Author: Ulrich Roschitsch
Publisher: GRIN Verlag
ISBN: 366829870X
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
Bachelor Thesis from the year 2016 in the subject Economics - History, grade: 1,3, University of Mannheim (Fakultät der Rechtswissenschaften und VWL), language: English, abstract: Since the mid-1970s, an industry growing at considerable pace in the Islamic world is gaining market shares all over the world in countries with sufficient Muslim populations. This “Islamic Finance” industry claims to act in line with the ethical and practical principles set forth in the Qu'ran and the Shari'ah, thus appealing to Muslim and non-Muslim clients alike who search for viable alternatives to conventional financial products. As explained, the first beginnings of this phenomenon can be traced well back into the 1970s when the first “Islamic Banks” started operating in Egypt and Jordan. In the past decades, a vast amount of research has been published – empirical and theoretical – to review the impacts of Islamic Finance on the financial markets of the Islamic world. These works, to a great deal inspired by the enormous need of the industry for quantitative and qualitative research, all dealt with questions of comparative efficiency of conventional and Islamic Finance, the demand for Shari'ah-compliant financial products, the actual genuineness, or authenticity, of the industry, etc. However, only a very small portion of these research works dealt with the question whether or not the Islamic world actually needs Islamic Finance. At first, this might seem as a trivial question (if there was no need for Islamic Finance, there would not have been this substantial growth). But at second thought, one realizes the associations that come which come with the question of raison d'être: Why did Islamic Finance emerge? Does it add an economic value to its markets? And most importantly, is it – so far – successfully reaching its goals? To my understanding, the works that deal with this big-picture analysis, are thin on the ground. Therefore, this work shall take a first step at putting Islamic Finance into the historical context it needs to be seen in, by compiling the manifold works into a cross-sectional approach to characterize the industry. The most salient aspects of the analysis here will be legal, historical, and economic ones, in order to grasp the 'big picture' of Islamic Finance.
Author: Frank E. Vogel
Publisher: BRILL
ISBN: 9789041105479
Category : Business & Economics
Languages : en
Pages : 358
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Book Description
Mirroring the expansion of wealth in the Middle East and Asia and a surge in Islamic self-identity, Islamic banking practices have either become the law of the land or coexist and compete with Western practices in at least six countries. A growing number of institutions and mutual funds (akin to Western ''socially responsible'' funds) have established Islamic investment and other practices to cater to this burgeoning market. Because of its prevalence, practitioners in every banking-related area must familiarize themselves with current Islamic finance practices in order to do business with Muslim clients and to engage in cross-border financing. Injunctions from the "Qur'an and the sayings of Prophet Muhammed have generated a web of interrelated norms which prohibit Islamic financiers from engaging in transactions that involve interest "(riba) and speculation "(gharar). "Islamic Law and Finance describes the dynamic set of Islamically-sanctioned ways financiers can transacat business.
Author: Flavia Cortelezzi
Publisher: Taylor & Francis
ISBN: 1000689131
Category : Business & Economics
Languages : en
Pages : 197
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Book Description
This book explores how Islam can impact the structures and performance of firms, financial institutions and capital markets across a range of countries and industries. The Islamic finance industry represents an important reality not only because of the oil wealth of the Gulf states, which have fueled demand for such financial services, but also for an increased demand from a growing Muslim population in the West that aspires to express a full and all-inclusive religious identity. The increased demand for Muslim financial institutions has prompted Western non-Islamic firms to begin providing these services in an interesting effort of acculturation to the new plural scenario. By adopting a multidisciplinary approach, which also takes into account the theological, legal and geopolitical framework, the book offers a comprehensive picture of Islamic financial tools, contracts and business opportunities. Drawing on different fields of expertise, it deals with various themes, such as the theological roots of Islamic economics and finance and its geopolitical impact; the EU policy of cooperation with MENA and GCC countries; the instruments of Islamic finance, its legal principle and ability to become an instrument for enhancing business opportunities; the functioning of Islamic banks; the development of capital markets within a financial model influenced by religious constraints and, finally, the new relationships of this religious financial system with Western legal systems. The book thus provides a complete and extensive overview of the practice of Islamic finance through the lenses offered by studies of economics and management. Providing a careful analysis and an integrated framework of geo-economic and political issues, the book will be a valuable resource for academics, researchers and professionals in International Business, Entrepreneurship and Small Business Management, Law and Religion and Intercultural Studies.
Author: Maha-Hanaan Balala
Publisher: Bloomsbury Publishing
ISBN: 085771905X
Category : Business & Economics
Languages : en
Pages : 230
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Book Description
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.
Author: Simon Archer
Publisher: John Wiley & Sons
ISBN: 0470821892
Category : Business & Economics
Languages : en
Pages : 441
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Book Description
"Islamic Finance: The Regulatory Challenge…is therefore timely and a truly welcome addition to the growing literature on this subject…I congratulate the two professors for their fine contribution to the evolving art and science of the regulation of Islamic finance." —Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia "The World's financial regulators have taken too long to appreciate the importance of adapting their regulatory frameworks to the needs of the fast growing Islamic finance sector. Simon Archer and Rifaat Ahmed, the leaders in the field, have put together a fascinating collection of essays which show just what has to be done. It is a very timely book indeed." —Howard Davies, Director, London School of Economics "The emergence of Islamic finance as a major force in the world financial system has focused attention on regulatory issues. This book, edited by Professor Archer and Professor Rifaat, two of the most respected figures in the field, is an important point of reference for those who have to deal with these issues, whether in regulatory authorities, or in the financial institutions themselves." —Professor William Blair QC, Grays Inn, London "There is now great interest, both in financial and legal circles, in reliable and authoritative texts on Islamic finance. I have no doubt that the availability of Islamic Finance: The Regulatory Challenge will be warmly welcomed by those who provide financial and legal services. The work will be of great assistance to them." —The Rt Hon the Lord Woolf of Barnes, Law Lord and former Lord Chief Justice of England & Wales
Author: Abu Umar Faruq Ahmad
Publisher: Universal-Publishers
ISBN: 1599425173
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
" ... Seeks to contribute to the existing body of work in the area of Islamic finance through examining the extent of divergence in practice of Islamic financing from the traditional Shari'ah in the Australian context. The author makes a discursive analysis of the regulation of Islamic finance in Australia in terms of (a) the financing instruments used, (b) certainty of transactions between participants in the system, and (c) institutional risk management of Islamc financial institutions."--Back cover.
Author: Ayesha Bhatti
Publisher: Routledge
ISBN: 1317064089
Category : Business & Economics
Languages : en
Pages : 112
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Book Description
Islamic finance’s phenomenal growth owes to the Shariah compliant nature of its financial instruments. Shariah forbids the charging of interest (Riba) and instead promulgates risk-sharing and trade-based modes of financing. The Islamic financial industry has been subject to both critique and admiration. Critics argue that Islamic instruments (bearing debt-based structures) differ from their conventional counterparts only in legal lexicon and not in economic impact. The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with ‘juristically sound’ Islamic principles. This book aims to reconcile the above dispute. It argues that the financial impact of instruments is a consequence of the way they are priced and structured. The similarity in pricing and structures is an outcome not of the underlying Islamic financial modes but of the competitive environment in which Islamic instruments compete. Even risk-sharing and trade-based Islamic structures, if implemented in such an environment, would have a financial impact similar to that of conventional instruments. This book has a wider appeal for both academic and non-academic audiences. It can complement undergraduate and graduate courses as an additional reading on the intricacies of Islamic financial instruments and markets. For PhD students, it would help identify future research areas. To non-academics, it offers a deeper understanding regarding the working of the Islamic finance industry.
Author: Wim Decock
Publisher:
ISBN: 9781780686196
Category : Banking law
Languages : en
Pages : 0
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Book Description
This book explores the tensions between the religious and legal principles of Islamic finance and Islamic banking in practice. It does not limit itself to a legal discussion and presents a truly interdisciplinary and intercultural dialogue between lawyers, theologians, and economists with roots in academia and practice. There is considerable divergence in their evaluation of the status quo and future of Islamic finance.Contributions cover aspects of Islamic finance in theory and practice. It provides insights into the interplay of religion, ethics and finance covering both the Islamic and Christian traditions that sets the scene for Islamic finance in practice: economic technicalities of Islamic banking services, its regulatory aspects, and the complex legal arrangements of Islamic finance in non-Muslim-majority countries. Islamic Finance is a truly international collaboration of outstanding scholars and practitioners in their field that reveals the complexities involved in applying religious principles and legal theory to the daily practice of business and finance.
Author: Mufti Muhammad Taqi Usmani
Publisher: BRILL
ISBN: 9004479910
Category : Law
Languages : en
Pages : 146
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Book Description
Although the principles of Shari'ah require banks and financial institutions to be structured on an interest-free basis, this does not mean that such institutions are charitable concerns. As long as a person advancing money expects to share in the profits earned (or losses incurred) by the other party, a stipulated proportion of profit is legitimate. The philosophy is enshrined in the traditional Islamic concepts of musharakah and mudarabah, along with their specialized modern variants murabahah, ijarah, salam, and istisna'. This invaluable guide to Islamic finance clearly delineates the all-important distinctions between Islamic practices and conventional procedures based on interest. Justice Usmani of Pakistan, who chairs several Shari'ah supervisory boards for Islamic banks, clearly explains the various modes of financing used by Islamic banks and non-banking financial institutions, emphasizing the necessary requirements for their acceptability from the Shari'ah standpoint and the correct method for their application. He deals masterfully with practical problems as they arise in the course of his presentation, and offers possible solutions in each instance.
Author: Chibli Mallat
Publisher: BRILL
ISBN: 9004634800
Category : Law
Languages : en
Pages : 348
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Book Description
Since banking and financial industries in countries observing Islamic law and the Shari'a are growing fast, it is essential for the West to obtain a better understanding of the interaction between Islamic law and finance. As all financial business is bound by the Shari'a, western lawyers and economists must consider the extent to which flexibility exists in the western system whereby the two systems, western and Islamic, can be brought closer together. This book presents a collection of papers from distinguishesd authors analysing the various attempts to establish a system of Islamic law and finance and it investigates the modes of operations of institutions adopting the Islamic system, drawing on examples such as Malaysia, Iran and Pakistan, ans Egypt - all of which are international and cover a large economically significant area of operations, laws and taxation systems.
