RE: [IBF NET] Arbun acceptability for options and swaps

Dear Muhsin,

Only a committee or council representing Shariah scholars and experts from all schools of Islamic thought can resolve such issues. Ijtihad is needed, but it is not every one’ds job. Ijtehad should neither be a source of anarchy nor a means of transforming the Islamic Sharî´ah from Divine to a man-made law. The concepts of Custom, General Good, Utility or Necessity are also taken into consideration in the process of Ijtihad based on proper analogy but these factors are relevant only when the basic principles given in the Nass (Clear texts of Qur’an and Sunnah) are taken care of and the outcome conforms to the objectives (Maqasid) of the Sharî´ah.

Fixed Income Sukuk: Prospects for Corporate Issuance

Islamic finance is one of the most exciting areas of the capital markets at the beginning of the 21st century, and the Sukuk is very much a product of the new millennium.The petrodollars boosting the Gulf countries together with the vibrant economies of Southeast Asia have combined to bring Islamic fi nance to the forefront of the international fi nancial community. As a result, the Islamic capital markets are growing at an exponential rate.