An Introduction to Islamic Finance: Theory and Practice, by Zamir Iqbal

By Zamir Iqbal

The first booklet to provide entire assurance of Islamic finance and banking and its purposes to the remainder of the area, now totally revised and updated

the continued overseas monetary difficulty has reignited debate over the advance of a risk-sharing economy, resembling that required in Shariah legislations. An advent to Islamic Finance: concept and perform, moment Edition highlights the middle ideas of chance sharing in Islam, arguing risk-sharing economic climate is precisely what we have to advertise higher monetary stability.

offering accomplished insurance of the elemental conception at the back of Islamic finance and banking, in line with the center thoughts of Shariah legislations, authors Zamir Iqbal and Abbas Mirakhor in actual fact clarify the particular positive factors of an Islamic economy and the way it compares with conventional monetary types. Addressing the myriad very important advancements that experience taken position lately, this moment variation appears to the longer term, addressing rising concerns absolute to effect destiny advancements in Islamic finance.

  • Explores the original good points of an Islamic economic system, how they evaluate to extra conventional monetary platforms, and the way they can enhance them
  • Discusses all of the most up-to-date advancements and rising matters in Islamic finance
  • Updated with the newest advancements, developments, recommendations, and records, this re-creation gains extra chapters at the monetary predicament, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)

the 1st variation of An advent to Islamic Finance demonstrated the ebook because the industry chief, and this newly revised and up-to-date moment version comprises the newest advancements during this booming monetary quarter, together with monetary balance, globalization, and non-banking monetary institutions.

Content:
Chapter 1 creation (pages 1–27):
Chapter 2 the commercial process (pages 29–56):
Chapter three Riba vs. expense of go back (pages 57–74):
Chapter four monetary tools (pages 75–98):
Chapter five hazard Sharing instead to Debt (pages 99–112):
Chapter 6 The Islamic economic climate (pages 113–136):
Chapter 7 the soundness of the Islamic economic system (pages 137–149):
Chapter eight Islamic monetary Intermediation and Banking (pages 151–172):
Chapter nine Capital Markets (pages 173–205):
Chapter 10 Non?bank monetary Intermediation (pages 207–224):
Chapter eleven functionality of Islamic monetary providers (pages 225–243):
Chapter 12 monetary Engineering (pages 245–273):
Chapter thirteen probability administration (pages 275–298):
Chapter 14 law of Islamic monetary associations (pages 299–322):
Chapter 15 company Governance (pages 323–349):
Chapter sixteen Globalization and its demanding situations (pages 351–363):
Chapter 17 concerns and demanding situations (pages 365–392):

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Extra resources for An Introduction to Islamic Finance: Theory and Practice, Second Edition

Example text

One will have to reap whatever rewards or retributions are due as a result of his work. 40 AN INTRODUCTION TO ISLAMIC FINANCE Work, therefore, is regarded not only as a right, but also as a duty and an obligation. Hence, based on its notion of individual rights and responsibilities, Islam extends to the individual the right to choose the type of work they desire, but along with this freedom comes the obligation to consider the needs of the society as well as the selection of the type of work permitted by the Shari’ah.

13 Bahrain and Malaysia have also taken an active role in the development of Islamic finance and have made serious efforts to establish world-class financial centers to promote Islamic finance. London’s historical reputation and significance as a financial center, coupled with its attractiveness as a time-zone with respect to the Middle East, has made it a popular choice for Islamic financial transactions. 14 With a Muslim population of almost two million in the UK, there was sufficient demand to establish the Islamic Bank of Britain in September 2004.

This conclusion is based on the principle of invariant claim to ownership, which maintains that all human beings have a right to the resources provided for mankind. Since Allah (swt) is also the source of the physical and mental abilities that enable some members of society to possess more than others, the right of ownership to the original resources of those less able remains valid. This follows from the fact that Allah’s (swt) original right of ownership of resources, which He has created, is not negated when they, along with the creative labor of individuals, are transformed into products, property and wealth.

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