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Islamic Fintech (Islamic Business and Finance Series)
by Sara Sánchez FernándezThe implementation of new technologies is expected to boost the development of Islamic Finance by increasing accessibility to banking and other financial services in Islamic communities and democratizing access to investment opportunities. At the same time, new technologies will increase financing opportunities and facilitate asset management for Sharia-compliant businesses. This collection of essays from selected experts in the field comprise some of the most topical issues on Islamic Fintech, combining a business focus with legal insights. The book takes as a point of departure the role that Islamic Fintech can play in promoting sustainability. The social vision of welfare improvement and justice is already embedded in Sharia’s economic rules, which makes Islamic Finance particularly well suited to bridge the gap between sustainability and funding. Although it is not without challenges for the industry, technology will help unleash its potential. With a holistic approach to Islamic Fintech, the contributing authors address the application of new technologies to Islamic Finance, including robo-advisory, crowdfunding and digital ledger technology (both in the issuance of bitcoin and the registration of securities in tokenized form) and in certain sectors such as takaful (takaful-tech) and health (e-health). Finally, they explore the challenges posed by anti-money laundering (‘AML’) in the specific realm of Islamic Fintech. The book combines theoretical analysis with a practical focus, both through case studies and directly through the experiences of leading entrepreneurs. In addition, it provides insights on legal and regulatory aspects, which are key in a field that is still in its infancy and needs support from lawmakers and regulators. It is, thus, a reference for academics, legal practitioners, policymakers, entrepreneurs and the Islamic Finance community.
Islamic Green Finance: A Research Companion (Routledge Research Companions in Business and Economics)
by Mohd Ma’Sum Billah Rusni Hassan Razali Haron Romzie Rosman Naba’ Billah, Hjh AkhtarunThis book argues that focusing on the green economy and green finance is essential to counteract the catastrophic, socio-economic effects of the COVID-19 pandemic. Further, while numerous research initiatives in the context of the green economy and/or finance have been observed in different parts of the world, to date, no comprehensive work has been published on the topic of green finance in relation to the discipline of Shari’ah. This timely book provides a comprehensive guide and offers practical solutions to the core issues of green finance within the principles of Maqasid al-Shari’ah.It contends that Islamic green finance serves to promote global financial stability and mitigate the financial risks associated with climate change and environmental degradation: by integrating Islamic finance principles with sustainable and environmentally friendly practices; by encouraging ethical investments and prioritising long-term social and environmental benefits; and by redirecting capital towards sustainable projects and fostering a more sustainable and inclusive financial system. Islamic green finance’s emphasis on transparency, governance, risk-sharing, and responsible investing helps lessen systemic risks and supports the transition towards a more stable and sustainable global financial landscape. The book’s holistic approach to green finance in Maqasid al-Shari’ah aims to ensure that financial actions align with Islamic principles and help create a more sustainable and responsible economic system.The book is a detailed reference, which sheds light on the pressing issues of our time. It encompasses various aspects of Islamic economics and serves as a guide to implementing green financing in accordance with Islamic principles and ethics, and as such, it will appeal to academics, researchers, students and policymakers alike.
Islamic Insurance: A Modern Approach to Islamic Banking (Islamic Studies)
by Aly KhorshidSome Muslims believe insurance is unnecessary, as society should help its victims. Muslims can no longer ignore the fact that they live, trade and communicate with open global systems, and they can no longer ignore the need for banking and insurance. Aly Khorshid demonstrates how initial clerical apprehensions were overcome to create pioneering Mus
Islamic Insurance Products: Exploring Takaful Principles, Instruments and Structures
by Mohd Ma'Sum BillahThe growth of Islamic finance today is undeniable given its services, product innovation, performance and achievements, with the Islamic insurance market being no exception; it has retained global market recognition in a parallel platform as Islamic finance moves forward. There is much written regarding the Islamic insurance system, but rarely do researchers present the various Islamic insurance products and their structures in one collective place. This book is a timely addition in meeting contemporary market demands by providing a much-needed overview of the Islamic insurance products and their Shari’ah compliant structures. This book would be of interest to academics, researchers, students and professionals who are seeking to understand the products offered.
Islamic Law and International Commercial Arbitration (Islamic Law in Context)
by Maria BhattiThis book examines the intersection between contemporary International Commercial Arbitration and Shariʿa law in order to determine possible tensions that may arise between the two systems. It develops evidentiary and procedural rules under Shariʿa, as well as examining the consequences of stipulating qualifications of arbitrators based on gender and/or religion. The author extensively analyses the prohibition against interest (riba) and uncertainty (gharar) under Shariʿa and its impact on arbitration agreements, arbitral awards and public policy. The book also explores the prohibition against riba in light of international conventions, such as the United Nations Convention on Contracts for the International Sale of Goods. Case studies in the book include the Asian International Arbitration Centre, formerly the Kuala Lumpur Regional Centre for Arbitration, and the International Islamic Centre for Reconciliation and Arbitration, as well as the ‘Shari’a Standards’ developed by the Accounting and Auditing Organization for Islamic Financial Institutions. The book will be a valuable resource for academics, students and practitioners working in the areas of Islamic law and the Islamic finance industry.
Islamic Law in Malaysia: The Challenges of Implementation
by Adnan Trakic Hanifah Haydar Ali TajuddinThis book examines the challenges of the implementation of Islamic law in Malaysia. Malaysia is a pertinent jurisdiction to explore such challenges given its global focus, colonial history and institutions, and the intersection of the Shari’ah and secularism/multiculturalism. The resultant implementation challenges are underpinned by three factors that make Malaysia an important jurisdiction for those interested in understanding the place of Islamic law in the global context. First, Malaysia is often considered as a model Islamic country. Islamic law is a source of law in Malaysia. The Islamic law legal system in Malaysia operates in parallel with a common law legal system. The two systems of law generally are in harmony with one another. Nevertheless, occasional cross-jurisdictional issues do arise, and when they do, the Malaysian judiciary has been quite efficient in solving them. The Malaysian experience in maintaining such harmony between the two legal systems provides lessons for a number of countries facing such challenges. Second, Malaysia has a developed Shari’ah court system that interprets and applies Islamic law predominantly based on the Shafi’i school of thought. While, for the most part, the approach has been successful, there have been times when the implementation of the law has raised concerns as to the compatibility of Islamic law with modern principles of human rights and common law-based values. Third, there have been cases where Islamic law implementation in Malaysia has gained global attention due to the potential for wider international implications. To do justice to this complex area, the book calls on scholars and practitioners who have the necessary expertise in Islamic law and its implementation. As such, this book provides lessons and direction for other countries that operate a dual system of secular and Islamic laws.
Islamic Macroeconomics: A Model for Efficient Government, Stability and Full Employment (Islamic Business and Finance Series)
by Raja M. Almarzoqi Walid Mansour Noureddine KricheneIslamic Macroeconomics proposes an Islamic model that offers significant prospects for economic growth and durable macroeconomic stability, and which is immune to the defects of the economic models prevailing both in developed and developing countries. An Islamic model advocates a limited government confined to its natural duties of defence, justice, education, health, infrastructure, regulation, and welfare of the vulnerable population. It prohibits interest-based debt and money, and requires full liberalization of all markets including labor, financial, commodity, trade, and foreign exchange markets. The government should be Sharia-compliant in its taxation power and regulatory intervention; it ought to reduce unproductive spending in favor of productive spending. This book is essential reading for students and academics of Islamic economics and finance, economists, practitioners, and researchers.
Islamic Management Practices in Financial Institutions: Case Studies from Islamic Economics, Banking and Finance (Islamic Business and Finance Series)
by Khaliq AhmadThis book draws on a range of theoretical foundations, approaches and management practices that are culturally and jurisdictionally appropriate in several Muslim countries. As such, it contributes to an emerging specialism in comparative management and leadership theory that is oriented toward a broader and more diverse set of perspectives, particularly from the non-Western world, given that the importance of values, ethics, and culture have recently been recognized as a key contributing factor to management knowledge development. The author offers an in-depth overview of the Islamic management strategies that have successfully been implemented in selected Malaysian banking and non-banking financial institutions and then outlines how the application of such strategies leads to increased integrity, efficiency and performance. The book is divided into three parts. The first part deals with the introduction, historical background and methods used in collection of data. The second part consists of a range of real-world case studies, while part three deals with the approaches to be used in the teaching of these cases followed by conclusions and recommendations. These cases studies map the strategic aspects of organizational structure and illustrate the motives that influence Malaysian managers’ choices in seeking specific responses to the situations at hand, which are in harmony with the traditions in Islamic inquiry. As such, management scholars can build a foundation for conceptual and theoretical propositions relevant to Muslim culture and environment that will have practical significance. The book provides a wealth of information and enables researchers not only to identify the determinants of knowledge structure and its context but also the evolution of practice.
Islamic Marketing
by Čedomir NestorovićThis book analyzes the current Islamic marketing environment. Since the Muslim world is extremely diverse in terms of economic development, customs and traditions and political and legal systems, it is vital for companies and marketers to analyze the environment before attempting to address these markets. The author emphasizes that it is ineffectual to elaborate the distribution and promotion strategies if the market does not exist in terms of purchasing power or demographics, if potential consumers do not believe that products and services answer their needs and demands or if there are political and legal barriers to companies wanting to enter these markets. The book offers detailed insights into the economic, socio-cultural, and politico-legal environment in the Muslim world, which are essential for marketers to understand and form the foundations of effective marketing strategies.
Islamic Marketing and Branding: Theory and Practice
by T. C. Melewar S. F. AlwiIslamic Marketing and Branding: Theory and Practice provides a concise mix of theory, primary research findings and practice that will engender confidence in both students and practitioners alike by means of the case study included in each chapter. Through three main parts (Branding and Corporate Marketing; Religion, Consumption and Culture; and Strategic Global Orientation), this book provides readers, from areas across the spectrum covering marketing, organisational studies, psychology, sociology and communication and strategy, with theoretical and managerial perspectives on Islamic marketing and branding. In particular, it addresses: Insights into branding and corporate marketing in the Islamic context. An introduction to Islamic consumption and culture, rules and regulations in brands and consumption in Islamic markets. An identification of how the strategic global orientation of the Islamic approach is practised and how it works in different Islamic countries such as emerging countries. Readers are introduced to a variety of business and management approaches which, once applied to their business strategies, will increase their chances of successful implementation. Addressing both theoretical and practical insights, this book is essential reading for marketing and branding scholars and students, as well as CEOs, brand managers and consultants with an interest in this area.
Islamic Microeconomics: An Introduction (Islamic Business and Finance Series)
by Lukman Hanif Arbi M. Ishaq BhattiThis book bridges the gap between Islamic and conventional (micro)economics by demonstrating how modern tools and theories of microeconomics can be applied to Islamic assumptions regarding economics and finance. In contrast to the tendency for Islamic economics and finance proponents to use qualitative and normative approaches based on idealistic assumptions, this book demonstrates how one can instead construct analytical models of Islamic economics and finance and simply compare the implications with those predominant in today’s world. This book also offers extensive literature reviews demonstrating that for a long time, the gap between Islamic and conventional economics and finance is not as wide as previously thought, allowing those with an interest in both fields to participate more effectively and meaningfully in the ongoing discourse between the two fields. The authors conceptualize a general approach and apply it to basic consumer theory. More advanced microeconomic ideas are then discussed, culminating in demonstrations of how contract theory can facilitate a deeper analysis and appreciation of Islamic financial securities. A wide spectrum of academic literature on both Islamic and conventional economics and finance is drawn upon to facilitate a better appreciation for both fields and to inspire future works comparing the two in a more objective manner.
An Islamic Model for Stabilization and Growth (Political Economy of Islam)
by Adama DieyeThis book argues that the macroeconomic policy adjustment models recommended by the IMF and the World Bank for implementation in many Muslim countries, with substantial donor financial support, have not been effective. Economic indicators show low economic growth, persistent fiscal and external deficits and limited industrialization. Also, these countries are experiencing increases in unemployment, poverty and substantial growth in income and wealth inequalities. These facts underline an urgent need to produce an alternative to the failed conventional macroeconomic model in order to address the challenge of macroeconomic and social adjustment policies. The project posits and investigates the idea that the Islamic economic model prescribed in the Quran and applied by the Prophet (sawa) could be the ideal model for Muslim as well as non-Muslim countries.
Islamic Monetary Economics: Finance and Banking in Contemporary Muslim Economies (Islamic Business and Finance Series)
by Taha Eğri; Zeyneb Hafsa OrhanThe existence of fiat currencies has long been cited as one of the major contributing factors to the challenges facing contemporary economies, and the current monetary system is not only a key source of exorable increases in interest rates but also a principal cause of inflation and decline in the value of money in many countries. The editors argue that an Islamic monetary system, with its specific money concepts, interest-free financial institutions, and monetary policy embedded in real growth, provides a solution to this conundrum. Contributions from many world-renowned experts consider a wide array of topics, ranging from the theoretical concepts of money and banking in conventional and Islamic economics to the historical journey of money from precious metals to plastic money and digital currency today. The book outlines the problems that sprout from interest-based banking and multiple debt structures. It then mirrors the Islamic concepts of money as well as idiosyncrasies of its monetary policy. Supported with meticulous research and empirical evidence, the book demonstrates the efficacy of Islamic monetary system in delivering real growth along with equitable distribution of wealth and prosperity in the economy. It additionally acquaints the readers with juristic debates about money and monetary policy. This is essential reading for both students and researchers in Islamic economics, banking, and finance, expertly promoting a fair and just economic system that emerges as a result of interest-free banking and monetary policy based on Islamic principles.
Islamic Monetary Economics and Institutions: Theory and Practice
by Muhamed Zulkhibri Turkhan Ali Abdul Manap Aishath MuneezaThis edited volume explores theoretical and empirical issues related to monetary economics and policy in the Islamic financial system. Derived from the Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017 held in Malé, Maldives, the enclosed papers highlights several option for authorities and regulatory bodies regarding monetary policy and regulation, as well as discussing how Islamic monetary policy effects growth, financial stability and resilience to shocks in practice. The inter-linkage between Islamic monetary policy and other markets are also explored. The subject of Islamic economics has gained considerable attention in the last four decades with the emergence of Islamic financial institutions around the world. This phenomenon has motivated economists to develop a comprehensive theoretical framework of modern monetary economics for Islamic economic system. An important characteristic of the Islamic economic system is the abolition of interest from the financial system. Islamic monetary economics is distinguished from conventional monetary economics due to the absence of interest. Therefore, under the Islamic economic system, monetary policy has to depend on other tools. In the early theoretical literature on Islamic monetary economics, many have discussed the role of money in Islamic economics system, while the number of empirical studies on Islamic monetary economics is a relatively new phenomenon. According to Islamic scholars, there are three main goals of Islamic monetary policy: a) economic well-being with full employment and optimum rate of economic growth; b) socioeconomic justice and equitable distribution of income and wealth and c) stability in the value of money. Hence, the Islamic monetary policy has several socioeconomic and ethical implications. Featuring regional case studies, this book serves as a valuable resource for academics, scholars, practitioners and policy makers in the areas of Islamic economics and finance.
Islamic Money and Banking
by Dr Iraj ToutounchianThis book examines how money, in the absence of interest (Riba) and money market can become an endogenous variable of an economic system. It further tries to integrate money in capital theory and to make monetary sector part of the real sector aiming at removing the problems that arise from separation of the two.
Islamic Operations Management: Theories and Applications
by Rafikul Islam Suhaiza Zailani Selim AhmedManaging operations is an integral part of all business and comprises a number of components, including quality management, production planning, supply chain management, logistics, and inventory control. The effective management of operations plays a defining role in enhancing business efficiency and is a lynchpin for success.This book explores how Islamic principles and tools can be applied to improve operations management across industries. While Islamic banking and finance are established disciplines, there is yet little evidence of how exploring operations management from an Islamic lens can improve efficiency. Bringing together leading scholars across subdisciplines, the Editors fill the long-standing gap and address the rising demand for halal products and services by providing a unique perspective to define and enhance an important, growing field.This book will be a useful reference for those who wish to understand all aspects of Islamic business operations and halal logistics. The book will be helpful to academics, researchers, and upper level students, in particular to those who are looking to further their research on how Islamic principles can be applied to business operations.
Islamic Philanthropy: Exploring Zakat, Waqf, and Sadaqah in Islamic Finance and Economics (Palgrave Studies in Islamic Banking, Finance, and Economics)
by Abdul Ghafar Ismail Rose Abdullah Muhammad Hasbi ZaenalIn Islam, philanthropy is a spectrum of activity, and these activities differ in their purpose and in the principles on which they operate. To fully understand philanthropy, it is vital to examine not only its purpose but its motive and outcomes. This book identifies three types of philanthropy within this spectrum: Philanthropy as relief (zakat), which seeks to alleviate human suffering; philanthropy as an improvement (waqf), which seeks to maximize individual human potential and is energized by a principle that seeks to progress individuals and their society; and philanthropy as reform (sadaqah), which seeks to solve social problems. Philanthropy as civic engagement seeks to build better community structures and services and is directed by civic responsibility. This book explores philanthropy in Islam that covers the three primary spectra of activity: zakat, waqf, and sadaqah. Combining contributions from the Conference on Philanthropy for Humanitarian Aid under the joint organization of Sultan Sharif Ali Islamic University and the International Research Centre of Islamic Economics and Finance, International Islamic University College in collaboration with the Islamic Research and Training Institute, this book will be of interest to students, policymakers, practitioners, and researchers in the areas of Islamic finance and Islamic economics.
The Islamic Republic of Iran: Reflections on an Emerging Economy (Europa Perspectives: Emerging Economies Ser.)
by Jahangir AmuzegarThis title provides an in depth study of Iran’s post 1979 Revolution economy under the Islamic Republic, with new material and related journal articles combined under one roof in a novel and reader friendly style. The volume starts with an original text, summarizing the development of the Iranian economy under five successive administrations, in five distinct phases. Following this are fifteen accompanying articles providing detailed information that expands on, and compliments, the discussion in the original material. Appropriate references on specific topics are made to each relevant article, ensuring the material is easily accessible to the reader. Topics discussed include public finance, employment, banking, petroleum, privatization, and the exchange rate. Full references are also made to US and universal economic sanctions and their effects, with the legacies of the Khatami and Ahmadinejad administrations also covered. This versatile title is designed to appeal to a vast readership. The hurried business executive or high government official, interested in a quick review of the subject matter may simply read the original text while think tank researchers, research fellows and students can take the time to read the supplementary articles and review what is related to the topic of their choosing.
Islamic Republic of Iran: 2003 Article IV Consultation--Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Islamic Republic of Iran
by International Monetary FundA report from the International Monetary Fund.
Islamic Republic of Iran
by International Monetary FundA report from the International Monetary Fund.
Islamic Republic of Iran: Selected Issues Paper
by International Monetary FundA report from the International Monetary Fund.
Islamic Republic of Mauritania: Staff Monitored Program
by International Monetary FundA report from the International Monetary Fund.
Islamic Roots Of Capitalism: Egypt, 1760-1840 (Middle East Studies Beyond Dominant Paradigms)
by Peter GranThis paperback edition has an updated first chapter, resituating its main argument for today’s readers. New historical data on eighteenth- and nineteenth-century Egypt makes an extremely persuasive argument for the eighteenth-century roots of Egyptian modernity. The similarity, too, of Egyptian history with other Mediterranean countries is much more clearly demonstrated today than when Islamic Roots of Capitalism first was published.
Islamic Social Finance: Entrepreneurship, Cooperation and the Sharing Economy (Islamic Business and Finance Series)
by Valentino CattelanThe current dynamics of world economy show remarkable changes in the socio-economics of credit provision and entrepreneurship. If the emergence of the sharing economy is fostering innovative models of collaborative agency, networking and venture business, economic actors are also looking for a more sustainable development, able to foster profitability as well as community welfare. This book investigates Islamic social finance as a paramount example of this economy under change, where the balance between economic efficiency and social impact is contributing to the transformation of the market from an exchange- to a community-oriented institution. The collected essays analyse the social dimension of entrepreneurship from an Islamic perspective, highlighting the extent to which the rationales of "sharing," distribution and cooperation, affect the conceptualization of the market in Islam as a place of "shared prosperity." Moving from the conceptual "roots" of this paradigm to its operative "branches," the contributing authors also connect the most recent trends in the financial market to Shari‘ah-based strategies for community welfare, hence exploring the applications of Islamic social finance from the sharing economy, FinTech and crowdfunding to microcredit, waqf, zakat, sukuk and green investments. An illuminating reference for researchers, practitioners and policy-makers dealing with the challenges of a global market where not only is diversity being perceived as a value to be fostered, but also as an important opportunity for a more inclusive economy for everybody.
Islamic Social Finance: Law and Practice in Malaysia
by Sherin Kunhibava Aishath Muneeza Maryam Binti Khalid Zakariya Mustapha Thong Ming SenThis book addresses the growing significance of Islamic social finance as an alternative and sustainable financing approach in the world. With a focus on Malaysia, a global leader in Islamic banking and finance, the topics covered fills the gap in the extant research by providing in-depth coverage of the legal framework surrounding Islamic social finance. Written with students, researchers, and policymakers in mind, it explores the unique features and principles of Islamic social finance, which aims to achieve social objectives alongside financial returns. By examining real-life case studies and digital examples, readers will gain valuable insights into the practical application of Islamic social finance principles. Each chapter concludes with self-review questions, allowing students to assess their understanding and consolidate their knowledge. This book serves as a valuable resource for academics, researchers, and practitioners seeking to explore and implement Islamic social finance principles. With its comprehensive coverage and practical insights, it will will play a crucial role in promoting the understanding and adoption of Islamic social finance for sustainable development.