What is ICAP doing

[smraza]

Everybody must have received the IAS on Ijarah, (Islamic Mode of Financing) but i am surprised that ICAP has copied the whole IAS 17, but the only effort which the ICAP has made is that it replaced some words e.g. Lease replaced by IJARAH,
why dont ICAP just write one line to all members that "For IJARAH please refer to IAS 17"

Edited by - smraza on Jul 09 2003 122055 AM

[geo]

Raza,

coz ICAP knows its members and is sure that they will ask ICAP that the place ICAP told to refer to doesnt have the word IJRAH anywhere on it.

[CBPian]

Ijarah is not a favorable financing option in islamic finance...and closely follows modern leasing....
It has been a consensus among ulemas that it may be allowed as a transitional mode of finance till musharka takes hold of all sorts of so called financing transactions.
Please read taqi usmani's islamic finance which gives a good overview of all modes of finance.
.... I agree with you that how can ICAP come up with a transitional mode as an Islamic standard..LOL

[TheOne]

Any one of you ever read "Umer Chapra" upon Islamic Banking & Economics ?????.....
If not then do it now and...... you'll forget Taqi Usmani....
Chapra was the pioneer whereas Usmani was the follower.....
Forget about the Ijarah definition given by Usmani and 'reproduced' by ICAP. (That's why I call them all the 'Parrots')...
Any doubt... just read "Towards a Just Monetary System" (By Umer Chapra... First published 1984)



Edited by - theone on Jul 13 2003 90110 PM