Halal is an Arabic word which means permissible or lawful. In the Holy Quran, God commands Muslims and all of mankind to eat of the Halal things - "O mankind! Eat of that which is lawful and wholesome, and follow not the footsteps of the devil.  Lo! he is an avowed enemy of you." (2:168)
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  The Islamic Jurisprudence On Foods
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Islamic Financial Services
An Islamic financial system concerns about conformity to norms of Islamic ethics as enunciated by the Shariah. Fundamentally an Islamic financial system can be described as a fair and a free system. While Islam provides a basic freedom to enter into transactions, this basic norm does not imply unbridled freedom to contract. It is also constrained by other norms, such as, the prohibition of riba and gharar. Prohibition of riba is the cornerstone of an Islamic financial system.
List of Products/Services and their Underlying Islamic Contracts
List of Islamic Financial Concepts In Practice Worldwide
Financial Products/Services & Their Underlying Islamic Contract(s)
Underlying Contract(s)
Deposit Services
Current Deposit
  Wadiah Wad Dhamana / Qard Hasan
Savings Deposit
  Wadiah Wad Dhamana / Mudaraba
General Investment deposit
Special Investment deposit
Retail / Consumer Banking
Housing & Property Finance
  BBA* / Ijara wa Iktina /Diminishing Musharaka
Hire Purchase
  Ijara Thumma Al-Bai
Share Financing
  BBA* / Mudaraba / Musharaka
Working Capital Financing
  Murabahah/ Bai Al-Einah/ Tawarruq
Credit Card
  Bai Al-Einah/ Tawarruq
Charge Card
  Qard Hasan
Corporate Banking/ Trade Finance
Project Financing
  Mudaraba / Musharaka / BBA / Istisna / Ijara
Letter of Credit
  Musharaka/ Wakala/ Murabaha
Venture Capital
  Diminishing Mudaraba/ Musharaka
Financing Syndication
  Musharaka + Murabaha/ Istisna / Ijara
Revolving Financing
  Bai Al-Einah
Short-term Cash Advance
  Bai Al-Einah/ Tawarruq
Working Capital Finance
  Murabaha/ Salam/ Istijrar
Letter of Credit
Letter of Guarantee
  Kafala + Ujr
Export/ Import Finance
  Musharaka/ Salam/ Murabaha
Work-in-Progress, Construction Finance
Bill Discounting
  Bai al-Dayn
Underwriting, Advisory Services
Treasury / Money Market Investment Products
Sell & buy-back agreements
  Bai al-Einah
Islamic Bonds
  Mudaraba / Mushraka + BBA / Istisna / Ijara
Government Investment Issues
  Qard Hasan/ Salam/ Mudaraba
Other Products & Services
Stock-Broking Services
  Murabaha/ Wakala/ Joala
Funds Transfer (Domestic & Foreign)
  Wakala/ Joala
Safe-Keeping & Collection (Negotiable Instruments)
  Wakala/ Joala
  Wakala/ Joala/ Bai al-Dayn
Administration of Property, Estates and Wills
Hiring of Strong Boxes
  Amana/ Wakala
Demand Draft, Traveller's Cheques
  Ujr/ Joala
ATM Service, Standing Instruction, Telebanking
*BBA - Bai Bithamin Ajil
Source: Islamic Financial Service by Prof. Mohammed Obaidullah, King Abdulaziz Uni., Jeddah, S Arabia.
The word riba literally means increase or excess. Prohibition of riba is central to Islamic financial ethics and law. All transactions and contracts must be free from elements of riba.
The prohibition of riba implies that there is no reward for time preference alone. Reward, returns or benefits must always accompany liability or risk.
The Arabic word gharar means risk, uncertainty, and hazard. All forms of contracts and transactions must be free from excessive gharar (or uncertainty). This implies that contracting under conditions of excessive uncertainty is not permissible.
Unlike riba, gharar is not precisely defined. Gharar is also considered to be of lesser significance than riba. While the prohibition of riba is absolute, some degree of gharar or uncertainty is acceptable in the Islamic framework. Only conditions of excessive gharar need be avoided.
List of Islamic Financial Concepts In Practice
Abu Dhabi Islamic Bank - www.adib.co.ae
Istisna Financing of Property
Property and Project Management Services
Share Trading & Shareholder's Affairs Unit
MNI Takaful & Syarikat Takaful - www.takaful.com.my (Inputs from Bank Negara Malaysia - www.banknegara.gov.my)
General Takaful Schemes
Family Takaful Plan
Al-Amanah Philippines - www.islamicbank.com.ph
Project Finance Schemes
Musharaka-Based Letter of Credit
Al-Rajhi - www.alrajhibank.com.sa
Share Trading & Shareholder's Affairs Unit
Car Installment Program
Bahrain Monetary Authority - www.bma.gov.bh
Al-Salam Sukuk
Ijara (Leasing) Certificates Issue
Muslim Commercial Bank - www.meezanbank.com
Istijrar Working Capital Financing
Meezan Bank Musharika Certificates
American Finance House - www.lariba.com
Equipment Financing
National Commercial Bank - www.alahli.com.sa
Tayseer Al-Ahli
HSBC - www.amanahfinance.hsbc.com
Interest-Free Services
The International Investor - www.tii.com
Islamic Structured Finance
Bank Al Jazira - www.baj.com.sa
Bank Muamalat Malaysia - www.muamalat.com.my
Muamalat Cash Line Facility
Bank Islam Malaysia - www.bankislam.com.my
Pewani Savings Account
Education Financing Program
Ar-Rahnu Short Term Easy Loan
Bank Islam Card
Shariah Advisory Council of Malaysia criteria set for Securities Commission - www.sc.gov.my
Approved List of Securities


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