de Lorenzo, Sheikh Yusuf. 2008. "The Total Returns Swap and the 'Shariah Convergence Technology' Stratagem"

This study will look at Islamic values in financial decision-making by considering whether or not Shariah Supervisory Boards will approve any financial product that is delivered by ostensibly halal means, even if what is delivered by those means, the end product, is derived from non-compliant investments.

Usmani, Sheikh Taqi. 2008. "Sukuk and their Contemporary Applications" (trans. Sheikh DeLorenzo).

"Investment Sukuk worth enormous amounts have appeared in our times, and have been widely subscribed to by many Islamic banks. At the same time, many scholars have expressed their opinions in relation to the compliance of Sukuk with the precepts of the Shariah. Therefore, the Shariah Council in its prior meeting at al-Madina al-Munawwarah decided to study the subject at its next annual meeting in Makkah al-Mukarramah. As the responsibility to prepare a concise report of the issues requiring further study and debate was given to me, I have therefore prepared this modest brief as a working paper for discussion of the subject at the coming meeting, Allah willing."

"Islamic Finance: Meeting Financial Needs with Faith Based Products" by: Shirley Chiu and Robin Newberger from the Federal Reserve Bank of Chicago,Profitwise News and Views, February 2006, pp. 8-14.
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INCEIF the Global University in Islamic Finance
Kuala Lumpur, Malaysia
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Common Structures of Sukuk

Recent innovations in Islamic finance have changed the dynamics of the Islamic finance industry. Specially in the area of bonds and securities the use of Sukuk or Islamic securities have become increasingly popular in the last few years, both as a means of raising government finance through sovereign issues, and as a way of companies obtaining funding through the offer of corporate sukuk. Sukuk has developed as one of the most significant mechanisms for raising finance in the international capital markets through Islamically acceptable structures . Multinational corporations, sovereign bodies, state corporations and financial institutions use international sukuk issuance as an alternative to syndicated financing. [+] Read full article

Sale of Goods and Sale of Debt: A Comparative Analysis

Law is concerned, primarily, with fairness whereas social good, including economic good, is conceived in terms of provisions that depend, ultimately, on production. Fairness is necessary for ensuring dignity whereas wealth is needed to guaranty security. It goes without saying that Islamic economics as a discipline cares about efficiency as well as justice and fairness. It is well aware of the fact that in a balanced realization the two reinforce each other. This paper will propose to demonstrate the ever so prevalent and dynamically wisdomful nature of Islam even enshrined through Islamic finance by venturing into a detailed debate rooted from and to the very foundational paradigm of TRADE, the concept of exchange of property, selling and buying. Incept- ionizing from the submerged argumentation over the permissible stacked up with the non-permissible stretching to the dimensions of understanding the basic concepts and then gliding to the depths of despair by permitting the non-permissible pinnacled by modern financial instruments and concluding in more a self explanatory parlance. [+] Read full article

General Perception of Fatwa and its Role in Islamic Finance

In the technical language of Shari`ah, the word fatwa clarifies the Islamic ruling in an answer given to question or a set of questions usually related to an Islamic issue. It does not make any difference whether the questioner is a person or a group of persons. It stands to reason that fatwa is not an easy task, but rather an arduous one. This is because the one who commits himself to issuing fatwas acts on behalf of Allah's Messengers and Prophets. The Prophet (peace and blessings be upon him) is reported to have said: "Scholars are the heirs of Prophets, and Prophets neither left behind dinars nor dirhams (Arab coins); rather they left knowledge. He who acquires knowledge has really gained something of great value." This paper will not only explore the meaning and perception of fatwa as a whole but would also link and reflect on its influence, bearings and links to Islamic finance. [+] Read full article

The Recent Financial Growth of Islamic Banks and Their Fulfillment of Maqasid Al-Shariah: Gap Analysis

Initially conceived in response to a faith-based logic of conforming to the principles of shariah in all spheres of life, the astounding growth of Islamic finance industry can be judged by the rapid pace at which the Islamic financial institutions (IFIs) are evolving around the world, where they co-exsist with a parallel system of conventional financial service. Growing at a rate of 10-15 percent per annum in the last decade, today the Islamic financial industry comprises of a range of financial institutions, including banks, non-banks finance companies, venture capital firms, insurance companies, mutual funds etc. However in the midst of all this boom one must not forget the real foundational purpose of these Islamic financial institutions and must relate to the fact that how much this recent growth is in line, based and driven by their foundational purposes i.e. MAQASID AL-SHARIAH. This study focuses exactly on this aspect and hence comes up with some meticulous analysis to assess the gap between this pomped financial growth and its compatibility with maqasid al-shariah by providing a litmus test for judgmental philosophies and hence in a niche effort to locate the gap between the two. [+] Read full article