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Introduction The subprime mortgage crisis, popularly known as the “mortgage mess” or “mortgage meltdown”, came to the world’s attention when a surge in US home foreclosures (repossessions) started in 2006 and spiralled seemingly out of control in 2007 and 2008. It triggered a national financial crisis that went global within two years. It has caused billions of dollars losses to …

How does one go about reducing poverty levels and providing micro finance (MF) in Muslim societies? How does one make a choice between the Islamic model of MF and the MF "best practices" that reflect wisdom and lessons learnt from decades of "real-life" MF experiments. The former is normative and largely an untested proposition in the context of a modern …

Capt.Jamil Akhtar Khan is the CEO of Takaful Pakistan. With a background in the Merchant Navy, Capt.Jamil commanded vessels of the national flag carrier PNFC before switching over to insurance. Before joining Takaful Pakistan he served with New Jubilee Insurance where his interest in Takaful was evoked. He is regarded as a pioneer in the introduction of Takaful to Pakistan, …

The nature of Ijara The literal meaning of Ijarah is “to give something on rent”. As per Islamic jurisprudence the term connotes two distinct situations. 1)  The services of human beings for wages –  the “Musta’jir”(employer) employing the services of an “Ajir” (employee) on wages  or “Ujrah”  in lieu of hired services. An “Ajir” for this purpose could be anyone …

Fast attracting Muslims & non-Muslims alike…. The global Islamic financial sector has witnessed an encouraging growth over the last decade and is currently estimated to be at around US$1trillion. It is predicted to be the world’s fastest-growing financial sector for the coming years with an estimated global potential of US$4trillion. Sukuks have turned out to be an important driver to …