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

By Zamir Iqbal

The first publication to supply entire insurance of Islamic finance and banking and its purposes to the remainder of the realm, now totally revised and updated

the continuing foreign monetary main issue has reignited debate over the advance of a risk-sharing economic system, equivalent to that required in Shariah legislations. An creation to Islamic Finance: conception and perform, moment Edition highlights the center rules of threat sharing in Islam, arguing risk-sharing economic system is precisely what we have to advertise higher monetary stability.

offering complete assurance of the basic thought at the back of Islamic finance and banking, based on the middle recommendations of Shariah legislation, authors Zamir Iqbal and Abbas Mirakhor sincerely clarify the specific positive aspects of an Islamic economy and the way it compares with conventional monetary versions. Addressing the myriad vital advancements that experience taken position in recent times, this moment version seems to be to the long run, addressing rising matters bound to effect destiny advancements in Islamic finance.

  • Explores the original positive factors of an Islamic economy, how they evaluate to extra conventional monetary platforms, and the way they can increase them
  • Discusses the entire most modern advancements and rising matters in Islamic finance
  • Updated with the most recent advancements, developments, suggestions, and records, this new version positive factors extra chapters at the monetary main issue, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)

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

Content:
Chapter 1 advent (pages 1–27):
Chapter 2 the commercial approach (pages 29–56):
Chapter three Riba vs. price of go back (pages 57–74):
Chapter four monetary tools (pages 75–98):
Chapter five probability Sharing instead to Debt (pages 99–112):
Chapter 6 The Islamic economy (pages 113–136):
Chapter 7 the steadiness 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 legislation 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 matters and demanding situations (pages 365–392):

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

Example text

The second principle establishes the right of collectivity to the created resources. The third principle allows individuals to appropriate the products resulting from the combination of their labor of these resources, without the collectivity losing its original rights either to the resources or to the goods and services by individuals. The fourth principle recognizes only two ways in which individuals accrue rights to property: (i) through their own creative labor and/or (ii) through transfers—via exchange, contracts, grants, or inheritance— from others who have gained title to a property or an asset through their labor.

Justice links man to Allah (swt) and to his fellow men. It is this bond that forms the contractual foundation of the Shari’ah, which judges the virtue of justice in man not only by his material performance, but also by the essential attribute of his intention (niyya) with which he enters into every contract. This intention consists of sincerity, truthfulness, and an insistence on rigorous and loyal fulfillment of what he has consented to do (or not to do). ” So basic is the notion of contracts in Islam that every public office is regarded, primarily, as a contract and an agreement which defines the rights and obligations of the parties.

The root of the word for “trust” (amanah) is the same as that for “belief” (iman) and the Qur’an insists that a strong signal of true belief is faithfulness to contracts and promises. 6 In short, Islam has made trust and trustworthiness obligatory and has rendered them inviolable, except in the event of an explicitly permissible justification. The life of the Prophet (pbuh) is a shining illustration of the implementation of the guidance of Allah (swt) in maintaining trust and remaining trustworthy.

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