Is there a critical but analytical evaluation of Islamic financial instruments? A Comparative Literature Survey of Islamic Finance and Banking"

Authors(1) :-Dr. Jayadas S

When the Idea of Islamic finance was put into practice on a large scale, few of Islamic financial instruments did exist. The pioneers of the idea were not given blueprint of Islamic finance in practice. Most of Islamic financial instrument as one sees today were developed in the daily practices of Islamic finance and banking. From time to time, these instruments have been developed according to nature of business of particular Islamic financial institution and needs of particular markets.

On the contrary, many other forms of Islamic financial instruments have gained popularity but they are subject of on-going discussions. Although, their legal form may be acceptable by Shariah point of view but their economic effectiveness is not different from interest based financial instruments which Islamic financial theories propose to try to replace. The present study deals with many other of the main financial principles. It then analyses and assesses how many prevalent and inherent Islamic financial products utilised today stays as commercially competitive.

Authors and Affiliations

Dr. Jayadas S
Devaswom Board Pampa College, Parumala, Mannar, Alappuzha, Kerala, India

Islamic Financial Instruments; Islamic Finance; Islamic Banking; Islamic Markets; Financial Institutions.

  1. James M Garner, "A Critical Perspective on the Principles of Islamic Finance Focusing on Sharia Compliance and Arbitrage", LLM in International Banking and Finance Law (University of Leeds), LLB (University of Nottingham)
  2. Habib-ur-Rehman, "A critical analysis of theory and practice of Islamic financial instruments, with special reference to their use in Pakistan during1980-1995", Punjab University Lahore.
  3. TAREK S. ZAHER AND M. KABIR HASSAN, "A Comparative Literature Survey of Islamic Finance and Banking Financial Markets", Institutions & Instruments,V.10, No.4, November 2001

Websites Referred 



List if Abbreviations: 

  1. Anon AAOIFI- Accounting and Auditing Organization for Islamic Financial
  2. Institutions
  3. IIFM- International Islamic Financial Market
  4. IIRA- International Islamic Rating Agency
  5. LMC- Liquidity Management Center
  6. GCIBFI- General Council of Islamic Banks and Financial Institutions
  7. IFSB- Islamic Financial Services Board
  8. IRTI- Islamic Research and Training Institute

Publication Details

Published in : Volume 2 | Issue 6 | November-December 2016
Date of Publication : 2016-12-30
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 261-265
Manuscript Number : IJSRST162642
Publisher : Technoscience Academy

Print ISSN : 2395-6011, Online ISSN : 2395-602X

Cite This Article :

Dr. Jayadas S, " Is there a critical but analytical evaluation of Islamic financial instruments? A Comparative Literature Survey of Islamic Finance and Banking"", International Journal of Scientific Research in Science and Technology(IJSRST), Print ISSN : 2395-6011, Online ISSN : 2395-602X, Volume 2, Issue 6 , pp.261-265, November-December-2016.
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