By Zamir Iqbal
The first e-book to supply accomplished insurance of Islamic finance and banking and its functions 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 climate, corresponding to that required in Shariah legislations. An creation to Islamic Finance: concept and perform, moment Edition highlights the middle rules of probability sharing in Islam, arguing risk-sharing economy is precisely what we have to advertise larger monetary stability.
offering finished assurance of the basic thought in the back of Islamic finance and banking, in response to the middle techniques of Shariah legislations, authors Zamir Iqbal and Abbas Mirakhor basically clarify the exact positive aspects of an Islamic economy and the way it compares with conventional monetary versions. Addressing the myriad very important advancements that experience taken position in recent times, this moment variation seems to be to the long run, addressing rising concerns bound to impact destiny advancements in Islamic finance.
- Explores the original gains of an Islamic economic system, how they examine to extra conventional monetary platforms, and the way they can increase them
- Discusses the entire latest advancements and rising matters in Islamic finance
- Updated with the most recent advancements, developments, recommendations, and data, this re-creation good points extra chapters at the monetary quandary, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)
the 1st variation of An creation to Islamic Finance confirmed the booklet because the marketplace chief, and this newly revised and up to date moment variation accommodates the newest advancements during this booming monetary area, together with monetary balance, globalization, and non-banking monetary institutions.
Chapter 1 advent (pages 1–27):
Chapter 2 the commercial method (pages 29–56):
Chapter three Riba vs. cost of go back (pages 57–74):
Chapter four monetary tools (pages 75–98):
Chapter five danger Sharing as a substitute to Debt (pages 99–112):
Chapter 6 The Islamic economy (pages 113–136):
Chapter 7 the steadiness of the Islamic economy (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 chance administration (pages 275–298):
Chapter 14 rules 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
The IFSB took on the challenge and started working in the areas of regulation, risk management and corporate governance, which are discussed in more detail later. 2 sets out the functions of many of the key organizations now operating in the ﬁeld of international Islamic ﬁnance. 2 AN INTRODUCTION TO ISLAMIC FINANCE Key institutions in the Islamic ﬁnancial industry Acronym Organization Function IDB Islamic Development Bank Development institution developed in 1975 to promote Islamic ﬁnance and economic development Member/Sister Organizations ICD: Islamic Corporation for the Development of the Private Sector ICIEC: Islamic Insurance Company, providing insurance products for investments and export credits IRTI: Research and training arm of IDB ITFC: International Islamic Trade Finance Corporation Solidarity Fund: To reduce poverty in OIC countries ARCIFI: Arbitration and Reconciliation Center for Islamic Financial Institutions AAOIFI Accounting and Auditing Organization for Islamic Financial Institutions Accounting and Shari’ah standard-setting body IFSB Islamic Financial Services Board Standard-setting institution to ensure best practices and help member countries with regulating Islamic ﬁnancial institutions IIFM International Islamic Financial Markets Trade association to promote capital markets IIRA Islamic International Rating Agency Rating agency LMC Liquidity Management Center Institution to provide liquidity enhancement to the ﬁnancial system CIBAFI General Council of Islamic Banks and Financial Institutions Trade association of Islamic banks to enhance member institutions’ ability to better serve customers around the world through transparent banking practices Introduction 23 and strategic planning, and Islamic ﬁnancial products.
In Islam, the work ethic is deﬁned by the Qur’an itself, which stresses the need for work and action by human beings. It is because of this emphasis on work that Islam is considered “the ideology of practice and the practice of ideology” and “a religion of action” (Mirakhor 1988). The Qur’an exalts work and raises it to the level of worship, and considers it as an inseparable dimension of faith itself. Conversely, it considers idleness—or the squandering of time in pursuit of unproductive and non-beneﬁcial work—as the manifestation of lack of faith and of unbelief.
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 emphasis on risk sharing is evident from one of the most important verses in the Qur’an with respect to economic relations (2:275). The verse states that: “. . they say that indeed an exchange transaction (bay’) is like a riba (interest-based) transaction.