Q1
How is it that, i.e. in ‘what sense’, is the Shari’a a ‘dynamic’ body of
rules (in other words: via what mechanism(s) can the Shari’a adapt to
circumstances / technologies that may arise in the future)?
Q2
What is riba, and why is it considered unacceptable under the Shari’a?
What concept(s) replace(s) riba in Islamic finance?
Notwithstanding the prohibition of riba, on what basis has ‘LIBOR’
established a ‘role’ in Islamic finance?
What might (if possible) be used instead of ‘LIBOR’ in Islamic finance?
Q3
What is the key difference between a Musharaka and a Mudaraba
arrangement?
Q4
What is the key difference between an Istisna’ and Salam arrangement?
Q5
Consider an entrepren****** seeking financing for a project. What are
her Islamic finance alternatives? What potential problem(s) does the
financier face, and how might the financier address this/these?
Q6
On what basis is the ‘lender’s’ profit mark-up justified in the Murabaha
structure, in other words, what ‘risk’ is the ‘lender’ considered to be
taking?
Q7
Which scholars sit on the DJIM Shari’a supervisory board?
Q 8
Which sukuk structure(s) might be most viable in respect of an
underlying ‘asset’ that was an ‘Islamic receivable’.
Q9
In his short piece “Sukuk and their Contemporary Applications”, Sheikh
Muhammad Taqi Usmani observes that:
“[it is incumbent] upon... Islamic banks and financial institutions to
cooperate among themselves.. [with] the guidance and encouragement of
Sharia supervisory board..”
What is the context that leads him to raise this observation?
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