This is the second in a series of posts on Islamic Finance which we hope will prove helpful as the Somaliland Parliament begins seriously debating a new Banking Act. Continuing our series on Islamic Banking, Mr. Abdulaziz defines the various types of Islamic finance instruments which are authorized by the Ulema councils and / or the Islamic Finance councils in most countries. To be clear, none of these instruments have been authorized in Somaliland as of now.
This is the first in a series of posts on Islamic Finance which we hope will prove helpful as the Somaliland Parliament begins seriously debating a new Banking Act. Harmonizing the financial instruments which the Quran authorizes with the modern globalized financial world is not as difficult as some might think. The differences between the systems are present, but are not drastic. Please click through for the beginning of our discussion of Islamic Finance in the modern world.
