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Article Contents

1. introduction.

  • 2. (A very brief account of the) history and development of the Shari‘a
  • 3. Determining what counts as ‘Islamic’
  • 4. Standard setting for Islamic financial products
  • 5. Basics of traditional and Islamic wealth management
  • 6. Islamic wealth management products
  • 7. Singapore’s regulatory approach
  • 8. Conclusion: prospects, lingering issues, and risks

Islamic wealth management: prospects, challenges, and the case of Singapore

  • Article contents
  • Figures & tables
  • Supplementary Data

Arif A Jamal, Habib Motani, Islamic wealth management: prospects, challenges, and the case of Singapore, Capital Markets Law Journal , 2024;, kmae008, https://doi.org/10.1093/cmlj/kmae008

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the assets under management of total global Islamic funds has witnessed a compounded annual growth rate of 8.5% from 2004 to 2015 and the number of Islamic funds has increased from 284 in 2004 to 1,220 in 2015 … [As such] future growth of the Islamic wealth management industry is expected to be driven by the increase in demand for Islamic assets, growth of pension fund assets in Muslim countries, growth of global takaful , 2 and increased allocation favouring Islamic assets by sovereign wealth funds. 3

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  • undp_my_casestudies_on_innovation_in_islamic_finance.pdf pdf (40 MB)

Case Studies on Innovation in Islamic Finance

undp_my_casestudies_on_innovation_in_islamic_finance.pdf

August 10, 2023

This report covers selected case studies in the Islamic finance and social finance ecosystem in Malaysia and Indonesia. These case studies document eco-building requirements and innovative solutions which were able to strengthen the two systems’ effectiveness, coverage and transparency – particularly in its integration with the digital economy. Development practitioners may find useful insights from the case studies featured in this report in developing their own strategies and action plans to suit their own needs, unique features, level of financial infrastructure and market readiness.

Document Type

Regions and countries, sustainable development goals, related publications, publications, the prospects of green budgeting in china.

Amid the global backdrop of climate change and the urgent need for ecological conservation and green development, green budgeting has emerged as an effective to...

Gender Pension Gap in Georgia: Gender Disparities within ...

The research study analyses the gender aspects of Georgia's accumulated pension system and assesses the potential gender disparity in pensions between women and...

Policy Brief - Unlocking Financial Inclusion for Small an...

SMEs are essential to the economic fabric of every country, yet they often struggle to secure the affordable financing necessary to expand their businesses and ...

UNDP Libya 2023 Annual Report

2023 was a year marked by resilience and rigorous efforts amidst significant challenges. Unprecedented floods in the northeastern region tested the resilience a...

Breaking the disaster-response cycle in SIDS: Aligning fi...

This policy brief focuses on the specific issue of disaster-response for three reasons. First, the disaster-response cycle describes a well-documented pattern o...

Additional Burden of Covid-19 Disposable Facemasks (ABCDF...

This research investigated the impact of disposable face masks on Ghana's environment, revealing a significant increase in microplastics and single-use plastic ...

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Case Studies in Islamic Banking and Finance

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Brian Kettell

Case Studies in Islamic Banking and Finance 1st Edition

Based around 12 individual cases, the book stimulates discussion and develops the reader's understanding of Islamic finance by contrasting the theoretical concepts discussed in the author's companion text Introduction to Islamic Banking and Finance with practical real world situations. The cases cover core Islamic banking and finance topics including the Ijara, Mudaraba and Musharaka contracts; Islamic mortgages for home finance; leverage; and issues involved in opening an Islamic bank. Financial statement analysis for Islamic banks, the implications for fund management for equity investing and the impact of loan defaults on Islamic and conventional banks are also included. Each chapter concludes with a set of questions designed to test the reader's understanding of each case, with suggested solutions at the end of the book.

This book is a must have resource for those wishing to apply their understanding of this complex subject and is an essential read for anyone seeking practical examples of how to apply the concepts in a real world environment.

  • ISBN-10 0470978015
  • ISBN-13 978-0470978016
  • Edition 1st
  • Publisher Wiley
  • Publication date August 15, 2011
  • Language English
  • Dimensions 6.62 x 0.6 x 9.62 inches
  • Print length 192 pages
  • See all details

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Editorial Reviews

About the author.

Subsequently, Brian taught courses on Islamic banking and finance at a range of financial institutions including the World Bank, National Commercial Bank (Saudi Arabia), Global Investment House (Kuwait), Noor Islamic Bank (UAE), the UK Treasury, the Central Bank of Iran, the Central Bank of Syria, the Chartered Institute for Securities and Investment, the Institute for Financial Services and Scotland Yard.

Brian's vast academic expertise in Islamic finance is highlighted by his role as former Joint Editor of the Islamic Finance Qualification Handbook and his past teaching work at a number of top universities worldwide including the London School of Economics, the City University of Hong Kong, the American University of the Middle East in Kuwait and London Metropolitan University Business School.

Brian's impressive list of publications include over 100 articles in journals, business magazines and the financial press including Islamic Business and Finance, Islamic Banking and Finance , the Central Banking Journal, Euromoney , the Securities Journal and the International Currency Review . He has also published 6 books on Islamic banking and financial markets.

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (August 15, 2011)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 192 pages
  • ISBN-10 ‏ : ‎ 0470978015
  • ISBN-13 ‏ : ‎ 978-0470978016
  • Item Weight ‏ : ‎ 12 ounces
  • Dimensions ‏ : ‎ 6.62 x 0.6 x 9.62 inches

About the author

Brian kettell.

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Case Studies in Islamic Banking and Finance: Case Questions & Answers

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What are the principles of Islamic banking and finance? Case Study 1.The Ijara Contract as a mode of Islamic Finance. Case Study 2. The Musharaka Contract as a mode of Islamic Finance. Case Study 3. The Diminishing Musharaka Contract as a mode of Islamic Finance. Case Study 4.1.The Mudaraba Contract as a mode of Islamic Finance. Case Study 4.2.The Mudaraba contracts with multiple financing options. Case Study 5. Murabaha, Musharaka, Ijara and Ijara Wa-Iktina. Case Study 6. Islamic Mortgages for Home Finance. Case Study 7. Sources of Finance for Islamic Banks: An Application of Profit and Loss Sharing. Case Study 8. Financial Statement Analysis for Islamic Banks. Case Study 9. Islamic Investment Prohibitions. Case Study 10. Issues involved in creating an Islamic bank within a western regulatory framework : the case of the Islamic Bank of Britain. Case Study 11. Leverage and Islamic Banking. Case Study 12. Impact of Loan Defaults on Islamic and Conventional Banks. A glossary of Islami...

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ABD HAKIM ABD RAZAK

The raison d'être of this article is to supply basic insights on the origin and characteristics of the Islamic Banking system, its distinguishing features, and related contentious issues that have remained the subject of ongoing debates among Sharia' scholars and members of the academia. These were analyzed by referring to the principles of Muammalat (Islamic economic transaction), which are derived from the Holy Quran, Sunnah of Prophet Muhammad (p.b.u.h.), and Ijma' (consensus) of prominent Sharia' scholars. Contrary to the conventional banks, Islamic banks are required to operate according to the principles of Muammalat, which are identified as the avoidance of Riba', Gharar, Maysir, Hilah, and the promotion of ethical business practices such as justice, fairness and transparency. The 2008 global financial meltdown has created a unique awareness among banking consumers on the need of an alternative to complement the conventional banking system, which was viewed by financial scholars as suffering from a crisis of failed morality as a result of greed, exploitation, and corruption. Likewise, many may viewed that the Islamic Banking system is merely another attempt to capitalize on the pulling power of religion towards people, yet there are a number of interestingly unique features that accentuate it from the other banking alternatives. In essence, it is aspired that this article may assist fellow readers, especially those who are still new to this alternative financial system, in understanding and appreciating its unique features, and further stimulate future research in this field. Insha'Allah (God's willing).

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Islamic System of Baking and Finance is based on the principles of Sharia Law and is applicable all over the Islamic economies. In this paper, the objective is the study the history of Islamic financial system, its origin, the concepts and terminologies used. The main differences with conventional banking system shall be highlighted. Regulatory bodies like Sharia Auditors and Sharia governing bodies shall also be discussed. The main focus would on discussing the main financial tools used in Islamic banking and the concepts behind those terminologies.

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CASE STUDY ON STRUCTURING, POLICY & STRATEGY IN ISLAMIC FINANCE

General overview.

This module engages learners to re-examine extant regulatory and Shariah governance framework       in the context of reviewing and formulating policies and strategies for Islamic financial services. This course presents a broad perspective with an in-depth insight of issues emanating from the principles, policies, strategy, and practices of Islamic financial institutions as well as engagement in Islamic financial services. Using case study materials and techniques, learners are encouraged to grasp the principles, highlight and analyse the issues, identify relevant constraints and variables to formulate structures, policy, strategy, and solutions to pertinent issues. The case in context discussion would    vary from banking, capital markets, takaful and social finance related practices. The learning process    in analysing both financial business, governance and Shariah issues are emphasized to articulate an eclectic solution in both regulator and board engagements.

  • To re-examine extant regulatory and Shariah governance framework in the context of reviewing and formulating policies and strategies for Islamic financial services
  • To identify and adopt product structuring considerations as well as Shariah and regulatory requirements
  • To apply and adapt principles and process of structuring in different institutions or setting
  • To align structuring process to established policies and specified strategies (risk appetite) of institution.

Module Developer

Assoc. Prof. Dr. Syed Musa Syed Jaafar Alhabshi

DBA (Strathclyde,UK), BBA (Hons) (IIUM)

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MALAYSIA : Malaysian automotive company’s SPV issues two Islamic medium-term notes

TURKIYE : Turkish REIT prints lease certificate worth TRY250 million (US$7.76 million)

SAUDI ARABIA: Operation and maintenance services provider secures Islamic financing facility from Saudi Islamic bank

MALAYSIA : Malaysian organization releases recommendations for next stage of development of Islamic finance industry

GLOBAL: AAOIFI extends deadline for feedback on exposure draft of Shariah standard

MALAYSIA: Malaysia announces Shariah compliant investments from booster fund and plan for Islamic blockchain hub in Labuan, IFN Investor reports

TURKIYE: Dubai Islamic Bank confirms support for IFN Turkiye Dialogues 2024 as partner

BAHRAIN: Power generation and water desalination company closes refinancing facility for Bahraini power project, Trade Arabia reports

SAUDI ARABIA: Wall Street investment bank secures Saudi license, reports Reuters

TURKIYE: Kuveyt Turk Katilim Bankasi announces sale of lease certificate worth TRY300 million (US$9.31 million)

QATAR: Qatar Central Bank auctions treasury bills and Sukuk worth QAR1.5 billion (US$407.79 million)

QATAR: Islamic investment bank in Qatar accepts co-CEO’s resignation

NIGERIA: Nigerian non-interest bank’s profit before tax grows, Daily Trust reports

SAUDI ARABIA: Volume of Islamic banking finance provided by Saudi Islamic banks grows

SAUDI ARABIA: Saudi government to sell shares in Saudi Aramco, Reuters reports

SAUDI ARABIA: Saudi Central Bank seeks public consultation on draft regulations

EGYPT: Financial Regulatory Authority of Egypt issues regulation on investment robo-advisors

UAE: UAE-based Takaful company appoints new board member

MALAYSIA: Malaysia’s first Islamic digital bank becomes operational

QATAR: Qatari Islamic bank approves application for new board member

MALAYSIA: Bank Negara Malaysia issues Islamic facilities

MALAYSIA: Malaysian Islamic bank records 0.4% drop in profit before tax for Q1 2024

GLOBAL: Saudi insurer announces decrease of accumulated losses to 16.84% of capital

GLOBAL: GCC’s primary Sukuk and bond issuances grow 33% year-on-year as at Q1 2024, Kuwait Financial Centre reports

GLOBAL: GCC capital market issuances should continue to rise in 2024 and 2025 but with fragmentation across bloc, Fitch says

MALAYSIA: Islamic bank in Malaysia partners with Dutch banking tech company to implement banking platform

TURKIYE: Albaraka Turk Katilim Bankasi offers lease certificate worth TRY500 million (US$15.5 million)

SAUDI ARABIA: Saudi Central Bank seeks public consultation on updated debt-based crowdfunding rules

SAUDI ARABIA: Capital Market Authority approves Saudi investment company’s public offering of endowment fund

BAHRAIN : Islamic bank and real estate development firm collaborate to offer financing solutions to homeowners, reports The Daily Tribune

PAKISTAN : Pakistan Stock Exchange auctions government of Pakistan’s Sukuk Ijarah

MALAYSIA : Malaysian petroleum company sells three Islamic medium-term notes

OMAN : Islamic bank in Oman fully redeems Sukuk facility maturing on 22 nd May 2024

UAE : Dubai Financial Services Authority admits UAE’s treasury Sukuk to official list of securities

MALAYSIA : Securities Commission Malaysia launches five-year roadmap

SAUDI ARABIA : Saudi asset management company secures regulatory approval for business profile change

SAUDI ARABIA : Capital Market Authority of Saudi Arabia approves investment company’s capital increase request

GLOBAL : Islamic bank reinstates refinancing for UK residents and home financing for China and Hong Kong residents

BANGLADESH : Bangladeshi Islamic bank announces record amount of withdrawals for 2024, The Financial Express reports

PAKISTAN : Securities and Exchange Commission of Pakistan introduces self-assessment declaration form for nonbanking finance companies

TURKIYE : Turkish agricultural company sells Sukuk

MALAYSIA : Bank Negara Malaysia issues Islamic facilities

TURKIYE : Kuveyt Turk Katilim Bankasi raises TRY500 million (US$15.52 million) through Sukuk

TURKIYE : Turkiye Emlak Katilim Bankasi launches Islamic facility

MALAYSIA : Regulator to launch new five-year roadmap on Malaysian capital market

PAKISTAN : Regulator unveils 2023 book on non-banking financial institutions and Modaraba in Pakistan

INDIA : NSE Indices replaces stocks in Nifty Shariah indices

AZERBAIJAN : IsDB interested in issuing Sukuk in local currency with Azerbaijani banks, ABC.AZ reports

UK : UK-headquartered market intermediary firm partners with core banking provider to offer Shariah compliant fintech solution

OMAN : Omani law firm collaborates with Islamic finance consultancy firm

Emirates Islamic’s Sukuk: Tapping the green Sukuk market

Tuesday, 28 May 2024 | Volume21.Issue22

RHB Islamic Bank’s Sukuk: A return to market

Tuesday, 21 May 2024 | Volume21.Issue21

QI Group launches RM100 million (US$20.91 million) Sukuk Ijarah to support the growth of education

Monday, 20 May 2024 | Awards Report 2023

Rawabi Holding Company’s Sukuk: A record issuance

Tuesday, 14 May 2024 | Volume21.Issue20

WLF 4.1’s financing: Walton Global’s first Shariah compliant facility

Tuesday, 07 May 2024 | Volume21.Issue19

Golden Global Yatirim Bankasi’s Sukuk: Debut international issuance

Tuesday, 30 Apr 2024 | Volume21.Issue18

Olam Agri’s financing: Diversifying funding sources

Tuesday, 23 Apr 2024 | Volume21.Issue17

KLCCP’s Sukuk: Funding acquisitions and investments

Tuesday, 16 Apr 2024 | Volume21.Issue16

Malaysia Rail Link’s Sukuk: Landmark deal for Malaysian transport industry

Monday, 08 Apr 2024 | Volume21.Issue15

Al Seer Marine and BGN’s syndicated facility: Supporting the marine sector

Tuesday, 02 Apr 2024 | Volume21.Issue14

Public Investment Fund’s Sukuk: Sophomore issuance

Tuesday, 26 Mar 2024 | Volume21.Issue13

alrajhi bank’s Sukuk: Supporting sustainability

Tuesday, 19 Mar 2024 | Volume21.Issue12

Dubai Islamic Bank’s Sukuk: A notable sustainable facility

Tuesday, 12 Mar 2024 | Volume21.Issue11

Cenomi Centers’s Sukuk: Tapping Islamic finance

Tuesday, 05 Mar 2024 | Volume21.Issue10

Binghatti’s Sukuk: Landmark issuance from UAE’s real estate sector

Tuesday, 27 Feb 2024 | Volume21.Issue09

ICD’s Sukuk: Funding projects in member countries

Tuesday, 20 Feb 2024 | Volume21.Issue08

Omantel’s Sukuk: Landmark issuance for telecom industry

Tuesday, 13 Feb 2024 | Volume21.Issue07

DAMAC Real Estate Development’s Sukuk: A successful addition

Tuesday, 06 Feb 2024 | Volume21.Issue06

UOB Malaysia’s Sukuk: A successful debut issuance

Thursday, 25 Jan 2024 | Volume21.Issue05

Kuwait Finance House’s Sukuk: Inaugural issuance under new program

Tuesday, 23 Jan 2024 | Volume21.Issue04

First Abu Dhabi Bank’s Sukuk: Opening the market

Tuesday, 16 Jan 2024 | Volume21.Issue03

Oman’s Sovereign Sukuk: Successful seventh issue

Tuesday, 09 Jan 2024 | Volume21.Issue02

iTrust Finance’s Sukuk: Successful 8th issuance

Tuesday, 02 Jan 2024 | Volume21.Issue01

Pakistan’s sovereign Sukuk: First issuance on the exchange

Tuesday, 12 Dec 2023 | Volume20.Issue50

The Philippines’s sovereign Sukuk: A successful debut

Friday, 01 Dec 2023 | Volume20.Issue49

South Africa’s sovereign Sukuk: Inaugural domestic issuance

Tuesday, 28 Nov 2023 | Volume20.Issue48

Qatar Islamic Bank’s Sukuk: Returning to the international market

Tuesday, 21 Nov 2023 | Volume20.Issue47

Ziraat Katilim Bankasi’s Sukuk: A milestone facility

Tuesday, 14 Nov 2023 | Volume20.Issue46

IsDB’s Sukuk: Funding sustainable development in member countries

Tuesday, 07 Nov 2023 | Volume20.Issue45

SMJ’s Sukuk: A successful debut issuance

Tuesday, 31 Oct 2023 | Volume20.Issue44

Public Investment Fund’s Sukuk: A notable first

Tuesday, 24 Oct 2023 | Volume20.Issue43

Nigeria’s Sukuk: Successful sixth offering

Tuesday, 17 Oct 2023 | Volume20.Issue42

OKI Pulp & Paper Mills’s Sukuk: Refinancing debt

Tuesday, 10 Oct 2023 | Volume20.Issue41

Energy Development Oman’s Sukuk: A successful first

Tuesday, 03 Oct 2023 | Awards Report 2023

Sharjah’s Sukuk: A successful return

Tuesday, 26 Sep 2023 | Volume20.Issue39

Agha Steel Industries’s Sukuk: A strategy for existing debt

Tuesday, 19 Sep 2023 | Volume20.Issue38

National Electric Power Company’s Sukuk: Supporting Jordan’s oil and gas sector

Tuesday, 12 Sep 2023 | Volume20.Issue37

Sime Darby Property’s land acquisition Sukuk: A debut sustainability issuance

Tuesday, 05 Sep 2023 | Volume20.Issue36

UAE’s third treasury Sukuk: Strengthening the market

Tuesday, 29 Aug 2023 | Volume20.Issue35

Unicol’s financing: Facilitating acquisition plans

Tuesday, 22 Aug 2023 | Volume20.Issue34

Almarai Company’s Sukuk: A sophomore success

Tuesday, 15 Aug 2023 | Volume20.Issue33

Kuwait Projects Company (Holding)’s Sukuk: A first in the emirate

Tuesday, 08 Aug 2023 | Volume20.Issue32

Sobha Realty’s Sukuk: Debut Islamic issuance

Tuesday, 01 Aug 2023 | Awards Report 2023

Altinmarka Group’s Sukuk: A successful return to market

Tuesday, 25 Jul 2023 | Volume20.Issue30

ICD’s Sukuk: A milestone for Kazakhstan

Tuesday, 18 Jul 2023 | Awards Report 2023

Intercascade Group’s Sukuk: First in Kyrgyzstan

Tuesday, 11 Jul 2023 | Volume20.Issue28

Saudi Real Estate Refinance Company’s Sukuk: Return to market

Tuesday, 04 Jul 2023 | Volume20.Issue27

MB Holding’s Sukuk: A return to market

Tuesday, 27 Jun 2023 | Volume20.Issue26

Medtech Diagnostics’s Sukuk: A milestone for the Maldives

Tuesday, 20 Jun 2023 | Volume20.Issue25

Banque Saudi Fransi’s Sukuk: Funding franchise growth

Tuesday, 13 Jun 2023 | Volume20.Issue24

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Tax Implications of Islamic Finance Instruments in the UAE

Islamic finance.

Islamic finance, also known as Shari’ah-compliant financing, is a financial system that operates in accordance with Islamic law. It adheres to fundamental principles such as the prohibition of interest, fair and transparent dealings with avoidance of speculation and uncertainty, real economic activity with underlying assets, and ethical investments.

Key Differences Between Green Bonds & Sukuk

One element of Islamic finance are sukuk, financial certificates that comply with Islamic Shari’ah law and provide investors with partial ownership of the issuer's assets. The basic principle behind sukuk is that the holder has an undivided ownership right in a particular asset and is therefore entitled to the return generated by that asset. It might be useful to compare sukuk to green bonds, where governments and companies issue bonds to raise capital for eco-friendly initiatives. These financial instruments are purchased by investors who want to fund projects aimed at environmental reform while generating returns.

Green bonds are typically fixed income. The issuer raises a fixed amount of capital from investors over a set period, repaying the capital when the bonds mature and paying an agreed amount of interest along the way.

Green bonds and sukuk offer various benefits focused on addressing climate change. By financing sustainable projects, they allow individuals and organizations to contribute actively to achieving the UN's Sustainable Development Goals (SDGs), in line with COP28 goals.

Investing in green bonds and sukuk is helping Gulf Cooperation Council Countries strengthen their reputation for environmental responsibility and building trust.

With corporate tax effective from 01 June 2023, there are corporate tax considerations which need evaluation.

Impact of Corporate Tax – UAE

From investors’ perspectives.

A . Taxability of income from Islamic Financial Instruments

  • In case of individuals (including non-residents): As per Cabinet Decision No. 49 of 2023, individuals earning personal investment income (which shall include income from Islamic financial instruments) shall not be subject to the UAE Corporate Tax.
  • In case of taxable persons (other than individuals): Income from Islamic financial instruments shall be subject to the UAE Corporate income tax at the rate of 9%.

B. Withholding tax implications (if any)

  • There is no withholding tax rate (as of date of this article) on payment of returns made to investors of Islamic Financial Instruments.

From Issuers’ perspectives

1. Taxability of business

  • Islamic finance business operations will be subject to corporate income tax at 9% for their first tax period that commences after 30 June 2023.

2. Deductibility of payments of returns made to investors of Islamic Financial Instruments

  • It is imperative to evaluate whether the payment of returns shall draw contour from interest, or any other term as defined under the Federal Decree-Law No. 47 of 2022 on the ‘Taxation of Corporations and Businesses’ (hereinafter referred to as the ‘UAE Corporate Tax Law’).
  • It is pertinent to note that the definition of interest has been enunciated under Article 1 of the UAE Corporate Tax Law as:   Any amount accrued or paid for the use of money or credit, including discounts, premiums and profit paid in respect of an Islamic financial instrument and other payments economically equivalent to interest, and other amounts incurred in connection with the raising of finance, excluding payments of the principal amount.
  • On perusal of the above, it may be inferred that payment of returns made to investors of Islamic Financial Instruments is a form of consideration paid in connection with raising of finance and shall fall within the ambit of ‘interest’ payment as defined under Article 1 of the UAE Corporate Tax Law.
  • Further, under Article 4 of the Ministerial Decision No. 126, it has been stated that ' the interest equivalent component on Islamic Financial Instruments shall be treated as Interest for the purposes of the General Interest Deduction Limitation Rule’ .

Accordingly, the payment of returns for Islamic Financial Instruments shall be deductible up to 30% of the Earnings Before the deduction of Interest, Tax, Depreciation and Amortisation (EBITDA) in the hands of issuing entity as per General Interest Deduction Limitation Rule under Article 30 of the UAE Corporate Tax Law. However, the above limitation shall be subject to De Minimis threshold of AED 12 million as laid under Article 8 of the Ministerial Decision No. 126 (i.e., no disallowance shall be made until the payment of returns does not exceed AED 12 million).

It is pertinent to note that 30% cap will not be applicable in case Banks are issuing such instruments.

As businesses navigate the complexities of UAE corporate tax provisions, a clear understanding of key definitions and regulations becomes vital. Delving into the meanings of terms like interest and Islamic financial instruments, as well as shedding light on the treatment of interest components will equip businesses with valuable insights to navigate the UAE tax landscape confidently.

Zayd Maniar

Zayd Maniar

International Liaison Partner

Zayd Maniar is an International Liaison Partner with Crowe UAE and part of the UAE Management Team. Zayd Maniar is a Chartered Accountant and has almost 20 years’ experience in providing Audit and Assurance services in the UK and UAE.

Rakesh Nair

Rakesh Nair

Rakesh is a Director with the Corporate tax practice of Crowe UAE. Rakesh is a Chartered Accountant with more than 10 years of experience in corporate tax, International Tax and Transaction Tax matters catering to a number of industry verticals.

Karan Vora

Chartered Accountant

Karan Vora is Chartered Accountant with focused oriented on auditing under IFRS, Taxation and Due Diligence with more than 9 years of experience. He has experience in Transfer Pricing and International Taxation, Conduction Risk base Audits (RBAs), Valuation of Intangibles, Financial due diligence for Tax and Regulatory matters.

Punyapal Shah

Punyapal Shah

Punyapal Shah is a Chartered Accountant with more than 13 years of experience in handling complex audits for manufacturing , automobiles and textiles industries. He has experience in international and Corporate Tax matters as well.

Islamic Financial Ethics and Customer Loyalty in the Islamic Finance Industry: A Review of Literature and Future Directions

  • First Online: 29 May 2024

Cite this chapter

case study islamic finance

  • Alia Tuqan 3 ,
  • Islam Abdeljawad   ORCID: orcid.org/0000-0003-2625-698X 3 &
  • Intesar Saleem 3  

Part of the book series: Studies in Systems, Decision and Control ((SSDC,volume 528))

In this paper, a review of the literature was done to look at how Islamic financial ethics affect customer loyalty in the Islamic finance industry. The review included articles from leading finance and management journals. Several themes emerged from the review, including the perception of Islamic finance as being more ethical and socially responsible compared to traditional finance and the potential influence of the risk-sharing and profit-loss-sharing structures of Islamic finance on customer loyalty. Based on these findings, research gaps were developed to guide future research on the topic. It is recommended that future studies consider the complexity of the relationship between Islamic financial ethics and customer loyalty and examine the specific mechanisms through which ethical values may affect customer loyalty. The review also highlights the importance of considering the specificity of the context and characteristics of the products and services offered in the Islamic finance industry, as well as the characteristics of the customers, in understanding the relationship between Islamic financial ethics and customer loyalty.

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Tuqan, A., Abdeljawad, I., Saleem, I. (2024). Islamic Financial Ethics and Customer Loyalty in the Islamic Finance Industry: A Review of Literature and Future Directions. In: Musleh Al-Sartawi, A.M.A., Nour, A.I. (eds) Artificial Intelligence and Economic Sustainability in the Era of Industrial Revolution 5.0. Studies in Systems, Decision and Control, vol 528. Springer, Cham. https://doi.org/10.1007/978-3-031-56586-1_69

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