Sharia Compliant Financial Products under Swiss Law

Andrew Ertl

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The Author examines in his thesis the question of how to structure and implement Sharia compliant financial products under Swiss l...

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The Author examines in his thesis the question of how to structure and implement Sharia compliant financial products under Swiss law. He analyzes in a practice-relevant manner questions related to such Sharia compliant products. So far little has been published addressing these issues under Swiss law. This innovative thesis is therefore especially of interest for practitioners, bankers and other professionals working in the Swiss banking industry. The thesis is structured in three parts. The first part gives a general introduction to Islamic law and explores the basic principles of Islam and Islamic finance. The second part then examines debt-based products, such as Murabaha (mark-up financing), Ijara (leasing) and variations thereof and their feasibility under Swiss law. Also examined are partnership forms common in Islamic Finance, such as the Musharaka and the Mudaraba (profit-loss sharing partnership forms) and the implementation of such partnership forms under Swiss law. Part three then discusses issues related to Sharia governance and the role of the Sharia board as well as laying out a product development process from a practical point of view for Swiss banks wanting to set up such products.