Overview

After barely half a century of experience, Islamic banking has become established as a new niche industry across the world, offering new and sophisticated financial products designed to be compliant with Islamic legal principles and common law. This comprehensive book explores the theory, principles and practices underpinning this rapidly expanding sector of banking. Expert contributors - including eminent scholars and senior practitioners in the field - examine the roots of the principles of ethical Islamic financial transactions, which have evolved over several millennia, on issues including usury, interest rates, and financial contracting for funding enterprises, mortgages, leasing and other transactions. Regulatory and governance issues are discussed, and the practice and operation of Islamic financial institutions are explained via three distinct case studies. Importantly, the final chapter looks at what steps are being taken to provide professional accreditation to Islamic banking professional personnel, and prescribes requirements for training in this growing industry. This rich and wide-ranging guide to the foundations and fundamental principles of this new form of ethics-based financial practice will prove a fascinating and illuminating read for regulators, practitioners, and scholars in the fields of economics, finance, money and banking. Contributors: I. Abraham, S.O. Alhabshi, S.H. Aljunid, M. Ariff, M.K. Badar, I. Bhatti, M. Bhatti, E. Girard, K. Hassan, T. Hassan, M. Iqbal, M.K. Lewis, C. Mews, A. Saeed, S.H. Razak, M. Shamsher, M.T. Skully, A. Walsh, M. Zaman

Full Product Details

9781849807920

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Reviews

'Mohamed Ariff and Munawar Iqbal have put together a significant and useful body of productive thinking that will be of use to both academics and practitioners... This book is a very good collection of scholarly papers, well worth reading and reflecting upon. It will undoubtedly help students, academics and practitioners to improve their understanding of Islamic financial institutions and Islamic financial markets. It will be equally useful to specialists in economics, finance, money and banking because it combines a comprehensive discussion of theoretical aspects of the Islamic financial market with very rigorous empirical analysis.' -- Toseef Azid, The Muslim World Book Review 'This wide-ranging guide to the foundations and fundamental principles of this new form of ethics-based financial practice will be of interest for regulators, practitioners, and scholars in the fields of economics, finance, money and banking.' -- Islamic Horizons

Author Information

Edited by Mohamed Ariff, Chair of Economics and Finance, Sunway University, Malaysia and Munawar Iqbal, Professor, King Abdul Aziz University, Saudi Arabia and Chief of Research, IRTI, Islamic Development Bank

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