Taxation and Zakat on Islamic Finance Instruments

Taxation and Zakat on Islamic Finance Instruments features essays covering Islamic finance practice and the tax hurdles faced on different jurisdictions, which highlights how the distinguishing features in Islamic finance do not hamper the economic purpose in most product structures. Therefore, it makes a strong case for according tax neutrality for level playing field, enabling access to finance in developing countries, fostering financial inclusion of voluntarily excluded faith-conscious people and bringing competitiveness in the financial industry. This book gives account of taxation framework in diverse set of regions and countries and provides a comparative look to see how and where progress is made and how different countries were able to have assimilation at greater speed than others. The book also attempts to highlight the ground realities and the common issues faced in current practice. It attempts to be relevant for active policy making in current scenario by giving a detailed and up-to-date account of developments in the taxation and regulatory framework for islamic finance in major regions where Islamic finance has greater presence and where the potential for future growth is high. The book gives due coverage to the taxation issues arising in Islamic banking and Islamic capital markets as well as how to apply unique {slamic approach to curb concentration of wealth through the institution of zakat in contemporary economies and financial instruments.