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Financial Contracts In Interest Free Islamic Economics

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Financial Contracts in Interest-free Islamic Economics : Theory and Practice

Finance (Islamic law)

Author - Abdel-Hameed Mohamed Bashir
Publisher -
Pages - 120
ISBN -


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Islamic Banking and Finance : New Perspectives on Profit Sharing and Risk

Business & Economics

Author - Munawar Iqbal, David T. Llewellyn
Publisher - Edward Elgar Publishing
Pages - 250
ISBN - 9781843765318


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Detail - It is a well-known fact that conventional commercial banks provide financial intermediation services on the basis of interest rates on assets and liabilities. However, since interest is prohibited in Islam, Islamic banks have developed several other modes through which savings are mobilized and passed on to entrepreneurs, none of which involve interest. Islamic Banking and Finance discusses Islamic financial theory and practice, and focuses on the opportunities offered by Islamic finance as an alternative method of financial intermediation. Key features of profit-sharing (as opposed to debt-based) contracts are highlighted, and the ways in which they can facilitate improved efficiency and stability of a financial system are explored. The authors illustrate that in addition to some 200 Islamic banks operating in Muslim as well as non-Muslim countries, some of the biggest multinational banks are now offering Islamic financial products. This book will fascinate students, researchers and academics with a special interest in comparative banking, middle-eastern studies and international finance, and will also appeal to practitioners of banking and finance.

Resource Mobilization and Investment in an Islamic Economic Framework : Proceedings of the Third International Islamic Economics Seminar, 1990

Economic development

Author - Zaidi Sattar
Publisher - International Institute of Islamic Thought (IIIT)
Pages - 207
ISBN - 1565640489


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Information Sources on Islamic Banking and Economics : 1980-1990

Social Science

Author - S. Nazim Ali, Naseem N. Ali
Publisher - Routledge
Pages - 362
ISBN - 1136778403


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Detail - Islamic banking and economics (IBE) is a fast-growing subject of vital interest in both East and West as Muslims change their attitudes towards investments and find ways to invest their funds according to the Islamic faith. Along with the rapid developments in Islamic banking there has been a concomitant increase in the quantity of relevant IBE material generated. Since IBE is a highly specialized cross-disciplinary field involving economics, business, marketing, religion, philosophy and culture, it is difficult for researchers to locate and obtain information without having to go through several secondary sources such as indexing and abstracting services. In this electronic age, it is essential for researchers to be aware of the various forms of information available for consultation. Yet, until now, the few previous works on IBE information sources have been limited to the coverage of materials available during the early 1980s, before the most recent period of expansion, and in addition the materials cited were often unpublished and therefore unobtainable. In answer to a long-felt need, "Information Sources on Islamic Banking and Economics" provides a detailed bibliography of IBE sources concentrating on the period 1980-1990 with some data from 1991 and 1992, and with the additional unique feature of setting out, for the first time, the information infrastructure of the IBE discipline. A comprehensive author index and a keyword subject index for important terms are provided, and only published - and therefore easily obtainable - items have been included. This book is essential reading for all researchers, economists, bankers and others who need information on the increasingly important field of Islamic banking and economics, and related areas.

Theoretical Studies in Islamic Banking and Finance :

Religion

Author - Mohsin S. Khan, Abbas Mirakhor
Publisher - BookBaby
Pages - 245
ISBN - 1483557049


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Detail - Collection of articles regarding: the stability of traditional Islamic system as compared to the interest-based system, the effect of the adoption of an interest-free system on macroeconomic variables such as saving and investment, and more.

The Islamic Moral Economy : A Study of Islamic Money and Financial Instruments

Business & Economics

Author - Shafiel A. Karim
Publisher - Universal-Publishers
Pages - 160
ISBN - 1599425394


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Detail - The Islamic Moral Economy is an academic book that analyzes the religious permissibility or lack thereof of the existing repertoire of financial instruments used in Islamic banking and finance. The work is both timely and sound, especially considering the growth of the international Islamic banking and insurance industries, and the Great Recession of 2007-2010. The Islamic Moral Economy is an excellent introductory book for academics and finance professionals wishing to gain a better understanding of Islamic moral constraints on economic transactions and how most current Islamic banking transactions are structured. More specifically, the author examines the utopian nature of the Islamic moral economy with a special emphasis on riba (i.e., financial interest and illogical increase), which is inescapable in the global interconnected economy, and therefore insoluble within the framework of the Islamic Moral Economy. Unlike other books on the subject, The Islamic Moral Economy places a special emphasis on the ubiquity of financial interest and illogical increase in both current Islamic banking and finance as well as conventional economics.

An Introduction to Business Ethics :

Business & Economics

Author - George D. Chryssides, John H. Kaler
Publisher - Cengage Learning EMEA
Pages - 585
ISBN - 9781861523563


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Detail - An Introduction to Business Ethics explores the issues of individual and corporate responsibility in business, and integrates many contemporary and classic readings with the text. The book has a cross-cultural approach and case studies are used throughout.

Islamic Economics and Finance : A Glossary

Business & Economics

Author - Muhammad Akram Khan
Publisher - Routledge
Pages - 208
ISBN - 1134366000


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Detail - Islamic economics and finance have increased in importance over the last few decades, with new Islamic financial institutions opening up and a number of important books published on the topic. This glossary, fully updated and revised for the new edition, uses easy to understand language to introduce terms used by Muslim scholars, historians and legal experts. The book covers terms from Arabic, Urdu, Turkish, Malaysian and English sources whilst covering the Islamic side of such terms as taxation, banking, insurance, accounting, and auditing. The book's unassuming yet comprehensive nature will appeal to economists, bankers and accountants as well as students and researchers with an interest in economics and finance.

Islamic Finance : Law, Economics, and Practice

Business & Economics

Author - Mahmoud A. El-Gamal
Publisher - Cambridge University Press
Pages -
ISBN - 1139457160


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Detail - This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance - from personal loans to investment banking, and from market structure to corporate governance - Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law. This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of 'Islamization' of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.

What Is Wrong with Islamic Economics? : Analysing the Present State and Future Agenda

Business & Economics

Author - Muhammad Akram Khan
Publisher - Edward Elgar Publishing
Pages - 528
ISBN - 1782544151


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Detail - ÔI read with great interest the current state of Islamic economics and finance as examined by Muhammad Akram Khan, who has given a fresh outlook for the readers to find out its limitations and to search for its solutions. Khan has read widely in the subject matter, and presented his views with reference to literature and thoughtful and logical arguments. While many may not agree with his arguments or will have a better explanation, I find his arguments at least worthy of examination to strengthen the arguments of those who might oppose him. Although Khan is critical of the subject matter, he is very sympathetic to the greater objectives of Islamic economics and provides his own prescriptions to achieve those objectives.Õ Ð M. Kabir Hassan, University of New Orleans, US ÔThis is a very thought provoking book coming at a crucial stage in the development of Islamic economics and finance. Although the reader may not agree with some of the conclusions reached, it is clearly a scholarly and extensively researched piece of work; it should be read by all serious students of the subject area. Amongst other things, it throws light on the reasons why the practical implementation of Islamic economics and finance, particularly in relation to the financial system and financial institutions, has not always conformed to the true theoretical foundations laid down by Islamic scholars.Õ Ð John Presley, Loughborough University, UK and recipient of Islamic Development Bank Prize in Islamic Finance, 2001Ð2002 ÔÒIslamic economic system is a type of capitalism with a spiritual dimensionÓ is a major conclusion of this book. I applaud this insight of Muhammad Akram Khan. The same can be perhaps said of Islamic finance, which, in its hurry to build viable and efficient financial institutions, has ignored the very same need to start with profits-and-risk-sharing principle and no-riba principles to build pricing models to anchor the new sub-discpline. The good news is that, in the course of time to come, AkramÕs advocacy may be realised since such serious works have already begun.Õ Ð Mohamed Ariff, University Putra Malaysia and Bond University, Australia ÔAlthough there are many books on Islamic economics, this critical, but sympathetic, account by Muhammad Akram Khan is worthy of attention. The author has clearly read widely on the subject and appreciates the limitations of much that he has read. Islamic economics is a work in progress and by focusing on its shortcomings, Khan challenges the assumptions of many working in the field. His discussion of methodology is insightful, and even the prohibition of riba, for many the defining characteristic of Islamic finance, is examined from a fresh perspective. While many will not agree with the analysis and the conclusions, even critics should be able to appreciate the strengths of the arguments made. In summary this is a worthwhile, and in many respects an innovative, survey of the state of Islamic economics and finance. It deserves to be widely read.Õ Ð Rodney Wilson, Durham University, UK What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward. As well as probing various myths, the book presents several innovative ideas and a methodology for developing the subject on new foundations. It also highlights weaknesses in the conventional position on prohibition of interest, which has led Islamic banks devise a series of legal tricks. The author notes how the original aim of devising a new brand of banking has become less prominent whilst Islamic banks now position themselves more closely to conventional banks. The book also offers insights into how certain traditional thinking has seemingly ignored the egalitarian spirit of the law of zakah and created a scenario where zakah is not able to help the billions of poor people around the globe. This detailed book will appeal to students, professors, researchers, Islamic banks and finance houses, consulting companies, accounting firms, and regulatory bodies. Professional economists, libraries in research and training organizations, as well as anyone with a general interest in the topic will find much to interest them.

The American Journal of Islamic Social Sciences :

Islam

Author -
Publisher -
Pages -
ISBN -


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An Integral Approach to Development Economics : Islamic Finance in an African Context

Business & Economics

Author - Dr Basheer Oshodi
Publisher - Ashgate Publishing, Ltd.
Pages - 282
ISBN - 1472411250


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Detail - Despite economic growth in countries like the author’s native Nigeria, poverty and unemployment blight the lives of the majority of citizens. In An Integral Approach to Development Economics, Basheer Oshodi examines modernization theories, dependency theories, world system theories and emerging 21st century economic theories. He links a neo-modern mix of economic thought with the practicalities of finance in parts of the World where poverty is rife, focusing on the use of Islamic banking and finance in an African setting. Islamic finance is considered in the context of the triple heritage of indigenous culture, Westernized Christianity, and Islam. The author argues and demonstrates that the principles of Islamic banking and finance can be applied in a way that integrates with other elements of that heritage, and meet the challenges of poverty and unemployment.