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By Zamir Iqbal

The first e-book to supply entire assurance of Islamic finance and banking and its functions to the remainder of the area, now absolutely revised and updated

The ongoing overseas monetary situation has reignited debate over the improvement of a risk-sharing economic system, akin to that required in Shariah legislations. An creation to Islamic Finance: idea and perform, moment Edition highlights the center rules of chance sharing in Islam, arguing risk-sharing economy is precisely what we have to advertise higher monetary stability.

Providing finished assurance of the elemental concept at the back of Islamic finance and banking, in response to the middle ideas of Shariah legislation, authors Zamir Iqbal and Abbas Mirakhor sincerely clarify the unique beneficial properties of an Islamic economic system and the way it compares with conventional monetary versions. Addressing the myriad vital advancements that experience taken position lately, this moment variation appears to be like to the longer term, addressing rising concerns guaranteed to effect destiny advancements in Islamic finance.

  • Explores the original gains of an Islamic economic climate, how they examine to extra conventional monetary platforms, and the way they can increase them
  • Discusses all of the most modern advancements and rising concerns in Islamic finance
  • Updated with the most recent advancements, traits, techniques, and records, this re-creation gains extra chapters at the monetary obstacle, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)

The first variation of An advent to Islamic Finance validated the e-book because the industry chief, and this newly revised and up to date moment version comprises the newest advancements during this booming monetary area, together with monetary balance, globalization, and non-banking monetary institutions.

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Additional resources for An Introduction to Islamic Finance: Theory and Practice

Sample text

They say that indeed an exchange transaction (bay’) is like a riba (interest-based) transaction. ” The nature of property rights inherent in these two transactions hints at one of their crucial differences. al-Bay’ is a contract of exchange of one commodity for another where the property rights over one commodity are exchanged for those over the other. In the case of a riba transaction, a sum of money is loaned today for a larger sum in the future without the transfer of the property rights over the principle from the lender to the borrower.

The central proposition of Islamic finance is risk sharing and the prohibition of interest-based transactions in which a rent is collected as a percentage of an amount of the principle loaned for a specific time period without the full transfer of the property rights over the money loaned to the borrower. One result of this type of transaction is that the risk is borne by the borrower. Rather, Islam proposes a mutual exchange (al-bay’) in which one bundle of property rights is exchanged for another, thus allowing both parties to share the risks of the transaction—something which is sanctioned.

The IDB establishes the Islamic Research and Training Institute (IRTI) in 1981. Countries like Bahrain and Malaysia promote Islamic banking parallel to the conventional banking system. The 1990s Attention is paid to the need for accounting standards and regulatory framework. The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is established. Islamic insurance (takaful) is introduced. Islamic Equity Funds are established. Dow Jones Islamic Index and FTSE Index of Shari’ah-compatible stocks are developed.

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