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Islamic Finance: Ethical Underpinnings, Products, and Institutions (Hurricane Risk #1)
by Abul Hassan Sabur MollahIslamic finance often faces numerous challenges in a dynamic marketplace. This book aims to discuss contemporary issues and challenges in Islamic finance to inform discussions surrounding the governance system, the Islamic legal system, prudential regulations, Islamic home financing, and Islamic microfinance. Furthermore, corporate social responsibility (CSR), Islamic accounting, risk management, Basel Accord, and Shari'ah governance systems are discussed in the book. Despite the relevance of these issues in Islamic finance, only a few reference sources exist. This book will provide a guide for academics, students, and banking professionals to acquaint them with the theory and practice of Islamic finance, filling a needed gap.
Islamic Finance: Issues in Sukuk and Proposals for Reform
by Mohammad Hashim Kamali A. K. AbdullahThis collection of essays brings together leading scholars and practitioners to discuss contemporary issues in the rapidly expanding sukuk market, and frankly debates the challenges facing it since the 2008 financial crisis.Highly recommended for practitioners, scholars, and students of Islamic finance.Professor Mohammad Hashim Kamali is the founding chairman and CEO of the International Institute of Advanced Islamic Studies (IAIS) in Malaysia, and is a leading authority in Islamic jurisprudence, Islamic finance, and human rights in Islamic law.A.K. Abdullah is an assistant research fellow at the IAIS.
Islamic Financial Contracts: A Research Companion (Islamic Business and Finance Series)
by Hussain Mohi-ud-Din Qadri Nasir IqbalIslam encourages business and financial transactions as a way of securing the basic needs for all human beings, but these need to be conducted in accordance with the principles contained in the Qur’ān and Sunnah. However, these legal concepts are not classified subject-wise, and the verses on commercial law, like all other topics, are scattered throughout the Qur’ān, making it difficult for readers to gain a full understanding of the topic. This, therefore, is the first comprehensive book to demystify Islamic Contract Law and specifically Islamic Financial Contracts, and to examine its roots and history. The book is written in a clear style to allow for a greater understanding of the more challenging and misunderstood areas pertaining to Islamic business and financial contracts. It also contributes a series of chapters which address the market niche and need, concerning Shariah compliance for Islamic financial products and services. The book is divided into 16 chapters in order to provide a holistic and thorough overview of Islamic law of contract. It covers the objections and misconceptions surrounding Islamic business and financial contracts. It also includes the key features and guiding principles of Islamic law of contract and offers technical know-how, illustrating the concept of formation of a contract, as well as the essential elements of a valid contract. The authors also offer a discussion on the system of options under Islamic business and financial contracts and potential solutions to breach of contracts. The book will serve as a handy reference for scholars and students of Islamic business and finance and Islamic commercial law and will also be beneficial for practitioners as well as legal and judicial officers. It will open new doors for further research in the field of Islamic Financial Contracts.
Islamic Financial Economy and Islamic Banking (Islamic Business and Finance Series)
by Masudul Alam ChoudhuryIslamic Financial Economy and Islamic Banking, is a thorough, deeply conceptual, analytical and applied work in the area of epistemological foundation of Islamic world-system. The book presents a new frontier of original contribution to the theme of generalized-system model of shari’ah. The model, derived from the Qur’an and Sunnah (Prophetic guidance) incorporates a wide analytical coverage of the purpose and objective of the Islamic worldview (maqasid as-shari’ah) in Islamic economics and finance in particular. The author covers issues that contrast with the existing understanding of Islamic economics and finance, including some specific goals defining the field and how they compare in today’s unstable world of financial volatility. A new heterodox thinking in economic theory is outlined. The potential as to how such issues can be addressed by the Tawhidi epistemology in formulating the generalized-system model of the purpose and objective of shari’ah lead the way in this book. Its presentation and analysis, methods and approach, overarch the fields of philosophy of science, rigorous analysis, mathematical and other presentations of the understanding given, and all taken up in the light of the exegesis of the Qur’an and coverage of the Sunnah. The result is a substantive one in the field of scholarship and application; and in analytically proving the universality and uniqueness of the epistemic worldview for the academic and practitioner world at large. The totality of the multiverse diversity of issues and problems reviewed comprise the study of the world-system by the Tawhidi methodological approach. Yet this methodology and its empirical configuration are universally applicable to all users without any need for unnecessary religious overtone.
Islamic Financial Institutions from the Early Modern Period to the 20th Century: Comparative Perspectives on the History and Development of Cash Waqfs
by Bora Altay Mehmet Bulut Cem KorkutThe edited collection offers a comprehensive and intricate exploration of Ottoman cash waqfs, extending its scope from the early modern era to the onset of the twentieth century. It delves into the historical evolution of these private Islamic financial institutions, shedding light on their enduring influence and drawing insightful parallels with both contemporary Middle Eastern and European financial systems. Leveraging newly uncovered data spanning various regions of the Ottoman Empire, this work scrutinizes the dynamic functions of waqfs, revealing their significant imprint on today's financial paradigms. It advances existing scholarship by employing quantitative methodologies and systematic analysis of these emergent datasets, facilitating a sophisticated, longitudinal study of cash waqfs within the broader spectrum of historical interest rate trends and global credit markets. The chapters trace the transformation of waqfs from entities primarily holding immovable assets to those managing movable assets (cash waqfs), delineating their role in generating revenue for diverse purposes. These encompass funding state debts, fostering infrastructure development, and extending microcredit to economically marginalized segments of society. Additionally, the book explores the challenges and failures encountered in the transition of financial institutions during the Ottoman era, particularly in the context of the emergence of large public banks. The concluding segment of the book offers a comparative analysis of financial systems across various countries, including the shift from private to public banking in Italy, and contemplates the potential applicability of waqf models in contemporary microcredit initiatives and sustainable development strategies. This volume will appeal to scholars of financial history, economic history, Ottoman studies, and Islamic finance.
Islamic Financial Institutions: An Introduction (Islamic Business and Finance Series)
by M. Ishaq Bhatti Imam Uddin Muhammad Ali Shaikh Rafia AyubThis book provides a comprehensive overview of Islamic Financial Institutions, exploring current issues, including governance, Shariah compliance frameworks and regulatory aspects, as well as the principles involved in product structuring.It offers a basic understanding of Islamic financial instruments and their implementation in different regions. The book begins by introducing the Islamic financial system, its objectives, the financial intermediation process, the philosophy and methods of mobilization and utilization of funds followed by an overall comparison with the conventional financial system. It offers a definition and explanation of types of riba, sources of prohibition, the difference between riba and profit, types of transactions which involve interest and the adverse effects of interest on the economy. It covers a detailed study of Islamic financial contracts and discusses trade-based financing products, illustrating the structural and legal differences between conventional and trade-based financing products. Further, the book outlines the criteria for the determination of Shariah compliant status of equity securities, and the role and functions of capital markets in an Islamic framework. Finally, it goes on to present an overall model of an Islamic bank in comparison with a conventional bank, examining its methodology and procedures for ensuring shariah compliance, governance and regulation, keeping in view the operating strategies, risk management issues, liquidity requirements and so on.The book will be used by researchers, students and scholars of Islamic Banking and Finance and will also serve as a practical guide for bankers and finance professionals who wish to enhance their knowledge in the field, as well as those embarking on professional training or certification programs.
Islamic Financial Markets and Institutions
by Abul Hassan Aktham Issa AlMaghaireh Muhammad Shahidul IslamThe rapid pace of progress in the Islamic financial market and investment space, coupled with the COVID-19 pandemic and its aftermath and recovery, has provided the necessary challenges to build a strong case for Islamic investment. This timely and unique book focuses on the foundations of Islamic financial markets and institutions in the context of various products, their market application, Islamic asset management, and regulation. The authors provide a thorough overview of Islamic financing instruments and markets, such as Islamic debt and equity markets, through shares and the stock market, mutual funds, private equity, lease financing, Sukuk, green Sukuk, money market instruments, exchange-traded funds, cryptocurrencies, derivatives and so forth, which have emerged as alternative sources of financing. They offer insight into the numerous infrastructure institutions which have sprung up since the first decade of the new century, such as the Accounting and Auditing Organizations for Islamic Financial Institutions, Islamic Financial Services Board, Islamic International Rating Agency, and International Islamic Liquidity Management Corporation, as well as those being established, to satisfy different industry needs. With its uniquely competitive approach to the mainstream financial market, this book facilitates a greater understanding of the concept of Islamic investment. Through a discussion of the current state and future prospects of Islamic financial markets, the book's theoretical and practical approach offers academic, practitioners, researchers, students, and general readers a well-balanced overview of Islamic financial markets, its ethics, Shari’ah foundation, the instruments and operational mechanism used by Islamic capital, money, and debt markets.
Islamic Financial Products: Principles, Instruments and Structures
by Mohd Ma'Sum BillahIslamic finance has grown exponentially since 1963 and has reached more than 70 countries around the world with the asset size of about $2.5 trillion. The Islamic financial system today comprises a sizable asset base and there is evidence of sustained demand for Islamic financial products and services in the global market, with demand outstripping supply. This book provides a new source of understanding of the Islamic financial products in view of facilitating academia, industrialists, professionals, product designers, students and policymakers globally. There is a mass of literature on Islamic finance available to the market, but very little research is found in the form of book exclusively on Islamic financial products and their structures. Thus, this book is a timely contribution to the global market with Islamic financial product solutions.
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 Fundamentalism
by Lawrence DavidsonFrom the book's preface: "This book seeks to give a clearer picture of what Islamic fundamentalism is by explaining its history and identifying its adherents over time. It also seeks to analyze what Islamic fundamentalists believe and what they want".
Islamic Geometric Patterns
by Jay BonnerThe main focus of this unique book is an in-depth examination of the polygonal technique; the primary method used by master artists of the past in creating Islamic geometric patterns. The author details the design methodology responsible for this all-but-lost art form and presents evidence for its use from the historical record, both of which are vital contributions to the understanding of this ornamental tradition. Additionally, the author examines the historical development of Islamic geometric patterns, the significance of geometric design within the broader context of Islamic ornament as a whole, the formative role that geometry plays throughout the Islamic ornamental arts (including calligraphy, the floral idiom, dome decoration, geometric patterns, and more), and the underexamined question of pattern classification. Featuring over 600 beautiful color images, Islamic Geometric Patterns: Their Historical Development and Traditional Methods of Con struction is a valuable addition to the literature of Islamic art, architecture and geometric patterns. This book is ideal for students and scholars of geometry, the history of mathematics, and the history of Islamic art, architecture, and culture. In addition, artists, designers, craftspeople, and architects will all find this book an exceptionally informative and useful asset in their fields. Jay Bonner is an architectural ornamentalist and unaffiliated scholar of Islamic geometric design. He received his MDes from the Royal College of Art in London (1983). He has contributed ornamental designs for many international architectural projects, including the expansion of both the al-Masjid al-Haram (Grand Mosque) in Mecca, and the al-Masjid an Nawabi (Prophet's Mosque) in Medina, as well the Tomb of Sheikh Hujwiri in Lahore, and the Ismaili Centre in London - to name but a few. He is committed to the revitalization of Islamic geometric design through the teaching of traditional methodological practices. To this end, in addition to publishing, Jay Bonner has lectured and taught design seminars at many universities and conferences in North America, Europe, North Africa and Asia.
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 Gunpowder Empires
by Douglas E. StreusandA comparative introduction to the three great Islamic empires OCo the Ottomans, Safavids, and Mughals OCo illuminating their unique characters as well as their shared experiences of rise to power, expansion, transformation, and decline. "
Islamic Higher Education In Indonesia
by Ronald A. Lukens-BullThis project looks at the work of the faculty in Indonesia's National Islamic Institutes to address, respond, and prevent the success of radical Islamic discourse and institution of Shari'a law in the school system.
Islamic Identity and Development after the Ottomans: The Arab Middle East (Routledge Studies in Middle Eastern Politics)
by Özay MehmetExploring themes of identity and development in the post-Ottoman Arab world, this book updates the author’s earlier Islamic Identity and Development (Routledge, 1990) to analyse the root causes of chaos, civil war, and conflict in the Islamic Core today. Adopting a neo-Ottomanist framework, and using the latest scholarship on the Middle East, the author traces the historical development of the current crisis to the First World War, when the West instigated invasions, coup d’états, civil and proxy wars. It is argued that Western powers have facilitated the dispossession of the Arab people in their overarching aim to gain control of the oil fields. A range of historical case-studies are provided as evidence, from the Balfour Declaration and the Sykes-Picot Agreement to the creation of Israel and the displacement of Islamic refugees. Individual nations are also analysed, including Iran, Saudi Arabia, Iraq, Syria, Libya, and Egypt. Ultimately, the author suggests that artificial countries and unsustainable frontiers are the root causes of the Islamic crisis. However, a realistic (and long-term) solution may lie in the evolution of a new Silk Route Economy. This book will appeal to graduate-level students in political economy, area studies, international affairs, and Middle East studies generally.
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 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 Law and Civil Code: The Law of Property in Egypt
by Richard DebsRichard A. Debs analyzes the classical Islamic law of property based on the Shari'ah, traces its historic development in Egypt, and describes its integration as a source of law within the modern format of a civil code. He focuses specifically on Egypt, a country in the Islamic world that drew upon its society's own vigorous legal system as it formed its modern laws. He also touches on issues that are common to all such societies that have adopted, either by choice or by necessity, Western legal systems.Egypt's unique synthesis of Western and traditional elements is the outcome of an effort to respond to national goals and requirements. Its traditional law, the Shari'ah, is the fundamental law of all Islamic societies, and Debs's analysis of Egypt's experience demonstrates how Islamic jurisprudence can be sophisticated, coherent, rational, and effective, developed over centuries to serve the needs of societies that flourished under the rule of law.
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 and Society in the Sudan
by Carolyn Fluehr-LobbanFew studies exist which deal with Islamic law in practice, and this is among the first such studies in the English language for Islamic Africa. It is significant that the present study was completed just prior to the extension of Islamic law as the sole governing law in the Sudan in 1983, for it captures many essentials of the Shari’a as it has been applied for decades prior to this important change. Numerous movements for reform and change are discussed in the book, which reflect the contemporary debate in the Sudan over the position of Shari’a in society.
Islamic Law and Society: The Practice Of Iftā’ And Religious Institutions (Islamic Law in Context)
by Emine Enise YakarThis book places context at the core of the Islamic mechanism of iftā’ to better understand the process of issuing fatwās in Muslim and non-Muslim countries, thus highlighting the connection between context and contemporaneity, on one hand, and the adaptable perception of Islamic law, on the other. The practice of iftā’ is one of the most important mechanisms of Islamic law that keeps Islamic thought about ethical and legal issues in harmony with the demands, exigencies and developments of time. This book builds upon the existing body of work related to the practice of iftā’, but takes the discussion beyond the current debates with the intent of unveiling the interaction between Islamic legal methodologies and different environmental contexts. The book specifically addresses the three institutions (Saudi Arabia’s Dār al-Iftā’, Turkey’s Diyanet and America’s FCNA) and their Islamic legal opinions (fatwās) in a comparative framework. This demonstrates the existence of complex and diverse ideas around similar issues within contemporary Islamic legal opinions that is further complicated by the influence of international, social, political, cultural and ideological contexts. The book thus unveils a more complicated range of interactive constituents in the process of the practice of iftā’ and its outputs, fatwās. The work will be of interest to academics and researchers working in the areas of Islamic law, Middle Eastern studies, religion and politics.
Islamic Law in Africa
by J N AndersonIn many parts of Africa three different systems of laws are concurrently applied – the imported "Colonial" law, the indigenous customary law and Islamic law. In some countries the customary and the Islamic law are kept separate and distinct, while in others they are fused into a single system. This volume represents a unique survey of the extent to which Islamic law is in fact applied in those parts of East and West Africa which were at one time under British administration. It examines the relevant legislation and case law, much of which has never appeared in any Law Reports; the judges and courts which apply it and the problems to which its application give rise.
Islamic Law in Context: A Primary Source Reader
by Robert Gleave Omar AnchassiThis volume surveys the diversity of Islamic legal thought and practice, a 1500 - year tradition that has been cultivated throughout the Islamic world. It features translations of Islamic legal texts from across the spectrum of literary genres (including legal theory, judicial handbooks, pamphlets) that represent the range of temporal, geographic and linguistic contexts in which Islamic law has been, and continues to be, developed. Each text has been chosen and translated by a specialist. It is accompanied by an accessible introduction that places the author and text in historical and legal contexts and explains the state of the relevant field of study. An introduction to each section offers an overview of the genre and provides a useful bibliography. The volume will enable all researchers of Islamic law - established academics, undergraduate students, and general readers - to understand the tremendous and sometimes bewildering diversity of Islamic law, as well the continuities and common features that bind it together.
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 Law in Practice: Volume III (Islamic Law)
by Mashood A. BaderinIslamic law influences the lives of Muslims today as aspects of the law are applied as part of State law in different forms in many areas of the world. This volume provides a much needed collection of articles that explore the complexities involved in the application of Islamic law within the contemporary legal systems of different countries today, with particular reference to Saudi Arabia, Morocco, Indonesia, Nigeria, Turkey, Malaysia and Pakistan. The articles identify the relevant areas of difficulties and also propose possible ways of realising a more effective and equitable application of Islamic law in the contemporary world. The volume features an introductory overview of the subject as well as a comprehensive bibliography to aid further research.