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Halal is an Arabic word which means permissible or lawful. In the Holy Quran, God commands Muslims and all of mankind to eat of the Halal things - "O mankind! Eat of that which is lawful and wholesome, and follow not the footsteps of the devil.  Lo! he is an avowed enemy of you." (2:168)

Halal Foods
Halal Cosmetics
Halal Health Supplements
Halal Medicines
Islamic Financial Services
An Islamic financial system concerns about conformity to norms of Islamic ethics as enunciated by the Shariah. Fundamentally an Islamic financial system can be described as a fair and a free system. While Islam provides a basic freedom to enter into transactions, this basic norm does not imply unbridled freedom to contract. It is also constrained by other norms, such as, the prohibition of riba and gharar. Prohibition of riba is the cornerstone of an Islamic financial system.
• List of Products/Services and their Underlying Islamic Contracts
• List of Islamic Financial Concepts In Practice Worldwide
 
Financial Products/Services & Their Underlying Islamic Contract(s)
     
Products/Services
 
Underlying Contract(s)
Deposit Services
Current Deposit
  Wadiah Wad Dhamana / Qard Hasan
Savings Deposit
   Wadiah Wad Dhamana / Mudaraba
General Investment deposit
  Mudaraba
Special Investment deposit
  Mudaraba
Retail / Consumer Banking
Housing & Property Finance
  BBA* / Ijara wa Iktina /Diminishing Musharaka
Hire Purchase
   Ijara Thumma Al-Bai
Share Financing
  BBA* / Mudaraba / Musharaka
Working Capital Financing
   Murabahah/ Bai Al-Einah/ Tawarruq
Credit Card
  Bai Al-Einah/ Tawarruq
Charge Card
  Qard Hasan
Corporate Banking/ Trade Finance
Project Financing
  Mudaraba / Musharaka / BBA / Istisna / Ijara
Letter of Credit
  Musharaka/ Wakala/ Murabaha
Venture Capital
  Diminishing Mudaraba/ Musharaka
Financing Syndication
  Musharaka + Murabaha/ Istisna / Ijara
Revolving Financing
   Bai Al-Einah
Short-term Cash Advance
   Bai Al-Einah/ Tawarruq
Working Capital Finance
  Murabaha/ Salam/ Istijrar
Letter of Credit
  Murabaha
Letter of Guarantee
  Kafala + Ujr
Leasing
  Ijara
Export/ Import Finance
  Musharaka/ Salam/ Murabaha
Work-in-Progress, Construction Finance
  Istisna
Bill Discounting
  Bai al-Dayn
Underwriting, Advisory Services
  Ujr
Treasury / Money Market Investment Products
Sell & buy-back agreements
  Bai al-Einah
Islamic Bonds
  Mudaraba / Mushraka + BBA / Istisna / Ijara
Government Investment Issues
  Qard Hasan/ Salam/ Mudaraba
Other Products & Services
Stock-Broking Services
  Murabaha/ Wakala/ Joala
Funds Transfer (Domestic & Foreign)
  Wakala/ Joala
Safe-Keeping & Collection (Negotiable Instruments)
  Wakala/ Joala
Factoring
  Wakala/ Joala/ Bai al-Dayn
Administration of Property, Estates and Wills
  Wakala
Hiring of Strong Boxes
  Amana/ Wakala
Demand Draft, Traveller's Cheques
  Ujr/ Joala
ATM Service, Standing Instruction, Telebanking
  Ujr
     
*BBA - Bai Bithamin Ajil
Source: Islamic Financial Service by Prof. Mohammed Obaidullah, King Abdulaziz Uni., Jeddah, S Arabia.
Riba
The word riba literally means increase or excess. Prohibition of riba is central to Islamic financial ethics and law. All transactions and contracts must be free from elements of riba.
The prohibition of riba implies that there is no reward for time preference alone. Reward, returns or benefits must always accompany liability or risk.
Gharar
The Arabic word gharar means risk, uncertainty, and hazard. All forms of contracts and transactions must be free from excessive gharar (or uncertainty). This implies that contracting under conditions of excessive uncertainty is not permissible.
Unlike riba, gharar is not precisely defined. Gharar is also considered to be of lesser significance than riba. While the prohibition of riba is absolute, some degree of gharar or uncertainty is acceptable in the Islamic framework. Only conditions of excessive gharar need be avoided.
 
List of Islamic Financial Concepts In Practice
Abu Dhabi Islamic Bank - www.adib.co.ae
• Istisna Financing of Property
• Property and Project Management Services
• Share Trading & Shareholder's Affairs Unit
MNI Takaful & Syarikat Takaful - www.takaful.com.my (Inputs from Bank Negara Malaysia - www.banknegara.gov.my)
• General Takaful Schemes
• Family Takaful Plan
Al-Amanah Philippines - www.islamicbank.com.ph
• Project Finance Schemes
• Musharaka-Based Letter of Credit
Al-Rajhi - www.alrajhibank.com.sa
• Share Trading & Shareholder's Affairs Unit
• Car Installment Program
Bahrain Monetary Authority - www.bma.gov.bh
• Al-Salam Sukuk
• Ijara (Leasing) Certificates Issue
Muslim Commercial Bank - www.meezanbank.com
• Istijrar Working Capital Financing
• Meezan Bank Musharika Certificates
American Finance House - www.lariba.com
• Equipment Financing
National Commercial Bank - www.alahli.com.sa
• Tayseer Al-Ahli
HSBC - www.amanahfinance.hsbc.com
• Interest-Free Services
The International Investor - www.tii.com
• Islamic Structured Finance
Bank Al Jazira - www.baj.com.sa
• Al-Wakala
Bank Muamalat Malaysia - www.muamalat.com.my
• Muamalat Cash Line Facility
Bank Islam Malaysia - www.bankislam.com.my
• Pewani Savings Account
• Education Financing Program
• Ar-Rahnu Short Term Easy Loan
• Bank Islam Card
   
Shariah Advisory Council of Malaysia criteria set for Securities Commission - www.sc.gov.my
• Approved List of Securities

 

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