A basic guide to contemporary Islamic banking and finance

This guide was produced by the Islamic Society of North America for the Muslims of North America. It provides an overview of prohibitions such as riba (usury) and gharar (the sale of items whose existence or characteristics are not certain). Then, it describes permissible financing methods such as murabaha (cost-plus sales), credit sales, ijara (leasing), musharaka and mudaraba (partnerships), and Islamic forwards. Furthermore, the book addresses permissible investment and insurance alternatives, ending with answers to commonly asked questions such as trading in stocks, interest on bank deposits, and lending. A glossary of terms defines the Arabic vocabulary.