/b]

[url][i]003.130[/i][/url] [i][/i][i]

[/i]

[i]“[b]YUSUFALI:[/b] O ye who believe! Devour not usury, doubled and multiplied; but fear Allah; that ye may (really) prosper.

[b]PICKTHAL:[/b] O ye who believe! Devour not usury, doubling and quadrupling (the sum lent). Observe your duty to Allah, that ye may be successful.

[b]SHAKIR:[/b] O you who believe! do not devour usury, making it double and redouble, and be careful of (your duty to) Allah, that you may be successful.”[/i]

Nonius · Post by **Nonius** » Thu Dec 30, 2004 5:09 pm

clear enough? Allah don't dig usury.