Islamic finance
Skill alzadjaliaafra-hash/murshidi-knowledge-layer/models/islamic-finance
Modular, fine-tuning-ready knowledge architecture for financial-domain LLMs — 9 domain models, each an activatable skill with knowledge corpus, instruction dataset, and held-out evals.
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Islamic finance structuring framework — the core contract library (Murabaha, Ijara, Musharaka, Mudaraba, Istisna'a, Salam, Wakala, Tawarruq), sukuk structures, AAOIFI compliance screening ratios, Takaful, and the structuring logic for converting conventional financings into Sharia-compliant equivalents. Activate with /ifin, "Islamic finance", "sukuk", "Sharia", "Murabaha", or "AAOIFI".
SKILL.md
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Islamic Finance Structuring
A framework for structuring Sharia-compliant financings, grounded in the two governing prohibitions — riba (interest) and gharar (excessive uncertainty) — and the requirement that returns attach to real assets, real trade, or genuine risk-sharing.
Core Contract Library
| Contract | Structure | Conventional analogue |
|---|---|---|
| Murabaha | Cost-plus sale with deferred payment; bank buys the asset, sells at disclosed markup | Term loan / trade finance |
| Tawarruq | Commodity Murabaha monetisation for liquidity | Cash facility |
| Ijara | Lease of an asset; bank owns, client pays rent; often with purchase undertaking (Ijara wa Iqtina) | Finance lease |
| Musharaka | Equity partnership; profit shared by agreed ratio, losses by capital contribution | Joint venture equity |
| Diminishing Musharaka | Partnership with progressive buyout of the bank's share | Amortising mortgage |
| Mudaraba | Investor (rab al-mal) funds, manager (mudarib) works; profit shared, losses to capital | Fund management |
| Istisna'a | Manufacture/construction contract with staged payments | Construction finance |
| Salam | Forward purchase with full prepayment (commodities) | Commodity forward |
| Wakala | Agency contract with agreed fee; agent invests on principal's behalf | Managed account |
| Takaful | Mutual protection pool with tabarru' (donation) mechanics | Insurance |
Structuring Logic
The conversion discipline for any conventional structure: identify the economic function (funding, risk transfer, liquidity, security), then rebuild it from the contract library so that every return traces to an asset, a service, or shared risk. A conventional loan becomes Murabaha or Tawarruq; a lease facility becomes Ijara; project construction debt becomes Istisna'a flipping into Ijara at completion; a revolving facility becomes a Wakala pool. Purchase undertakings, service agency agreements, and rental benchmarking (to a market reference rate as an index, not as interest) supply bankability without breaching form.
Sukuk securitise these contracts: Ijara sukuk (asset-backed rental flows) dominate for ratability; Musharaka/Mudaraba sukuk carry genuine equity risk; Istisna'a and hybrid structures fund greenfield construction. The AAOIFI position requires true asset transfer for tradability — pure receivables (Murabaha paper) trade only at par.
AAOIFI Compliance Screens
Portfolio and counterparty screening ratios (applied in the RVS v4.0 credit model as an automatic verdict gate):
- Debt / Total Assets < 33%
- (Cash + Interest-Bearing Securities) / Total Assets < 33%
- Non-compliant revenue / Total revenue < 5%
Failure of any screen triggers a one-tier verdict downgrade in credit decisions and requires purification (donation of tainted income) in portfolio management.
Governance
Every structure passes three gates: the Sharia board (fatwa on the structure), the regulator (banking-law perimeter), and external audit (AAOIFI accounting treatment, which differs materially from IFRS in profit recognition, asset ownership, and pool accounting). A structure that is compliant in form but replicates a prohibited economic outcome invites reputational and fatwa risk — substance review is part of the methodology, not an afterthought.
Output Protocol
Every structuring answer names the contract(s) used, traces the return to its permissible source, states the AAOIFI screen results, flags the governance path, and gives the conventional-equivalent economics for committee comparison.
Resources
knowledge/methodology.md— contract library detail and conversion patternsdataset/train.jsonl— instruction-tuning pairseval/eval.jsonl— held-out evaluation questions