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Islamic Finance

Author: Mahmoud A. El-Gamal
Publisher: Cambridge University Press
ISBN: 1139457160
Size: 62.20 MB
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This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance - from personal loans to investment banking, and from market structure to corporate governance - Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law. This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of 'Islamization' of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.

Islamic Banking

Author: Mervyn Lewis
Publisher: Edward Elgar Pub
Size: 32.54 MB
Format: PDF, ePub
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'People are too inclined to regard their current institutions as the inevitable outcome of a natural evolutionary process. In respect of banking, it is salutary to note that Islamic banking works on a quite different, non-interest-bearing, basis from Western banking; and that several major religions, including Christianity, were in earlier times ethically opposed to interest/usury, but only Islam now keeps that faith. Professor Mervyn Lewis is a highly respected authority on (Western) banking and finance, and Latifa Algaoud is a senior official in Bahrain with a deep knowledge of Islamic banking institutions. Between them they present a highly readable assessment of Islamic banking from both (East/West) viewpoints, with a clear account of its history and principles, and its current position and state.' - Charles Goodhart, London School of Economics, UK 'Islamic banking has become a significant part of global banking. This is a very timely and well written book which successfully links the modern theories of conventional banking and financial intermediation and the theoretical and practical aspects of Islamic banking. By linking theory and practice, and setting Islamic banking in a wider analytical framework, the book will be invaluable to anyone with a theoretical, practical or regulatory interest in Islamic banking.' - David T. Llewellyn, Loughborough University, UK the prohibition of interest is the feature of Islamic banking which most distinctly sets it apart from conventional banking. to Western eyes, this seems a strange restriction, but Christian countries themselves maintained such a ban for 1,400 years. Islamic Banking asks why Islam has been able to maintain its stand. the book explores the intricacies of Islamic law and the religious and ethical factors underpinning Islamic banking. It then considers the analytical basis of Islamic banking in the light of modern theories of financial intermediation, and identifies the conceptual issues to be overcome.

Islamic Finance

Author: Hans Visser
Publisher: Edward Elgar Publishing
ISBN: 178100174X
Size: 69.36 MB
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¾Islamic Finance is essential reading for students of economics, finance and Islamic studies. Moreover, a detailed examination of both financial products and fiscal and monetary policies ensures that it will also appeal to banking staff, financial jour

Islamic Finance And Law

Author: Maha-Hanaan Balala
Publisher: I.B.Tauris
ISBN: 085771905X
Size: 16.71 MB
Format: PDF, Kindle
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Islamic commercial and financial practice has not experienced the trial-and-error style of development that has characterised the development of the common law in the English-speaking world. Many of the principles, rules and practices prevalent in the Islamic law of contract, commerce, finance and property remain the same as those outlined by the Quran and the Prophet Muhammad, and expounded by scholars of jurisprudence as far back as the 13th century, despite the advancement in time and sophistication of commercial interaction. Hanaan Balala here demonstrates how, in order to bridge the gap between the principles outlined by the Quran and the Prophet in the 7th century and commercial practice in the 21st century, Islamic finance jurisdictions need to open themselves to learning from the experience (including the mistakes) of the English common law. 'Islamic Finance and Law: Theory and Practice in a Globalized World' provides an analysis of the fundamental principles underlying the Islamic law of contract and commercial practice in comparison with their equivalents in common law in the English-speaking world. It seeks to draw parallels (and differences where appropriate) to facilitate the growth and development of Islamic commercial and financial law globally.

Contemporary Islamic Finance

Author: Karen Hunt-Ahmed
Publisher: John Wiley & Sons
ISBN: 1118240332
Size: 67.79 MB
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A comprehensive look at the innovations, applications, and bestpractices of Islamic finance Islamic-compliant finance is transacted in every major worldfinancial center, and the need for information on the topic inlight of its global reach has grown exponentially. As an expert inthis field, author Karen Hunt-Ahmed understands the intricacies ofthis area of the capital markets. Now, along with the help of anumber of experienced contributors, she skillfully addressesIslamic finance from the perspective of practitioners, examiningissues in wealth management, contract law, private equity, assetmanagement, and much more. Engaging and accessible, Contemporary Islamic Financeskillfully explains the practices and innovations of Islamicfinance in everything from banking and real estate to privateequity, asset management, and many other areas. It is intended tobe the go-to resource for both Muslims as well as non-Muslims withan interest in the subject. Divided into three comprehensive parts,it will put you in a better position to understand, and excel at,this important endeavor. Introduces you to the history, legal structures, and basicfinancial contracts in the industry Highlights the various issues facing contemporary Islamicfinance practitioners, and details their significance in thecontemporary financial and cultural environment Includes case studies of United States-based transactions andrelated challenges and successes Filled with in-depth insights and expert advice, this detailedanalysis of Contemporary Islamic Finance will help you gaina firm understanding of how effective this proven approach canbe.

Islamic Finance Instruments And Markets

Author: Bloomsbury Publishing
Publisher: Bloomsbury Publishing
ISBN: 1849300399
Size: 32.94 MB
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Islamic Finance: Instruments and Markets looks at the application of Sharia law to the world of banking and finance. It provides you with an understanding of the rationale behind the instruments and the rapidly developing Islamic financial markets. Coverage includes in-depth analysis of the financial instruments within the Sharia framework and how they are applied in various sectors including insurance, investment and capital markets. Regulatory issues are also discussed both from the role of the Sharia board to reporting financial risk to legal bodies. It addresses issues such as bringing a New Ethical Dimension to Banking through to The International Role of Islamic Finance and provides you with a range of checklists from Business Ethics in Islamic Finance to The Role of the Shariah Advisory Board in Islamic Finance and Regulatory and Capital Issues under Shariah Law.

The Chancellor Guide To The Legal And Shari A Aspects Of Islamic Finance

Author: Humayon A. Dar
Publisher: Harriman House Limited
ISBN: 0857192000
Size: 70.42 MB
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Unprecedented economic growth and wealth accumulation in predominately Muslim countries have prompted many financial institutions in the US and Europe to position their investment teams across the Middle East and Asia to be closer to the markets in which they invest, and to take advantage or asset-gathering opportunities. This growth has also encouraged an increasing number of western industrialised countries to adopt legislation that responds to the requirements of the Musli investment community. To be effective in these markets it is essential that professionals have an understanding of how Shari'a legal principles are applied in the financial sector. Failure to do so exposes them and their clients to potential financial, legal and reputational pitfalls. The Chancellor Guide to the Legal and Shari'a Aspects of Islamic Finance is the first professional reference to focus specifically on the legal dimension of Islamic Finance. The guide brings together nineteen Islamic Finance legal practitioners and advisers to provide a comprehensive yet practical legal perspective on the subject. Each contributor draws on several years' hands-on experience in Islamic Finance product development and advice to leading financial institutions to provide a real-world, contemporary assessment of the key legal issues in Islamic Finance. The guide's hands-on approach and accessible style make it required reading for everyone with a professional interest in Islamic Finance, be they lawyers, accountants, regulators, bankers or investors. It is also a unique reference for academic institutions worldwide.