Islamic Finance Links

Remark: The following external links providing content rich information about Islamic finance and related topics. Please note that we do not take over responsibility for external content whatsover. We are glad to host any articles or master thesis for free if you hold the copyright rights and permit its distribution. Also all readers are encouraged to submit websites useful for this category.

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See also:

List of Bibliographies and referred materials in the Islamic Finance WIKI

Quran and Tafsir

AAOIFI Sharia Standards


Educational webcasts for free after registration of the CFA Institute


Islamic Financial Services Board

Accounting and Auditing Organisation for Islamic Financial Institutions

International Islamic Financial Market

General Council for Islamic Banks and Financial Institutions

Association of Islamic Banking Institutions Malaysia

Gulf Sukuk and Bond Association

International Association for Islamic Economics

ADFIMI which stands for Association of National Development Finance Institutions (DFIs) in Member Countries of the Islamic Development Bank (IDB)

Research and Training Institutions

Islamic Research and Training Institute of the Islamic Development Bank

Institute of Islamic Banking and Insurance

Islamic Banking and Financial Networ (IBF Net)

Bahrain Institute of Banking and Finance

Islamic Economics Research Centre, King Abdul Aziz University Saudi Arabia

Harvard Islamic Finance Project

Islamic Society for Institutional Economics

Islamic Finance Reports with market data

World Islamic Banking Competitiveness Report 2016 by EY

Islamic Commercial Law Report 2017 by ISRA/Reuters

Islamic Fintech Industry Snapshot Report 2016

Worldbank/IDB: Global Report on Islamic finance 2016

The World Islamic Banking Competitiveness Report

Islamic Wealth Management Report 2011, by Bank Sarasin

Al Masah Report on Family Business - The Real Power Brokers

Global Takaful Report Ernst & Young 2011

The Deloitte Islamic Finance leaders survey in the Middle East

Global Takaful Report Ernst & Young 2010

Islamic Wealth Management Report 2010, by Bank Sarasin

Report on Social Responsibility Trends, Dar Al Istihmar, Dinar Standard, AAOIFI


Report of the World Economic Forum: Report, Faith and the Global Agenda: Values for the Post-Crisis Economy

Alpen Capital published report on the GCC Takaful Industry

DIFC Guide to Issuing Sukuk

Zawya Sukuk Report

Special in the Financial Times: Future of Islamic Finance

Updated Report about Sharia Scholars in the GCC and now International - Funds at Work

Islamic Investment Banking - free report Yasaar Media

Islamic Finance in North America - free report Yasaar Media

Electronic books: Free download or full view

Risk Analysis for Islamic Banks, The World Bank, 2008.

The Ottoman Courts Manual (Hanafi) The Mejelle or Majalla

OIC Fiqh Council Resolutions OIC Fiqh Council Resolutions and Recommendations 1985-2000

Resolutions of the Securities Commission Shariah Advisory Council
Islamic legal opinions by the Malaysian SC Shariah Advisory Council

Shari'ah Standards
For Interest Free Banking
Mohamed Ali Elgari, Seif el-Din Ibrahim Tag el-Din, Mousa Adam Eisa, El-Tegani Abdul Gader Ahmed

CFA Research Institute: The Primer of Islamic Finance
It covers the basic concepts, markets, products, and issues of Islamic finance and shows the varying nature of Shari’a standards in different countries.

Electronic Book "Islamic Financial Services"
Authored by Dr Mohammad Obaidullah.

Ebook: Introduction to Islamic Finance
Authored by Sheikh Taqi Usmani

Shariah Opinions on Murabaha, Albaraka
Fatwa collection.

Ijara, Albaraka
Fatwa collection.

Istisnaa, Contracting and Salam, Albaraka
Fatwa collection.

The Islamic Insurance - Theory and Practice, Albaraka
Fatwa collection.

IRTI, the research and training arm of the Islamic Development Bank
English language electronic books for free download.

History of Philanthropic Foundations
by Murat Çizakça

Economic Thoughts of Ghazali
by Ghazanfar/Islahi, King Abdulaziz University

Historic translations about Islamic inheritance law as free Google eBook (epub, pdf):

A chart of family inheritance, according to orthodox Moohummudan law: with an explanatory treatise (Google eBook)

A manual of the Mahommedan law of inheritance and contract, comprising the doctrines of the Soonee and Sheea schools, and based upon the text of Sir W. H. Macnaghten's Principles and precedents, together with the decisions of the Privy Council and high courts of the presidencies in India (Google eBook)

Principles and precedents of Moohummudan law: being a compilation of primary rules relative to the doctrine of inheritance (including the tenets of the Schia sectaries), contracts and miscellaneous subjects, and selection of legal opinions involving those points, delivered in the ... presidency of Fort William : together with notes illustrative and explanatory, and preliminary remarks (Google eBook)

Historic translations from

Mohammedan theories of finance (1916)
by Aghnides, Nicolas Prodromou, 1883


International Journal of Islamic and Middle Eastern Finance and Management
Key journal audiences: Academics, practitioners and managers in the fields of business, finance, economics and management, especially those active in the Middle East and in regions with trade and commercial interests in the region..

ISRA Journal
ISRA’s inaugural issue of the ISRA International Journal of Islamic Finance (ISRA journal) is now downloadable for free! The ISRA journal is unique in that it not only emphasizes on the rigour of academic research, by ensuring that all articles received go for peer blind review, but also includes a section for practitioner’s articles.

Labuan e-Journal of Muamalat and Society (LJMS) is the first online refereed journal.
"Labuan e-Journal of Muamalat and Society (LJMS) is the first online refereed journal. introduced by the Labuan School of International Business and Finance, Universiti Malaysia Sabah, Labuan International Campus. LJMS is a scholarly journal published annually.

American Journal of Islamic Finance
"The American Journal of Islamic Finance ( - AJIF) was founded in 1989 as an advisory outreach to Muslims interested in the field of Islamic finance. In subsequent years, AJIF became a significant resource to Muslims and non-Muslims alike seeking to under stand how the Sharia'a governs financial matters as well as to professionals in the field of Islamic banking and finance."

Journal of King Abdulaziz University

IRTI Journal: Islamic Economic Studies

The Journal of Islamic Economics, Banking and Finance is published four times in a year by Islami Bank Training and Research Academy

International Journal of Zakat

Electronic Libraries

General economic academic papers including Islamic Finance

Slideshare - Pool of presentations
Various presentations held on conferences for free access

Social Science Research Network
Academic articles about any subject incl. Islamic finance for free download

Islamic Economics and Finance Pedia
Various articles and presentations.

Docstoc: Filesharing service
Various articles and presentations without peer review.

Singapore Management University

International Shari’ah Research Academy for Islamic Finance (ISRA)
The establishment of the International Shari’ah Research Academy for Islamic Finance or more commonly known by its acronym, ISRA, is to promote applied research in the area of Shari’ah and Islamic finance. It will also act as a repository of knowledge for Shari’ah views or fatwas and undertake studies on contemporary issues in Islamic financial industry.

Fatwa Management System
Fatwa Database

Failaika Research and Information Center
Fund reports and research, news and articles, research papers and presentations, Sharia views, takaful islamic insurance, survey, statistics, regulatory issues, glossary of key Islamic financial terms; another excellent listing of informative and authorative sources held by Failaika, the experts for Islamic investment funds.

Articles hosted by Dow Jones Islamic Index
Asset Management, screening criteria etc.

IMF working papers on Islamic Finance and capital markets
Islamic capital markets, forex, principles, asia crisis ..., Malaysia
Resource to host a variety of papers related to Islamic Finance

Finance in Islam
Displays a number of articles.

Fatwa Database Arabic

Shia Finance

Selected Papers and Scholars

Religion, Culture, And Economic Performance
Empirical econometric analysis about the influence of religion to growth. States that Islam is not - as often wrongly stated - responspible for underdevelopment in the modern Islamic countries; by Marcus Noland, Institute for International Economics, September 2003.

The Muslim scholar Dr. Kahf provides several of his articles in English and Arabic
Zakah, Economics, Islamic banks and many more

Dr. Mohammad Nejatullah Siddiqi
Papers for download of Dr. Mohammad Nejatullah Siddiqi including his C.V.

Dr Ausaf Ahmad

Dr Abdul Azim Islahi

Prof Iraj Toutounchian, Ph.D.
Islamic Money and Banking

Dr. Hossein Abdoh Tabrizi, Teheran, Iran
Efficiency of Mortgage Market in Iran, Risk In Islamic Banking and other non-islamic topics

Ali Arsalan Tariq
Managing Financial Risks of Sukuk Structures. Master Thesis for download.

Adil Manzoor Bakhshi
Developing a financial model for Islamic credit card for the UK. Master Thesis for download.

Dr Tariqullah Khan
RISK SHARING IN ISLAMIC FINANCE. Phd. Thesis for download.

A.L.M. Abdul Gafoor
Riba-free Commercial Banking: There is a need for riba-free banks in all countries where Muslims live. But most countries operate under conventional banking laws, and it is futile to expect the situation to change. Need not either need it change. Given also the generally tight monetary situation in countries other than the oil producing ones, we have to look for a solution within the conventional model. The model presented above is designed to work within the conventional laws. Under this model converting an existing bank into a riba-free one, as well as setting up a new onesbank, are is relatively easy.

Warren Edwardes, Delphi Risk Management
Islamic Banking and Finance articles and news by and related to Delphi Risk Management, from a merely practical point of view.

Islamic Financial Systems
"In contrast, the term "Islamic financial system" is relatively new, appearing only in the mid-1980s. In fact, all the earlier references to commercial or mercantile activities conforming to Islamic principles were made under the umbrella of either "interest-free" or "Islamic" banking. However, describing the Islamic financial system simply as "interest-free" does not provide a true picture of the system as a whole. Undoubtedly, prohibiting the receipt and payment of interest is the nucleus of the system, but it is supported by other principles of Islamic doctrine advocating risk sharing, individuals' rights and duties, property rights, and the sanctity of contracts. Similarly, the Islamic financial system is not limited to banking but covers capital formation, capital markets, and all types of financial intermediation."; Zamir Iqbal, Information Officer in the World Bank's Treasury Information Services Department, June 1997.

Islamic Financing Contracts

State Bank of Pakistan
Contract templates as suggested by the State Bank of Pakistan for Islamic finance.

Discussion Groups and networks

The IBF-net the portal with the largest mailing group
"IBF Net hosts the largest online discussion forum in the field. It is e-mail based to enable you to read and respond from your own mailbox. Hosted at yahoogroups, the forum presently has over 1600 members. Send an e-mail to to seek free membership of the forum."

Discussion group Islamic Finance on Xing
Xing is a leading online business club network.

Discussion group of on LinkedIn LinkedIn is a leading online business club network.

"Global Islamic Finance Resources - Linkedin Group LinkedIn is a leading online business club network.

Portals with focus on Islamic Finance

IFIS - Islamic Finance Information Service
"The Electronic Resource solely dedicated to Islamic Banking and Finance A New Product from Euromoney Institutional Investor and Internet Securities, Inc. 1. Provide a fresh and deep scope of the Islamic Finance Sector. 2. Increase the awareness and understanding of Islamic Finance.

Zaywa - Islamic Finance section
" is a direct response to meet the growing demand from business and investment professionals all over the world who need up-to-date and quality content concerning the Arab world. We aim to build a service that offers seamless integration of real-time news, features, research, prices, statistics, graphs and other tools, all within a simple and focused environment"

Portal in DUTCH language about Islamic Finance
"Altijd al rentevrij willen financieren? IC is een team van jonge professionals uit de financiële sector, die o­nderzoek verrichten naar de mogelijkheden en diverse aspecten van Islamic finance. Voor consumenten, bedrijven en organisaties publiceren wij heldere, interessante informatie over rentevrij Islamitisch bankieren, financieren en verzekeren." - The comprehensive resource for Islamic Investment
"This web site aims to provide Muslim Investors world wide with useful and practical information that would further their investment goals.
" - Islamic fund database and advisory services
Fee based service

Eurekahedge database on Islamic funds
"Fee based service."

Trustnet Middle East
Accessible online database on Islamic and regional conventional funds.

Focus on Islamic countries

Middle East North Africa Financial Network
"The potential for online financial services in the Middle East/North Africa (MENA) region is enormous. Our vision is to become the leading financial portal for the region, offering consumers a broad range of financial products and services in partnership with leading industry players. Our objective is to re-define the financial services industry by offering consumers choice, value, reliability and confidentiality, local knowledge, and global reach. "

Arab Financial Markets Network
Datas and online infos related to Arab financial markets.

Stock market oriented; Egypt and USA

Arab Middle East Info
Excellent business resource and databases


Islamic Banker

New Horizon

Shirkah Finance

The Islamic Globe

Islamic Banking and Finance

Business Islamica

Global Islamic Finance Magazine

Islamic Business and Finance

Islamic Finance Today

Banker Middle East

Arab Banker


pre retirement Auditing firm PWC, blog by Mohammed Amin
post retirement, blog by Mohammed Amin

Useful information regarding taxation issues etc.

Islamic Finance Expert
For students and researchers.

Blog of Joe Bradford

Islamic Estate Planning
About Islamic Planning for Familiy and Community. Ahmed Shaikh is an Estate Planning Attorney in Orange County California.

Islamic Finance Resources
A blog discussing Islamic finance structures and links to various reports

Muath Mubarak

Islamic Financial Planning World
self description: "In this blog i’ll review about Islamic financial tips and all about personal finance world according to Shari’ah, including saving tips, zakat, takaful, credit cards, riba’, wasiyyah, banking, investment, and all the things related to Islamic finance. Any comment, recommendation or suggestion are highly appreciated."

Islamic Finance in Various Countries: Background, Statistics and Performance
self description: "The goal is to continuously collect and disseminate background information, published statistics and performance relating to Islamic financial services industry in various countries"

Banking Blogger
self description: "Banking Blogger is a retired banker who used to manage a local Malaysian bank. He shares his vast experience and insight in the Malaysian banking industry."

Islamic Finance and Banking
self description: "is dedicated to deliver, discuss and communicate the knowledge, idea and skill to support people pursue a career in the area of Islamic Finance and Banking... let us promote Islamic Finance and Banking education.."

Prof Mahmoud Elgamal
self description: "Random thoughts about Islam, Muslims and issues related to economics and finance."

Islamic Banking
occasional news

self description: "An interactive blog for Islamic Non-Banking Financial Institution (NBFI) & Capital Market sector."

ihiBlog Blake Goud
self description: "This is my personal blog on Islamic finance. The views expressed here are mine and do not necessarily represent the views of the Institute of Halal Investing."

Halal Finance
self description: "Resources on halal personal finance, investing, frugal living, and related thoughts"

Sharia Banking
Basic explanations.

Al Azhar Fatwa

The Recent 'Azhar Fatwa
and the Possibility of Riba-Free Banking

The analysis of Prof Mahmoud A. El-Gamal, Rice University, regarding the Azar Fatwa permitting prespecified profits for bank clients of halal investments.

Interview about it with Mufti Taqi Usmani

Mufti Taqi Usmani´s point of view prior seeing the mentioned Fatwa itself

Islamic institute blesses interest

"Agence France-Presse reports that the Islamic theological research committee of Egypt's Al-Azhar institute - seen by many as the philosophical centre of the dominant Sunni strand of the faith - has voted 21-1 to approve fixed interest rates.", BBC 18 November, 2002

Not all forms of Riba are prohibited: counsel
"[...]The counsel said that Supreme Court rejected the point of view of prominent modern day jurists without even reading their books. He said that Dr Syed Mohammad Tantavi's views were rejected without going through his book. He said Supreme Court expressed its opinion only after reading his fatwa.
[...]", Internet edition, Pakistan, 18.6.2002

Fatwa could prohibit consumer lending
"Al Alam Al Youm, a financial daily, quoted Sheikh Al Azhar Muhammad Tantawi, one of the highest authorities in Sunni Islam, saying that "loans are not permissible except when the individual's life depends on it, for example for the purchase of medicine. But, the sharia (Islamic law) does not allow for people to borrow for the purpose of purchasing a new car or a new apartment or an air conditioner under the pretext that it is a necessity.", Middle East Times undated

There's mixed messages coming from Egypt's most prestigious Islamic authority on the legality of mortgage
"The reported fatwa, first carried by the business daily Al Alam Al Yom on 4 October, had put a sudden brake on plans to introduce laws governing mortgages, currently under consideration in the People¹s Assembly. In an article entitled "Sheikh Al Azhar's fatwa blows mortgage project: loans for apartment buying are forbidden," the paper said Tantawi placed individual loans for buying apartments or cars in the context of riba or usury and deemed those who commit as apostates. But after the ensuing media backlash, the Sheikh dismissed these claims in a letter to columnist Salah Montasser published in Al Ahram on 21 October. "I never said that a person who borrows from a bank to buy a flat, car, or air conditioner, is committing riba, his wife should be divorced from him, and that he shouldn¹t be buried in Muslim graves. I also never met anyone from the paper to which you referred (Al Alam Al Yom)."
, Cairotimes undated

Interest-free finance from the viewpoint of Jewish and Christian religion and others

Margrit Kennedys portal about interest-free money economy
"Money allows the exchange of goods and services and, in doing so, becomes one of the most genial inventions of humankind. However, few people understand how money functions. If they did understand, we would have a quite different monetary system immediately - one which would bring more social justice, better opportunities for a healthy environment and higher stability of currencies. Dealing with this subject is really worthwhile."

Portal for interest-free money
Alternative and Christian arguments against interest. Most cited economist Silvio Gesell.

Focus on Social Responsible Investing and Sustainability

Philanthropy - CSR

The Abdul Latif Jameel Poverty Action Lab (J-PAL)
"J-PAL was started in June 2003 by Professors Abhijit Banerjee, Esther Duflo, and Sendhil Mullainathan at the Massachusetts Institute of Technology. J-PAL was renamed in honor of Abdul Latif Jameel in October 2005."

Pakistan Center for Philanthropy
Promotes Philanthropy in Pakistan.

Dubai Ethics Resource Center
"DERC's vision is to be the leading center of expertise in Business Ethics and Corporate Social responsibility in Dubai, positively impacting DCCI members and stakeholders through the provision of knowledge resource and value added services that enable them to develop global business standards of integrity."

National Center for Family Philanthropy
Promote philanthropic values, vision, and excellence across generations of donors and donor families. Includes case study database.

The Chronicle of Philanthropy
A leading US portal on Philanthropy.

News and analysis of the latest developments in philanthropy and social investment worldwide

US based independent nonprofit organization dedicated to the development of effective, sustainable and locally based solutions to poverty.

European Association for Planned Giving
Unique cross-border network that brings together charities, philanthropy advisers and wealth managers

Charity Navigator
Database on US based chartities, their key data as e.g. expense ratios.

Employment Opportunities

Employment Adverts.

Employment Adverts.

Employment Adverts.

Employment Adverts.

Gulf Jobs Bank
Employment Adverts.

Gulf Job Sites
Employment Adverts.

Middle East Bankers Job Site
Group of business network LinkedIn.

Egon Zehnder
Executive Search

Korn Ferry
Executive Search.

Amrop International
Executive Search

Executive Search

Al Araj
Executive Search

Ray and Berndtson
Executive Search

Heidrick and Struggles
Executive Search

Executive Search

Russel Reynolds Associates
Executive Search

Spengler Fox
Executive Search

Executive Search

Sandt Group
Executive Search

Job website

Other Alternative Approaches

Genuine Wealth Management
"Economics of Happiness."

GCC single currency

GCC Economic Integration
"One page concise information on the subject."

GCC Currency and Dollar Peg
"by Gulf Investment House"

The GCC monetary union and fiscal reform requirements
"by Daniel Hanna, Treasurer and Head of Global Markets, Qatar, Standard Chartered Bank "

Some scholars do see modern fiat money critical. In the early times of Islam Gold, Silver, Wheat, Barley, Dates and Salt were the six items used for payment and subject to the interest (riba) regulation. Some scholars and thinkers especially from Malaysia recommend to go back to a gold currency. From an economic point of view the editor's opinion does not recommend a single gold currency for a number of reasons. The links provided on this websites are mostly from third parties and for information purpose only.

Gold backed currency

"The claims that the Islamic gold dinar will avoid inflation and other ills of current economic crises are examined by studying how coinage systems actually functioned in history.The article shows that not only these claims are baseless but also that coinage would increase the prevailing interest rate in an economy - hardly an Islamic position. It is argued that a gold or silver based dinar would be harmful for Islamic societies and attempts to introduce them should therefore be prohibited.""

ISLAMIC ALTERNATIVES to Interest-Based Banking and Finance
"Today, the necessity of repaying interest-bearing debt has come to dominate the daily affairs of rich and poor societies alike. Many nations face a combination of debt and monetary crises from which, at best, only temporary respite is available. The emergence of Islamic banking and finance has therefore been heralded in some quarters as an exciting new means of competing with interest-based practices throughout the world. Its proponents insist that this nascent industry genuinely reflects both the Islamic prohibition upon usury and the wider requirements of Islamic commercial law. Others see the industry as a dangerous force for compromise, one that will in due course lead to the abandonment of the usury prohibition in the Muslim world."

White Paper on Islamic Bimetallic Currency
"The schism that divides the defenders of gold and silver and their adversaries is not only utilitarian but also philosophical. The defence of gold and silver is solidly based on some fundamental considerations of political philosophy that the defenders of artificial currency cannot ignore."

Electronic gold transfer systems, Muslim and non Muslims

"e-dinar is the name of an internet based electronic payment and exchange system that facilitates gold backed transactions backed by physical gold."

"Gold & Silver Reserve, Inc. (G&SR), a Delaware Corporation, developed and deployed the e-gold payment system in 1996, and through 1999 administered both payment settlement and currency exchange.
In January 2000, the core e-gold roles of Issuance and Settlement were devolved to e-gold Ltd., a Nevis W.I. company created specifically to serve as the General Contractor responsible for performance of the e-gold Account User Agreement. This separation of roles was designed to further assure e-gold’s freedom from default risk and finality of settlement by dissociating the e-gold Issuer from business risks relating to exchange."

"DebitGold is bringing to the Internet a new digital gold currency unsurpassed in its security and privacy features. Combined with DebitGold's MasterCard®, merchants will find the DebitGold platform to be their superior payment processing solution."

"IceGold OU is an Estonian company founded in the spring of 2000. We offer exchange services between e-currencies and government issued money. IceGold is owned by Estonian and US individuals and companies.

Complementary Currencies

Lietaer on alternative currencies
"Powerpoint presentation on alternative currency concepts - non Islamic view."

Multiple Currencies for UK?
"“There are already thousands of examples of regional or local currencies that are working beneficially around the world, and two thirds of Fortune 500 companies use similar complementary currencies like trade dollars through business barter exchanges,” said NEF associate David Boyle, the report’s author. - non Islamic view."

Islamic Art

Information about Islamic Art
Information about Islamic art events. Creation/production of Islamic Art events.