SHARIAH COMPLIANT BUSINESSES, BENEFITS AND CERTIFICATIONS IFSC 2013 - - PowerPoint PPT Presentation

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SHARIAH COMPLIANT BUSINESSES, BENEFITS AND CERTIFICATIONS IFSC 2013 - - PowerPoint PPT Presentation

SHARIAH COMPLIANT BUSINESSES, BENEFITS AND CERTIFICATIONS IFSC 2013 Singapore, 1st Oct 2013 Dr Cedomir Nestorovic Professor ESSEC Business School Director Executive MBA Asia Pacific Academic Co-director MBA Arabian Gulf University, Manama,


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SHARIAH COMPLIANT BUSINESSES, BENEFITS AND CERTIFICATIONS

IFSC 2013

Singapore, 1st Oct 2013

Dr Cedomir Nestorovic Professor ESSEC Business School Director Executive MBA Asia Pacific Academic Co-director MBA Arabian Gulf University, Manama, Bahrain

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What is a Shariah compliant business ?

Shariah-based products

Real spirit of the Shariah Observance of Shariah principles in substance Emphasis on the Holy Qur’an and Sunna

Shariah-compliant products

Non contradicting Shariah ruling Observance of Shariah principles in form Emphasis on jurisprudence

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2 examples: Islamic Finance and Halal Food

  • Islamic Finance

Musharaka Shrikat Al-Aqd Shrikat Al-Milk Shrikat Mutanakisa In-house Certification

  • Halal Food

Gelatine Slaughtering by Al-Kitab Mechanical Slaughter Pre-slaughter Stunning Third-party certification

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Halal Food

Gelatine Raw materials from zabihah slaughter only Slaughtering by Al-Kitab Slaughter by a Muslim only Mechanical Slaughter No mechanical slaughter Pre-slaughter Stunning No pr-slaughter stunning

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What is the benefit?

  • Criteria:
  • 1. Friendly attitude of bank’s staff
  • 2. Expertise of bank’s advisor
  • 3. Good repute of the bank
  • 4. Variety of financing options
  • 5. Shari’ah compliance
  • 6. Low service charges

Source: Criteria for selecting an Islamic bank in Pakistan JIMA, vol 2, n°1, 2011

  • Spiritual benefits
  • 1. Individual benefit: Purification
  • f income
  • 2. Social benefit: reducing

economic disparity

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