Islamic banking and derivative financial instruments
Keywords:
Islamic Bank, financial instruments the Islamic banking, takaful (insurance), risk management.Abstract
Methodological base of research in given clause was made with mod ern concepts Islamic banking and Islamic model of financing takaful (in surance) as a whole. Findings: the results indicate the mathematical model consists of a probability space, a Brownian motion and a Poisson process. The jumps are independent and identically distributed. The approach con sists of defining a notion of risk and production instrument takaful (insur ance) in order to minimize the risk. Originality/value: In new judgement the principle «riba» an islam breaking moral laws as an interdiction of usury and its significant advantages in any spheres of human life is shown; The author’s financial analysis of economic experience Islamic bank ing in the countries of near and far abroad as new judgement of Islamic bank system is lead; In a new context features of financial specificity Islamic model of financing takaful (insurance) in modern Kazakhstan are revealed.References
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2 E. W. Lane. Madd al-Qamus. An Arabic-English Lexicon / London: Edinburgh, 1984. – 3064 s.
3 Mallat C. The Debate on Riba and Interest in Twentieth Century Jurisprudence // in C. Mallat (ed.). Islamic Law and Fi- nance, Graham & Trotman. − London, 1998. − 608 p.
4 Muhammad ibn ‘Isa Abu’ Isa al-Tirmidhi. Al-Jami ‘al-Saheeh Sunan al-Tirmidhi / Sbornik Hadith. – Mishkat al-massabih.
– 353 p.
5 Sijben J.J. Regulation versus Market Discipline in Banking Supervision: An Overview – Part 2 // journal of International Banking Regulation, Vol. 4, No. 4. – London, 2002. – 571 p.
6 Mabid Ali al-Zharhi, Munawar Iqbal. Islamskoe bankovskoe delo: otvety na nekotorye voprosy /Jeddah: IBR, 2001. – 82.
7 Allen F., Gale D. Financial Intermediaries and Markets // Econometrics., Vol. 72, No. 4, Р. 1023.
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