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Muhammad Ayub Understanding Islamic Finance phần 10

và mua sắm tài sản thông qua một loạt các giao dịch Murabaha hàng hóa. Như Murabaha có thể mang lại một lợi nhuận cố định, chủ sở hữu Sukuk đã được cung cấp trở lại tương đương với ba tháng LIBOR + 175 bps. SPV sẽ tin tưởng Arcapita và, | 460 Understanding Islamic Finance having a rational and sound theoretical basis and increasingly wider acceptance at a global level. The measures required for building an all-pervasive structure of finance and making it free from injustice and anomalies include the creation of asset-based money and promoting retail and corporate financial services on the basis of fair play and risk-sharing. Almost all Islamic countries are still borrowing through the conventional interest-based system and only a negligible part of their needs has been financed through SharUah-compliant instruments. The firm edict of the SharUah people against fixed-income securities however does not allow the use of conventional investment instruments. In realizing the real potential of Islamic finance experimented and proved in recent years these countries have to set a precedent for other countries of the world. The OIC or IDB may formulate financial packages for member countries obliging them to resort to asset-based financing on the basis of Ijarah Istisna a and Shirkah. If applied wholeheartedly on a larger scale these modes of business and investment have the possibility of being used as an efficient alternative to interest-based deficit financing along with the added benefit of disciplining fiscal behaviour. In such a case each economy would be able to get real benchmarks for the pricing of goods their usufruct and services both in cash and credit markets representing the real demand supply scenario and the strength of the economy. Obtaining a benchmark for SharTah-compliant securities in the present situation is almost impossible. This is why IFIs are currently obliged to adopt the interest-based benchmarks in almost all parts of the world making the integrity of their operations vulnerable. If Islamic finance theory is adopted for retail and or corporate banking on a smaller or larger scale and not for the financial system as a whole i.e. the governments continue to generate funds .