Chapter 9: Overview of Islamic Finance

2 Types of Riba’

• Al Fadl & Ar Rahnu

• Al Nasiah & Al Qard

• Al Fadl & Al Nasiah

• Maysir & Gharar

All are the prohibition elements EXCEPT

• Usury

• Gharar

• Qard

• Maysir

First Islamic Banking in Malaysia

• Bank Muamalat

• Bank Islam

• Al Rajhi Bank

• Bank Rakyat

Al Fadl means

• Excess

• Postponement

• Superior

• Haram

Al Nasiah

• Postponement

• Excess

• Extra

• Haram

Maslahah (Public Interest) EXCEPT

• Hajiyyah

• Dharuriyyah

• Tahsiniyyah

• Tausiyyah

Secondary sources EXCEPT

• Ijtihad

• Ijma’

• Qiyas

• Sunnah

Dharuriyyat Elemets EXCEPT

• Religion

• Wealth

• Lineage

• Power

Maysir means

• To be easy

• Uncertain

• Lucky

• Happy

Gharar means

• Too easy

• Gambling

• Uncertain

• Usury