Www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Shariah - Compliance Demands Cohesion Majid Dawood,CEO,Yasaar Limited.

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www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Shariah - Compliance Demands Cohesion Majid Dawood,CEO,Yasaar Limited

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Introduction Basis of Shariah Law Quran Hadith Ijmah (Consensus) Giyas (Analogies) Ijtihad (Scholars Reasoning)

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Schools of Shariah Law Four Main Schools Hanbali Maliki Shafi Hanafi

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Interpretation of Shariah Law Consensus Utilization and application Establishment of a Shariah Board Confirmation of Fatwa

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Documentary Requirements AAOIFI/IFSB/IIFM/LMC Established Products Murabaha Musharaka Ijara Istisna Sukuk

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Sector Growth Fastest growing sector in Banking Numerous new initiatives in progress Development of new products Greater liquidity and greater demand Funds Migration to the Islamic regions

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Convergence Globalisation Internet News travels fast AAOIFI Precedents

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Conclusion Shariah Scholars Interested Institutions Standards Setting

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Shariah - Compliance Demands Cohesion Thank You

www. yasaar. org © Yasaar Limited ISLAMIC RETAIL FINANCE 30 NOVEMBER 2004 Yasaar Limited, London, U.K. 1 Liverpool Street, London, EC2M 7QD Tel: +44 (020) Fax:+44 (020)