No.1 June 2019

Mohammad Mahbubi Ali | Mohammad Hashim Kamali | Mohamed Azam Mohamed Adil

Islamic financial products have evolved and developed into highly sophisticated and multifaceted structures. During the 1980s and 1990s, the Islamic financial products were dominated by deposits and savings, syndicated project financing, Shari’ah-compliant stocks and mutual funds. The last two decades have witnessed the unveiling of more complex structures, including various sukuk models, derivatives, Islamic structured products, Islamic hedge funds, and others. Most of these Islamic financial instruments are replications of conventional products, splicing together nominate contracts from the Islamic fiqh legacy with a few modern modi cations to meet legal requirements and to become ‘Shari’ah-compliant’. Read more on: rb1_tawarruq.pdf (iais.org.my)