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Author: Michael J. T. McMillen
Publisher: CreateSpace
ISBN: 9781494717292
Category : Religion
Languages : en
Pages : 380
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Book Description
This book is about how Islamic finance is conducted in contemporary times. It is also about change and how change occurs in two areas. The first area is change in a body of law, both generally and specifically with respect to Islamic Shari`ah in the areas of commerce and finance. The second area is Islamic finance. Change in the Shari`ah and in Islamic finance are intimately and inextricably related: the Shari`ah defines and constrains change in Islamic finance. Legal change necessarily involves consideration of the interpretive modalities that are employed in effecting that legal change, and interpretive modalities in Islamic finance are also considered.The book is divided into four parts. Part I outlines the context and provides background for later discussions. Part II introduces the Shari`ah and its interpretation. Part III discusses a specific fatwa issued to Dow Jones in 1998 in respect of equity investing and equity indices (the Dow Jones Fatwa), its sequelae, and murabaha transactions. And Part IV addresses issues pertaining to and criticisms of Islamic finance.Part I describes the objectives and organization of the book, provides a short history of modern Islamic finance, and sets forth a categorized summary of the issues and criticisms raised by various critics.The discussion of Shari`ah matters in Part II begins with a summary of the nature of the Shari`ah (Islamic law) as applied in Islamic finance. This is followed by a detailed description of the Shari`ah scholars and Shari`ah boards that interpret and apply Islamic law in the field of Islamic finance. Topics considered include the qualifications of scholars, the nature and structure of Shari`ah boards and how they are comprised and operate, and the roles and functions of Shari`ah boards. The final chapter in this Part discusses the fatwa (legal opinion) that implements Islamic law in the transactional, operational entity and standard-setting context. Part III provides detailed discussions of the Dow Jones Fatwa, its equity investment tests, permissible and impermissible equity instruments, permissible and impermissible business activities, financial screens for impermissible interest income, and other important principles. In particular, the discussion focuses on the principles of “permissible variance” (or “permissible impurity”) and “purification” that have been instrumental in the development and growth of Islamic finance. Succeeding chapters in this Part trace how the permissible variance principles have evolved and expanded in areas such as equity, private equity and real estate investing, and the financing of those activities, and in project and infrastructure finance. Six areas of evolution and expansion are considered. These include (1) modification of the initial tests, (2) new equity investing tests, (3) permissible and impermissible business activities in different areas of practice and the variations in impurity that are permitted in those areas, (4) the most commonly used structures in modern Islamic finance (the lease or ijara and the murabaha or cost-plus sale), and) (5) when and how purification (largely by donation to charity) are effected.The final group of chapters, in Part IV, discuss the various issues and criticisms in detail. Topics include (i) the amount of discretion afforded Shari`ah scholars, (ii) the intentions of different transactional parties in Islamic finance transactions, (iii) the degree of formalism in application of interpretive modalities, (iv) complexities and transaction costs (both absolutely and relative to corresponding conventional transactions), (v) social justice and policy issues, and (vi) the application of interpretative modalities and their relationship to different jurisprudential theories of legal change.The book includes an extensive bibliography and index.For further information, please see http://www.islamicfinanceinpractice.com
Author: Michael J. T. McMillen
Publisher: CreateSpace
ISBN: 9781494717292
Category : Religion
Languages : en
Pages : 380
Get Book Here
Book Description
This book is about how Islamic finance is conducted in contemporary times. It is also about change and how change occurs in two areas. The first area is change in a body of law, both generally and specifically with respect to Islamic Shari`ah in the areas of commerce and finance. The second area is Islamic finance. Change in the Shari`ah and in Islamic finance are intimately and inextricably related: the Shari`ah defines and constrains change in Islamic finance. Legal change necessarily involves consideration of the interpretive modalities that are employed in effecting that legal change, and interpretive modalities in Islamic finance are also considered.The book is divided into four parts. Part I outlines the context and provides background for later discussions. Part II introduces the Shari`ah and its interpretation. Part III discusses a specific fatwa issued to Dow Jones in 1998 in respect of equity investing and equity indices (the Dow Jones Fatwa), its sequelae, and murabaha transactions. And Part IV addresses issues pertaining to and criticisms of Islamic finance.Part I describes the objectives and organization of the book, provides a short history of modern Islamic finance, and sets forth a categorized summary of the issues and criticisms raised by various critics.The discussion of Shari`ah matters in Part II begins with a summary of the nature of the Shari`ah (Islamic law) as applied in Islamic finance. This is followed by a detailed description of the Shari`ah scholars and Shari`ah boards that interpret and apply Islamic law in the field of Islamic finance. Topics considered include the qualifications of scholars, the nature and structure of Shari`ah boards and how they are comprised and operate, and the roles and functions of Shari`ah boards. The final chapter in this Part discusses the fatwa (legal opinion) that implements Islamic law in the transactional, operational entity and standard-setting context. Part III provides detailed discussions of the Dow Jones Fatwa, its equity investment tests, permissible and impermissible equity instruments, permissible and impermissible business activities, financial screens for impermissible interest income, and other important principles. In particular, the discussion focuses on the principles of “permissible variance” (or “permissible impurity”) and “purification” that have been instrumental in the development and growth of Islamic finance. Succeeding chapters in this Part trace how the permissible variance principles have evolved and expanded in areas such as equity, private equity and real estate investing, and the financing of those activities, and in project and infrastructure finance. Six areas of evolution and expansion are considered. These include (1) modification of the initial tests, (2) new equity investing tests, (3) permissible and impermissible business activities in different areas of practice and the variations in impurity that are permitted in those areas, (4) the most commonly used structures in modern Islamic finance (the lease or ijara and the murabaha or cost-plus sale), and) (5) when and how purification (largely by donation to charity) are effected.The final group of chapters, in Part IV, discuss the various issues and criticisms in detail. Topics include (i) the amount of discretion afforded Shari`ah scholars, (ii) the intentions of different transactional parties in Islamic finance transactions, (iii) the degree of formalism in application of interpretive modalities, (iv) complexities and transaction costs (both absolutely and relative to corresponding conventional transactions), (v) social justice and policy issues, and (vi) the application of interpretative modalities and their relationship to different jurisprudential theories of legal change.The book includes an extensive bibliography and index.For further information, please see http://www.islamicfinanceinpractice.com
Author: Faizal Karbani
Publisher: FT Press
ISBN: 1292001453
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
A practical and accessible guide to Islamic finance that helps demystify the differences with conventional banking, enabling practitioners to develop Sharia compliant products for customers. The Islamic Finance industry is estimated to be worth $1.2 trillion and is growing globally at over 10% per year. Mastering Islamic Finance will give practitioners an understanding of Islamic finance, from the basic techniques, through to advanced applications. Helping to demystify and clarify the differences with conventional banking, it will enable practitioners to develop Sharia compliant products for customers. According to Sharia law there are strict rules on how financial services and products can be designed; in Islamic Finance money cannot make money and the subject of the finance must be an asset or a verifiable, real trade or business activity. Sharia compliant financial instruments have been devised to enable Muslims to abide by the principles of Islam and still make the most of their money. Mastering Islamic Finance will equip readers with an understanding of Islamic financial instruments so they can sensibly apply them in practice. For each instrument there is a definition of the concept and how it differs from its equivalent in conventional banking. There are also examples and case studies to highlight practical applications. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed.
Author: Syed Nazim Ali
Publisher: Edinburgh University Press
ISBN: 1474436013
Category :
Languages : en
Pages : 480
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Book Description
Written by a group of prominent shari'ah scholars, academics and practitioners in the field of Islamic finance, this book contains 17 in-depth case studies of shari'ah governance practices and experiences as well as critical analysis of these practices. It serves as a standalone comprehensive reference work on shari'ah governance, containing an overview of its Islamic legal foundations, its evolution and development over the years, current practices and debates on shari'ah governance standards and future prospects for shari'ah governance in the global Islamic finance market.
Author: David Eisenberg
Publisher: OUP Oxford
ISBN: 0191630896
Category : Law
Languages : en
Pages : 470
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Book Description
This work is a practical and commercial guide to the fundamental principles of Islamic finance and their application to Islamic finance transactions. Islamic finance is a rapidly expanding, global industry and this book is designed to provide a practical treatment of the subject. It includes discussion and analysis of the negotiation and structure involved in Islamic finance transactions, with relevant case studies, structure diagrams and precedent material supporting the commentary throughout. An introductory section describes the theoretical background and explains the principles (and their sources) of Islamic law which underpin Islamic finance practices, providing an important backdrop to the work as a whole. The work also considers the role of Shariah supervisory boards, Islamic financial institutions and the relevance of accounting approaches. The work adopts an international perspective to reflect the pan-global nature of the industry and accepted practices, with the aim to bring together different schools of thought applied in international Islamic finance transactions. It also highlights any regional differences in accepted practice by reviewing the position in the Gulf states, Asia, the UK and Europe and the USA. The second part of the book concentrates on Islamic financial law in practice and begins with a section on financial techniques. This section explains the basic requirements for Islamic finance contracts both in terms of the underlying asset types and also both the applicability and acceptability of the underlying asset. There is a full discussion of the various types of contractual models such as Mudaraba (trustee finance), Musharaka (partnership or joint venture), Murabaha (sale of goods), and Sukuk (participation securities: coupons etc). The nascent area of Takaful (insurance) is also covered as are matters specific to the important field of project and asset finance.
Author: Ayesha Bhatti
Publisher: Routledge
ISBN: 1317064089
Category : Business & Economics
Languages : en
Pages : 191
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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: Mohd. Daud Bakar
Publisher:
ISBN: 9789671378908
Category : Banking law (Islamic law)
Languages : en
Pages : 322
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Book Description
Author: Syeda Fahmida Habib
Publisher: John Wiley & Sons
ISBN: 1119371007
Category : Business & Economics
Languages : en
Pages : 327
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Book Description
A comprehensive and fully up-to-date introductory textbook to Islamic finance and banking Islamic finance and banking is being used increasingly globally — especially in the regions of Middle East and North Africa, South East and South Asia. To cater to the need of trained Islamic finance staff, a large number of Educational institutions are beginning to offer courses, majors and minors in Islamic finance and banking. The major challenge faced by these institutions are suitable textbooks for both undergrad and post-grad levels and especially with the relevant instructor resources (PPTs, test bank, practice activities and answer keys). Luckily, Fundamentals of Islamic Finance and Banking is here to cover the most important topics related to Islamic finance and banking (IF&B) that are relevant for students of business, finance and banking. Offers an historical background of Islamic finance Covers the principles of Sharia Law as pertinent to finance and banking Provides in-depth discussion of the six key Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna Discusses the Islamic insurance (Takaful) Gives an overview of Islamic investment, especially Sukuks Concludes with the global standing of the Islamic Finance and Banking industry Would-be colleges and universities offering this subject as a course within their finance and/or banking program can’t be without this invaluable guide.
Author: Mr.Mumtaz Hussain
Publisher: International Monetary Fund
ISBN: 1513565621
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
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: Mr.In Song
Publisher: International Monetary Fund
ISBN: 1498319270
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.
