Business Knowledge for IT in Islamic Finance: A Complete Handbook for IT Professionals

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Industry experts are predicting that the growth of the Islamic Finance industry will exceed 20 per cent per annum. Other experts believe that in the future, the Islamic Finance industry could become a major competitor to the conventional finance industry. Islamic Finance is expected spread beyond Muslim countries - as seen in Europe where it has already made considerable headway in the UK, Germany and Switzerland. "Business Knowledge for IT in Islamic Finance" deals with the convergence of business and IT in the Islamic finance industry and is designed to provide the platform for IT professionals to exploit the future demand for talent in this industry.The chapters in this book contain information on the fundamentals of Islamic finance, the features that sets the Islamic finance industry apart form the mainstream finance industry, a number of the prohibitions and business ethics in Islamic Finance , overview of business transactions and the legal process underpinning these transactions; major players in the Islamic Finance world; and, major systems from notable vendors used for lending, financing , capital markets transactions and insurance in the Islamic finance space. "Business Knowledge for IT in Islamic Finance" is an invaluable handbook for professionals working in the Islamic Finance and crossovers. It is targeted at IT professionals such as: project managers; application developers; development managers; test managers; business analysts; data analysts; systems analysts; test analysts; support analysts; database administrators; and, HR staff responsible for IT recruitment. Table Of Contents Preface Acknowledgements Introduction 1. Overview of Islamic Finance Introduction Definition Main Types of Islamic Finance History of Islamic Finance Islamic Economics and Finance – Key Concepts Relationship between Ethical Investment and Islamic Principles A Range of Islamic Financial Instruments Valid Gains on Investments What Differentiates Islamic Finance and Conventional Finance? Global Market for Islamic Finance 2. Business Environment Introduction Environmental Factors Country Analysis Profiles of Major Players Regulators Data Providers Indices Ratings 3. Islamic Banking Introduction What is Islamic Banking? The Shari’ah Board Comparison of Islamic Banking and Conventional Banking How do Islamic Banks work? Overview of Key Markets Core Operations of Islamic Banks Islam Banking Products The Deposit Side of Islamic Banking Asset-side Instruments Islamic Investment Banking Islamic Financial Markets and Instruments 4. Islamic Insurance Introduction Definitions of Takaful Brief History of Takaful Basic Facts about Takaful Main Drivers of Takaful Basic Elements of Takaful Differences between Insurance and Takaful Key Features of Takaful Takaful Operating Models Retakaful 5. Ijarah: Islamic LeasingIntroduction Definitions of Ijarah Comparison between Ijarah and Murabaha Financing Basic Rules of Leasing Reasons for choosing Ijarah as Opposed to Murabaha Types of Ijarah Arrangements Implementation Issues in Ijarah Financing 6. Islamic Securitisation Introduction Definition of Islamic Securitisation The Case for Securitisation in Islamic Finance Adapting the Principles of Islamic Finance to Securitisation The Capital Markets in an Islamic Framework Sukuk and Securitisation Sukuk Compared to Bonds Categories of Sukuk Participants in Sukuk Issue or Securitisation The Relations between Parties Involved Tradable and Non-tradable Sukuk The Importance of Sukuk Types of Sukuk 7. Trends Introduction Growth of Syndicated Islamic Finance Islamic Project Financing Impact of Basel II on Islamic Finance Launch of Islamic ETFs Growth of Islamic Private Equity Growth of Islamic Private Banking and Wealth Management 8. Financing Practices Introduction Financing Areas Trade Financing Cards Working CapitalFinance Liquidity Management Foreign Exchange Dealings Mortgages 9. Common Systems Used in Islamic Banking and Finance Introduction IT Situation in Islamic Banks Profile of Systems Profiles of Systems List of Other Systems 10. IT Projects Introduction Approach to Successful Project Management Increasing the Probability of Success in a Project The Challenges for Islamic Financial Institutions When Implementing Banking Systems Considerations for Risk Management Systems Design 11. Commonly Used Terminology Introduction List of Terms 12. The Future The Future: What does it hold for IT and Business in Islamic Finance? Analysis of the Prospects for Survival of Islamic Banking and Finance Islamic Banks will Morph into Pure Financial Institutions Standardisation of Islamic Financial Products Evolving Structure of Islamic Finance Industry Increased Role of Technology Post Credit-crunch Future of Islamic Finance Conclusion Appendix Bibliography Index