The ongoing international financial crisis has reignited debate over the development of a risk-sharing financial system, such as that required in Shariah Law. An Introduction to Islamic Finance: Theory and Practice, Second Edition highlights the core principles of risk sharing in Islam, arguing that a risk-sharing financial system is exactly what we need to promote greater financial stability.
Providing comprehensive coverage of the fundamental theory behind Islamic finance and banking, according to the core concepts of Shariah law, authors Zamir Iqbal and Abbas Mirakhor clearly explain the distinct features of an Islamic financial system and how it compares with traditional financial models. Addressing the myriad important developments that have taken place in recent years, this second edition looks to the future, addressing emerging issues sure to influence future developments in Islamic finance.
The first edition of An Introduction to Islamic Finance established the book as the market leader, and this newly revised and updated second edition incorporates the most recent developments in this booming financial sector, including financial stability, globalization, and non-banking financial institutions.
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Professor Rodney Wilson
Director, Durham University Islamic Finance Programme
An Introduction to Islamic Finance provides the first-tier response to all questions as to the nature and essence of modern Islamic finance, whether posed by the uninitiated and uninvolved or the financial practitioner seeking context and cohesion. With elegant simplicity and profound elucidation, the authors discuss the theoretical and practical elements and structures comprising this system and describe the integration of these elements and structures into a unified organic whole. We would all be well served if this were made compulsory reading not only for those having involvement or interest in global financial matters, but for anyone having an interest in cultural or political facets of Islam.
Michael J.T. McMillen
Former Partner, King & Spalding and Fulbright & Jaworski L.L.P.
Adjunct Professor in Islamic finance, University of Pennsylvania Law School
Abbas Mirakhor and Zamir Iqbal are to be congratulated for providing us with a lucid, comprehensive and sophisticated introduction to the theory and practice of Shari’ah-compliant (Islamic) finance. Impressive in its scope—without being superficial in its treatment of its various topics—the text can be comfortably recommended as one of the handful of books that students of Islamic finance must have in their library. Economists will be particularly pleased by the inclusion of thoughtful discussions of Islamic economic principles from an institutional economics perspective, while business school and finance professors and students will be pleasantly surprised by significantly revised chapters with elucidative case studies on sukuk.
Dr. S. Nazim Ali
Acting Executive Director, Islamic Legal Studies Program
Director, Islamic Finance Project
Harvard Law School, Harvard University
Unlike most books on Islamic finance that focus narrowly on the mechanics of Islamic banking operations and modes of financing, this book presents Islamic finance from an institutional economics perspective and discusses various issues related to the financial system and structure. It also provides a comprehensive overview of the challenges facing Islamic financial industry and suggests ways to mitigate these. By highlighting the risk sharing and stability features of Islamic finance, the authors present a convincing case for the Islamic financial sector to revert to its foundational principles in the post-crisis era.
Professor Habib Ahmed
Professor and Sharjah Chair in Islamic Finance
Durham University
This book explains the fundamental principles and functions of an economic, banking and financial system based on principles derived from the basic sources of Islam. Rules constituting the institutional scaffolding of such a system—property rights principles, sanctity of contracts and the requirement of faithfulness to terms and conditions of contracts, trust and trustworthiness, risk sharing, and prohibition of interest-rate based debt contracts among others—are discussed with relation to the economic behavior of individuals, society and state.
Dr. Zamir Iqbal, affiliated with the World Bank, and Dr. Abbas Mirakhor, former Dean of Executive Directors at the International Monetary Fund (IMF) and, presently First Holder of INCEIF Chair of Islamic Finance in Kuala Lumpur, bring their theoretical knowledge and experience of economics, finance, banking, and capital markets to provide valuable insights to the fast growing Islamic financial services industry.
In the wake of the recent financial crisis, An Introduction to Islamic Finance offers a comprehensive and practical guide for anyone seriously interested in understanding the Islamic finance alternative and the enormous potential it holds.
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Book Description Hardcover. Condition: As New. 2nd Edition. AS NEW hardcover, no marks in text, very clean exterior. Book. Seller Inventory # 140714
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Book Description Condition: Good. This is an ex-library book and may have the usual library/used-book markings inside.This book has hardback covers. Clean from markings. In good all round condition. Dust jacket in good condition. Please note the Image in this listing is a stock photo and may not match the covers of the actual item,850grams, ISBN:9780470828083. Seller Inventory # 8604261
Book Description Condition: Good. This is an ex-library book and may have the usual library/used-book markings inside.This book has hardback covers. Clean from markings. In good all round condition. Dust jacket in good condition. Please note the Image in this listing is a stock photo and may not match the covers of the actual item,250grams, ISBN:9780470828083. Seller Inventory # 8604263