Islamic Banking - Hardcover

Lewis, Mervyn K.; Algaoud, Latifa M.

Hardcover

ISBN 10: 185898808X ISBN 13: 9781858988085

Publisher: Edward Elgar Publishing, 2001

Synopsis

‘This is an excellent book for any student seeking a comprehensive and well written introduction to Islamic banking. It covers both the theory and the practice of Islamic banking in just the right amount of detail to make it easy to read and interesting...This book will certainly remain on my desk as an instant source of information on Islamic banking; I can commend it to all teachers, students and practising bankers interested in Islamic banking as indispensable.’

- John R. Presley, Loughborough University, UK

‘People are too inclined to regard their current institutions as the inevitable outcome of a natural evolutionary process. In respect of banking, it is salutary to note that Islamic banking works on a quite different, non-interest-bearing, basis from Western banking; and that several major religions, including Christianity, were in earlier times ethically opposed to interest/usury, but only Islam now keeps that faith. Professor Mervyn Lewis is a highly respected authority on (Western) banking and finance, and Latifa Algaoud is a senior official in Bahrain with a deep knowledge of Islamic banking institutions. Between them they present a highly readable assessment of Islamic banking from both (East/West) viewpoints, with a clear account of its history and principles, and its current position and state.’

- Charles Goodhart, London School of Economics, UK

‘Islamic banking has become a significant part of global banking. This is a very timely and well written book which successfully links the modern theories of conventional banking and financial intermediation and the theoretical and practical aspects of Islamic banking. By linking theory and practice, and setting Islamic banking in a wider analytical framework, the book will be invaluable to anyone with a theoretical, practical or regulatory interest in Islamic banking.’

- David T. Llewellyn, Loughborough University, UK

The prohibition of interest is the feature of Islamic banking which most distinctly sets it apart from conventional banking. To Western eyes, this seems a strange restriction, but Christian countries themselves maintained such a ban for 1,400 years. Islamic Banking asks why Islam has been able to maintain its stand. The book explores the intricacies of Islamic law and the religious and ethical principles underpinning Islamic banking. It then considers the analytical basis of Islamic banking and financing in the light of modern theories of financial intermediation, and identifies the conceptual issues to be overcome.

Following case studies of the operations of Islamic banks in Bahrain, Bangladesh, Egypt, Jordan, Malaysia and Australia, along with Iran, Pakistan and Sudan, the volume concludes that many of the criticisms of their activities seem misplaced. It argues that the factors governing success are the distinctive system of corporate governance and continued product innovation. The book ends by considering four such innovations - Islamic investment banking and project finance, Islamic insurance, Islamic securities and the formation of a pan-Islamic international financial center.

This path-breaking volume - the first to consider Islamic banking and finance from a global perspective - will be of great interest to scholars of money and banking, international finance and Middle Eastern studies.

About this title

About the Author

Mervyn K. Lewis, Emeritus Professor of the University of South Australia, Adelaide, and Emeritus Fellow of the Academy of the Social Sciences in Australia, Canberra and Latifa M. Algaoud, formerly Chief of Training and Development, Ministry of Finance and National Economy, Bahrain

Review

...a comprehensive survey of Islamic banking. . . . Recommended for anyone interested in the theory and practice of Islamic banking. -- - H. Zangeneh, Choice

...outstanding in contextualizing the evolution of and demand for Islamic banking on its path through our common history. -- - Wendy Carlton, Monthly Labor Review, December 2002

About this edition

• Publisher: Edward Elgar Publishing
• Publication date: 2001
• ISBN 10: 185898808X
• ISBN 13: 9781858988085
• Binding: Hardcover
• Number of pages: 288