Islamic Banking: A Brief Introduction

2012 Oman Law Blog of Curtis, Mallet-Prevost, Colt & Mosle LLP

7 Pages Posted: 9 Jun 2013

See all articles by Michael J. T. McMillen

Michael J. T. McMillen

Curtis, Mallet-Prevost, Colt & Mosle LLP; University of Pennsylvania Law School

Date Written: July 31, 2012

Abstract

This article is a brief introduction to Islamic banking. The article begins with an overview of Shari'ah supervisory boards. It then moves to the functions of Islamic banks. Thereafter, the article considers three banking models: (i) the two-tier mudaraba (service-capital partnership) model; (ii) the two-windows model; and (iii) the wakala (agency) model.

Keywords: Islamic banking, banking, Islamic finance, mudaraba, partnership, wakala, agency

JEL Classification: E40, E41, E44, F00, F02, F20, F2, F23, F30, G21, G24, G29

Suggested Citation

McMillen, Michael J. T., Islamic Banking: A Brief Introduction (July 31, 2012). 2012 Oman Law Blog of Curtis, Mallet-Prevost, Colt & Mosle LLP, Available at SSRN: https://ssrn.com/abstract=2276221

Michael J. T. McMillen (Contact Author)

Curtis, Mallet-Prevost, Colt & Mosle LLP ( email )

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