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Research & Articles
In almost all contemporary Islamic Finance structures and products, a fair amount of attention is given to how assets are being possessed, transferred and how the associated risks are being allocated. Similarly, retail investments are vetted and screened to understand whether an investor has possession of the underlying asset. What’s the big deal and obsession...
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I often describe the sale item or the subject matter of a contract as the ‘heart’ of a transaction; everything revolves around the sale item and it is central to a transaction. If the subject matter is the heart, the life of the transaction depends on it. If the sale item is destroyed, the transaction...
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To determine the Shariah compliance of an equity investment, a company’s business and financials are screened. Investors commonly ask the nature and evidence behind the 30% and 5%. This article addresses the rationale and the history of the financial screening as well as raise some questions on the future of the screening criteria. The History...
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What makes a company a “Fintech”? By having a website or a mobile App, it does not mean a company is necessarily a “Fintech” per se in this era. Before answering this question, we must address what Fintech means. The word Fintech is currently used in two  different ways: for the technology as well as...
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The Dinar is typically referred to as the ‘currency of Islam’. The idea stems from the fact that the initial currency minted by an Islamic government was that of the gold Dinar and silver Dirham. It was the Caliph Abdul Malik ibn Marwan who ordered the minting of these currencies in the year 76 AH....
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The famous farewell sermon of the Prophet Muhammad (peace be upon him) in his final Hajj is full of wisdom and principles. This was the last time he addressed the faithful in such a large gathering. Within this sermon, he emphasised on the principles of the Islamic moral economy and Finance. Some of these principles...
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Introduction to consensus algorithms The value of Blockchain technology comes from the distributed security of the system. The distributed system relies on underlying protocols to keep the blockchain functional. One such protocol is the consensus algorithm. Blockchain users need to agree on the validity of the chain before adding more blocks. Every time a node adds...
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Introduction With the rise of blockchain solutions and blockchain adoption, Islamic financial institutions are increasingly looking into deploying blockchain into their operations and underlying workflows. Similarly, crypto-projects are being launched with several underlying structures and types of token issuances. Most of the crypto-projects are based on public blockchains and hence need consensus mechanisms. Private blockchains...
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With the rise of FinTech, we have all heard of various buzzwords and promises of revolution. One of the most common words referenced is blockchain. Another term which is beginning to gain traction is smart contracts. Whilst the actual use cases and implementation of smart contracts are still questionable and unsettled, it is no doubt...
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This report outlines the juristic precedence in determining proxies for the Zakatable assets held in pension funds as well as the findings and the recommendations for Muslim pension fund members in the United Kingdom for calculating their Zakat liability. A four-month project in determining reasonable proxies for the various types of pension funds was undertaken...
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