Question 2: Part a) Identify and describe two types of Islamic finance permitted under Sharia law.

Question 2:

Part a) Identify and describe two types of Islamic finance permitted under Sharia law. (4 marks)

Part b) Outline the main differences between Islamic Insurance (Takaful) and conventional insurance companies/mutuals. (6 marks)

Part c) The Global Report on Islamic Finance by the World Bank Group (2017, p.17-37) presents an alternative Islamic economics and finance approach to reducing extreme poverty and promoting shared prosperity. (i) Summarise this approach and (ii) Evaluate reasons for and against non-Islamic global financial markets and institutions adopting this approach. (10 marks)