The principal types of financing are generally categorised into investment financing, trade financing, lending and services – in the form of Qard -hasan loans, Murabaha, Musharaka, Ijara, Ijara Wa Iktina and Salaf. These are but a few of the financial products. The modes of financing in Islamic banking emphasise principally profit-andloss sharing, although there are also some non-profit and loss sharing modes of financing.
He presided over the transformation of the Reserve Bank from a private shareholders’ bank to a nationalised institution and was the intellectual force behind the enactment of a comprehensive legislation for the regulation of banking companies which has stood the test of time.