{
  "issue_key": "vol05-no1-2017",
  "volume": 5,
  "number": 1,
  "season": "Summer 2017",
  "year": 2017,
  "sequence": 13,
  "type": "case-study",
  "section": "Case Study",
  "title": "Mudaraba Financing: a case study highlighting comparisons and differences with conventional financing",
  "subtitle": null,
  "slug": "mudaraba-financing-a-case-study-highlighting-comparisons-and-differences-with",
  "corporate_author": null,
  "authors": [
    {
      "given_name": "Mohammad M",
      "family_name": "Hasan",
      "credentials": null,
      "affiliation": null,
      "email": null,
      "orcid": null,
      "is_corresponding": false,
      "sequence": 1
    }
  ],
  "abstract": "In Islamic finance, mudaraba is a trust financing contract. Mudaraba may be conducted between investment account holders as fund providers and the Islamic bank as a mudarib. It may also be conducted between the Islamic bank, as fund provider, on behalf of itself or on behalf of investment account holders, and business owners and other craftsmen or traders etc.\n\nMudaraba is a partnership where capital is provided, in cash or assets (no debt is accepted) by one party - the fund provider - and labour is provided by the other party - mudarib.\n\nBoth parties can appoint agents on their behalf. A mudaraba contract could be terminated unilaterally except when a term has been agreed by both parties, in which case the mudaraba could only be prematurely terminated by mutual agreement. In addition, if the mudarib has already started the business, in the mudaraba contract, it becomes binding until actual or constructive liquidation.",
  "keywords": [
    "Mudaraba",
    "Islamic Contract",
    "Sleeping partnership",
    "Distribution of Profit",
    "Islamic financing"
  ],
  "first_page": 70,
  "last_page": 74,
  "pdf_start": 69,
  "pdf_end": 73,
  "references": [
    {
      "ordinal": 1,
      "raw_text": "Delwin, A. R. (1991). Islamic Banking, Taylor & Francis Ltd, pp. 427 - 456",
      "doi": null,
      "markdown": "Delwin, A. R. (1991). Islamic Banking, Taylor & Francis Ltd, pp. 427 - 456"
    },
    {
      "ordinal": 2,
      "raw_text": "Gafoor, A.L.M. (2001). Mudaraba-Based investment & finance, Available: http://users.bart.nl/~abdul/article2.html, Accessed on 12 May 2017",
      "doi": null,
      "markdown": "Gafoor, A.L.M. (2001). Mudaraba-Based investment & finance, Available: http://users.bart.nl/~abdul/article2.html, Accessed on 12 May 2017"
    },
    {
      "ordinal": 3,
      "raw_text": "Gafoor, A.L.M. (2010). Mudaraba-based Investment and Finance. Available: http://www.islamicbanking.nl/article2.html. Accessed 16th July 2017.",
      "doi": null,
      "markdown": "Gafoor, A.L.M. (2010). Mudaraba-based Investment and Finance. Available: http://www.islamicbanking.nl/article2.html. Accessed 16th July 2017."
    },
    {
      "ordinal": 4,
      "raw_text": "IMF (2017). Islamic Finance: Opportunities, Challenges, and Policy Options, Available: https://www.imf.org/external/pubs/ft/sdn/2015/sdn1505.pdf. Accessed on 12 May 2017",
      "doi": null,
      "markdown": "IMF (2017). Islamic Finance: Opportunities, Challenges, and Policy Options, Available: https://www.imf.org/external/pubs/ft/sdn/2015/sdn1505.pdf. Accessed on 12 May 2017"
    },
    {
      "ordinal": 5,
      "raw_text": "Institute of Islamic Banking and Insurance (IIBI) (2017), Islamic Financial System, Available: http://www.islamic-banking.com/islamic-finance.aspx. Accessed on 12 May 2017",
      "doi": null,
      "markdown": "Institute of Islamic Banking and Insurance (IIBI) (2017), Islamic Financial System, Available: http://www.islamic-banking.com/islamic-finance.aspx. Accessed on 12 May 2017"
    },
    {
      "ordinal": 6,
      "raw_text": "Iqbal, M. and Llewellyn, D.T. (2002). Islamic Banking and Finance. Cheltenham: Elgar.",
      "doi": null,
      "markdown": "Iqbal, M. and Llewellyn, D.T. (2002). Islamic Banking and Finance. Cheltenham: Elgar."
    },
    {
      "ordinal": 7,
      "raw_text": "Iqbal, Z. and Mirakhor, A. (2007). An Introduction to Islamic Finance, Singapore: John Wiley. Available at: http://www.islamic-banking.com/islamic-finance.aspx. Accessed on 15 May 2017.",
      "doi": null,
      "markdown": "Iqbal, Z. and Mirakhor, A. (2007). An Introduction to Islamic Finance, Singapore: John Wiley. Available at: http://www.islamic-banking.com/islamic-finance.aspx. Accessed on 15 May 2017."
    },
    {
      "ordinal": 8,
      "raw_text": "Islamic Banker (2017). Types of Mudaraba, Available at: Error! Hyperlink reference not valid.. Accessed on 12 May 2017",
      "doi": null,
      "markdown": "Islamic Banker (2017). Types of Mudaraba, Available at: **Error! Hyperlink reference not valid.**. Accessed on 12 May 2017"
    },
    {
      "ordinal": 9,
      "raw_text": "Kettell, B. (2010). Islamic Finance in a Nutshell. West Sussex: Wiley, pp. 01-80.",
      "doi": null,
      "markdown": "Kettell, B. (2010). Islamic Finance in a Nutshell. West Sussex: Wiley, pp. 01-80."
    },
    {
      "ordinal": 10,
      "raw_text": "Khan, R. and Bhatti, I. (2017). Islamic banking and finance: on its way to globalization. Aim Events. Available at: http://www.aimevents.net/islamicfinance/whitepapers/WhitePaper. Accessed on 12 May 2017",
      "doi": null,
      "markdown": "Khan, R. and Bhatti, I. (2017). Islamic banking and finance: on its way to globalization. Aim Events. Available at: http://www.aimevents.net/islamicfinance/whitepapers/WhitePaper. Accessed on 12 May 2017"
    },
    {
      "ordinal": 11,
      "raw_text": "Rahman, Y.A. (2010). The Art of Islamic Banking and Finance. New Jersey: Wiley",
      "doi": null,
      "markdown": "Rahman, Y.A. (2010). The Art of Islamic Banking and Finance. New Jersey: Wiley"
    },
    {
      "ordinal": 12,
      "raw_text": "Schoon, N. (2009). Islamic Banking and Finance. London: Spiramus Press.",
      "doi": null,
      "markdown": "Schoon, N. (2009). Islamic Banking and Finance. London: Spiramus Press."
    },
    {
      "ordinal": 13,
      "raw_text": "SIBL. (2011). Formal Banking Sector. Available at: http://siblbd.com/html/homepages.php. Accessed 16 July 2017.",
      "doi": null,
      "markdown": "SIBL. (2011). Formal Banking Sector. Available at: http://siblbd.com/html/homepages.php. Accessed 16 July 2017."
    },
    {
      "ordinal": 14,
      "raw_text": "Usmani, M.T. (2002). An Introduction of Islamic Finance. Netherlands: Kluwer Law International.",
      "doi": null,
      "markdown": "Usmani, M.T. (2002). An Introduction of Islamic Finance. Netherlands: Kluwer Law International."
    },
    {
      "ordinal": 15,
      "raw_text": "Visser, H. (2009). Islamic Finance; Principles and Practice. Cheltenham: Elgar, pp. 81-144.",
      "doi": null,
      "markdown": "Visser, H. (2009). Islamic Finance; Principles and Practice. Cheltenham: Elgar, pp. 81-144."
    }
  ],
  "notes": [],
  "figures": [
    {
      "kind": "figure",
      "file": "figures/fig-01-p72.png",
      "caption": "Fig 1: Model of the Mudaraba operation",
      "pdf_page": 72,
      "text_in_image": "Profit Sharing - 70:30 | First Mudaraba | Depositors providing Capital to SIBL | Profit Sharing - 80:20 | Second Mudaraba | SIBL Provides fund to entrepreneurs | Investment in project | Depositors | Social Islamic Bank | Entrepreneurs | Project"
    }
  ],
  "files": {
    "html": "index.html",
    "body_markdown": "body.md",
    "pdf": "article.pdf"
  },
  "word_count": 2706,
  "conversion_warnings": [
    "Reference 'Islamic Banker (2017)' contains the literal Word field error 'Error! Hyperlink reference not valid.' in place of a URL (PDF p.73) - kept as printed; the original URL is unknown.",
    "Fig 1 re-cropped to include the right-hand flow diagram (Depositors → Social Islamic Bank → Entrepreneurs → Project), whose labels had leaked into the body text.",
    "URLs rejoined across line breaks in references: 'sdn1505.pdf' (IMF 2017) and 'whitepapers/WhitePaper' (Khan and Bhatti 2017) - verify.",
    "No author affiliation or email is printed for this article.",
    "Headings 'Abstract:', 'Introduction:' and 'References:' carry trailing colons in the source; 'Introduction:' kept as printed."
  ],
  "manifest_notes": "Title spans two lines. Author line 'Mohammad M Hasan' - no footnote, no affiliation or email printed. Headings in this article carry trailing colons ('Abstract:', 'Introduction:', 'References:'). Case of SIBL (Bangladesh). 'Fig 1: Model of the Mudaraba operation' PDF p.72 (vector diagram). Bold heading 'Evaluation and Comparison with Conventional Banks' (PDF p.72) is justified so each word is a separate span. Reference list contains a Word field artefact: 'at: Error! Hyperlink reference not valid..' (PDF p.73, Islamic Banker (2017) entry) - keep or flag, do not invent a URL.",
  "source": {
    "pdf": "vol05-no1-2017.pdf",
    "ocr": false
  },
  "reviewed": true
}