KembaraXtra – Islamic Banking – Principles for Conventional Payment Systems
KembaraXtra – Islamic Banking – Principles for Conventional Payment Systems To ensure that payment systems operate safely, efficiently, and reliably, the Bank for International Settlements (BIS) has established a set of core principles for conventional p
KembaraXtra – Islamic Banking – Example of Shari’ah-Compliant Payment System (Muqasah / Set-off)
KembaraXtra – Islamic Banking – Example of Shari’ah-Compliant Payment System (Muqasah / Set-off) A Shari’ah-compliant payment system follows the same purpose as a conventional system, which is to settle payments between parties. However, instead of allo
KembaraXtra-Islamic Banking – Linking the Cheque Payment System with Muqasah (Set-off)
KembaraXtra-Islamic Banking – Linking the Cheque Payment System with Muqasah (Set-off) The diagram shows the life cycle of a cheque payment in a payment system. In Islamic banking, this same process...
KembaraXtra-Islamic Banking – Linking the Cheque Payment System with Normal (Non-Muqasah) Settlement
KembaraXtra-Islamic Banking – Linking the Cheque Payment System with Normal (Non-Muqasah) Settlement The diagram shows how a cheque payment moves through a conventional payment system. Below is how the...
KembaraXtra – Islamic Banking – Mixing Conventional and Shari’ah-Compliant Payment and Settlement Systems
KembaraXtra – Islamic Banking – Mixing Conventional and Shari’ah-Compliant Payment and Settlement Systems In countries that operate a dual-banking system (where Islamic and conventional banking coexist), a common question arises: Do Islamic Financial In
KembaraXtra – Islamic Banking – Cheque Payment Systems and Insufficient Client Funds
KembaraXtra – Islamic Banking – Cheque Payment Systems and Insufficient Client Funds In a Shari’ah-compliant cheque payment system, a special issue arises when a customer (the payer) does not have enough...
KembaraXtra – Islamic Banking – Foreign Exchange Transactions (Shari’ah Perspective)
KembaraXtra – Islamic Banking – Foreign Exchange Transactions (Shari’ah Perspective) In Shari’ah-compliant foreign exchange (FX) transactions, the guiding rule is that currency exchange must be carried out on a spot basis. This means that when two differ
KembaraXtra – Islamic Banking – Regulation and Governance of the Islamic Financial Services Industry (IFSI)
KembaraXtra – Islamic Banking – Regulation and Governance of the Islamic Financial Services Industry (IFSI) Regulation and governance in the Islamic Financial Services Industry (IFSI) are designed to ensure that the financial system remains sound, stable
KembaraXtra – Islamic Banking – Country-Specific Regulations
KembaraXtra – Islamic Banking – Country-Specific Regulations Overview Regulatory environments of financial systems differ across countries, but they tend to converge when international governing and standard-setting bodies issue common standards and guid
Kembaraxtra-Islamic Banking – Regulatory Framework in Bahrain
Kembaraxtra-Islamic Banking – Regulatory Framework in Bahrain Overview Bahrain has developed one of the most comprehensive and progressive regulatory frameworks for the Islamic Financial Services Industry (IFSI). Its regulatory model is characterised by