“A view rapidly gaining ground in the world of Islamic finance is that the industry deviated substantially from its proclaimed mandate at the very outset of its development in the 1970’s. Islamic Banking and Finance provides a welcome break from this trend in several respects.
Firstly, it seeks to provide the kind of context that is often missing in other books regarding the issues currently at hand.
Second, with regard to the discussion of fiqh’l mu‘āmalāt, the book competently puts into perspective the various differences of opinion that exist across the schools of thought and, crucially, that there is nothing ‘wrong’ with such divergences in views.
Third, the book devotes very adequate coverage to important but typically neglected areas which have direct relevance to all those who are concerned with Sharī`ah-permissible commerce and mu‘āmalāt, in particular inheritance law and wills, and zakāh.
In time this book may well be seen as part of the vanguard of a movement towards a genuine Sharī`ah based commercial framework for the practice of Islamic finance.”
Empowering Muslims to benefit society through faith-based campaigns
Especially designed for students and professionals new to the field of Islamic banking and finance, “Islamic Banking and Finance; What It Is and What It Could Be” covers the historical, theological, commercial, legal, institutional and macro-economic factors affecting the modern world of Islamic banking and finance – a contrast to the many existing works that focus on a narrow set of content.
It is organised into 4 sections:
1. Islam and the Sharī‘ah,
2. Traditional Contract Forms
3. Contemporary Practices
4. A Response to Capitalism
In a rare approach to the topic, the content encompasses views both for and against the current direction of the Islamic banking and finance industry and suggests a number of basic reforms at the institutional and contractual levels. Traditional and contemporary interpretations of Islam are contrasted, along with differences of opinion among the various schools of thought, so that the reader can better understand current discourse among scholars of Sharī‘ah. And in a section devoted entirely to the modern application of Islamic contract law, fourteen case studies provide a detailed analysis of the extent to which modern Islamic financial products adhere to the legal principles outlined elsewhere in the book.
Particular attention has been paid to clarity of expression in order that complex concepts can be absorbed quickly.
Additional Features:
- Extensive index and table of contents allowing ease of reference
- Further and advanced reading suggestion after each section
- Self-tests to help students keep pace with their progress
- Extensive Arabic glossary and transliterated key terms
Reviews
- Dr. Salman Khan, PhD, EconomicsHead of Sharī‘ah Office, Abu Dhabi Islamic Bank
“This book is a valuable addition to the literature on Islamic economics and banking. It has been written by a team of authorities on the subject, including Nejatullah Siddiqi, the author of some of the best known books from the period of the emergence of the modern Islamic financial services industry in the early 1980’s.
The distinctive feature of this work is that it attempts to return to the first principles of Islamic economic teaching and then to consider current practice in their light. The way in which the commercial issues raised are clearly separated from the Sharī‘ah considerations involved is particularly helpful.
The glossary is excellent and the inclusion of the original Arabic spelling as well as an accurate transliteration is to be commended.
As a reference book, it deserves a place on the shelf of all practitioners. Students on courses in Islamic economics and banking will find that it provides a thorough grounding in the subject and brings together material which was previously difficult to find in one place.”
The distinctive feature of this work is that it attempts to return to the first principles of Islamic economic teaching and then to consider current practice in their light. The way in which the commercial issues raised are clearly separated from the Sharī‘ah considerations involved is particularly helpful.
The glossary is excellent and the inclusion of the original Arabic spelling as well as an accurate transliteration is to be commended.
As a reference book, it deserves a place on the shelf of all practitioners. Students on courses in Islamic economics and banking will find that it provides a thorough grounding in the subject and brings together material which was previously difficult to find in one place.”
- Dr. Elaine Housby, PhD, Islamic Finance in BritainAuthor
“This is a university text-book which goes beyond the detail of Islamic banking and finance to consider and encourage discussion of these matters in the wider contexts of monetary policy, economics and the well-being of humankind.
In a rare approach to the topic, the content encompasses views both for and against the current direction of the Islamic banking and finance industry and it suggests a number of basic reforms at institutional and contractual levels.
This book covers not only individual and commercial banking but also wholesale finance, home purchase, investment funds, inheritance and insurance, and the operation of the financial markets.
The Christian reader will find a thoughtful account of the history of usury and the many devices used in the 13th to 16th centuries to circumvent the Church’s prohibition of it.
Tarek El Diwany and his colleagues have raised some important implications about the neglect of financial issues by the Christian Church. And at a time when an all-party Parliamentary committee on Islamic banking has been set up, these things might well be worth a second look.”
In a rare approach to the topic, the content encompasses views both for and against the current direction of the Islamic banking and finance industry and it suggests a number of basic reforms at institutional and contractual levels.
This book covers not only individual and commercial banking but also wholesale finance, home purchase, investment funds, inheritance and insurance, and the operation of the financial markets.
The Christian reader will find a thoughtful account of the history of usury and the many devices used in the 13th to 16th centuries to circumvent the Church’s prohibition of it.
Tarek El Diwany and his colleagues have raised some important implications about the neglect of financial issues by the Christian Church. And at a time when an all-party Parliamentary committee on Islamic banking has been set up, these things might well be worth a second look.”
- Ian YearsleyWrites on transport, economics, history and religious matters