IslamicFinance.de

Shariah adviser Mufti Ismail Ebrahim Desai noted that Islam was a religion of balanced justice and equity, and had no room for business dealings that could cause social imbalance, deprivation and injustice. He spoke at a recent Webinar organized by TAIF Digital Institute for Islamic Finance. On the side of basic concepts of Islamic finance and banking, he highlighted three basic categories such as equity base transaction, trading based transaction and lease-based transaction. He explained the concepts of Musharaka, Mudarabah, Murabaha, Istina, Takaful and Sukuk. He identified Mediation and Arbitration, Partnership-Equity/Debt, Employment-Hadeeth of sweat and documentation of contracts as part of the common pitfalls that relate to Shariah-compliant businesses.