Islamic Finance

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Bahrain's financial market has the greatest potential for growth within the Islamic banking sector. The standardized regulatory framework provided by the Bahrain Monetary Agency will allow Bahrain's Islamic financial institutions to develop on a greater international scale. One goal is to significantly increase the number of international sukuks offered, which to date totals only four. The development of both the Bahrain Financial Harbour and the Bahrain Stock Exchange are both positive steps for the Bahrain financial industry.

This article provides background information on the Muslim population in Australia.

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This article highlights a study conducted on Islamic banks in 1995. The survey measured the location distribution of Islamic banks, legal structure, financial activity, modes of financing, and shari`a supervision.

There is a great deal in Western literature that focuses on the major issues in the Islamic economic paradigm, such as the prohibition of interest and the causes of the business cycle. There is much to be gained from utilizing the empirical approach of Western economic literature. Rather than developing in isolation from Western literature, Islamic scholars would do well to take advantage of the wealth of supportive arguments found in Western Literature. _x000D_ _x000D_ http://www.iiibf.org/journals/journal1/art1.pdf

This paper examines contemporary derivative instruments and the Islamic viewpoint of the new instruments. The validity and permissibility of these instruments appears to vary by scholar: Even where Islamic scholars have found them to be objectionable their reasons for objection differs. Much of the work by Islamic scholars has been of a highly juridical nature. They examine derivatives within narrow confines of contractual arrangements and thereby miss the broader picture of why instruments like futures and options are needed in modern business environments.

This paper provides a practitioners perspective on the overwhelming need for prudent management of liquidity and development of Islamic money market instruments. (Abstract provided by journal/author; www.islamic-finance.net)

Financial contracts involving the use of bay' al-inah and bay' al-dayn have been extensively used in the design of Malaysian Islamic bonds. Both of these mechanisms have been found unacceptable by Islamic scholars. The use of financing based on Muqarada and