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Islamic Finance Instruments
A Legal Analysis with Particular Reference to Austrian Law
The number of Muslims is estimated to be approximately 1.5 billion, constituting 21% of the world’s population . Hence the Muslim community represents an important source of capital, and many Muslims refuse to invest this capital in a manner that contravenes Islam. The aim of this study is to set forth the basic knowledge of Islamic finance, to analyse its major instruments such as musharaka, mudaraba, murabaha, ijara, istisna, and bay salam, and to illustrate possibilities for the integration of Islamic finance instruments into modern project finance structures with reference to the instruments of Austrian law.
Stichwörter: Islamic banking, islamic finance instruments, legal analysis, musharaka, mudaraba, murabaha, ijara, istisna, bay salam, haram, riba, gharar.
JEL-Classification: G 21, G 23, K 12, K 19, K 22.
1. Introduction
Islamic Finance has become increasingly significant in the Middle East. It has also made inroads in Western countries where Muslim populations live. This growth has been partly driven by Muslim investors demanding for Islamic deposit facilities and fund management services that are compliant with the Shari’ah. The aim of this present study is to briefly describe...