An Introduction to Islamic Finance : Theory and Practice

"Many books have been written on Islamic financial markets but this is the first book to introduce all of the essential topics in one volume. The authors, two of the best known authorities in Islamic economics, finance and banking, also incorporate valuable examples and practical discussions that will offer better understanding of this emerging market. They should be congratulated for providing students and practitioners with a text that places Islamic finance and banking squarely within the context of Islamic teachings and modern finance and banking practices."
--Hossein Askari, Iran Professor of International Business and International Affairs, George Washington University

"An Introduction to Islamic Finance is an excellent introduction to the principles of Islamic finance. The authors provide necessary background to the subject, as well as succinct description of the main products and processes. This book will be of value to anyone looking to invest or issue in the Islamic finance markets."
--Professor Moorad Choudhry, Department of Economics, London Metropolitan University

"Islamic financial markets have made remarkable progress during the last two decades and this burgeoning growth has increased the appetite for financiers and bankers to understand more of this emerging market. Incorporating useful references to historical practices and financial instruments used by Muslim societies, An Introduction to Islamic Finance will serve as a very useful resource for anyone interested in the subject. The authors should be congratulated for their insightful and practical contribution."
--Professor Rifaat Ahmed Abdel Karim, Secretary-General, Islamic Financial Services Board

"Considerable experience in dealing with finance and its role in development have gone into this timely publication. The insights offered by the authors should be especially helpful to Islamic banks and financial institutions in redesigning risk-management and diversification of portfolios. This makes An Introduction to Islamic Finance one of the best books on the topic so far."
--Dr. Mohammad Nejatullah Siddiqi, Professor of Economics, Islamic Economics Research Center, King Abdulaziz University, Jeddah (Retired)

Dr. Zamir Iqbal works as Principal Financial Officer with the Quantitative Strategies, Risk and Analytics department in the Treasury of the World Bank in Washington, D.C. He earned his Ph.D. in international finance from the George Washington University where he also serves as adjunct faculty of international finance. He has published several articles on Islamic finance in reputed journals and has presented papers at international forums. He has extensive experience with capital markets, exotic derivative products, risk management, financial sector development, and financial modeling. His research interests include Islamic finance, financial engineering, structured finance and international banking.

Dr. Abbas Mirakhor, born in Tehran, Islamic Republic of Iran, attended Kansas State University, where he received his Ph,D. in economics in 1969. From 1969 to 1984, he taught in various universities in the U.S. and Iran. From 1984 until 1990, he served on the staff of the IMF, and from 1990 to present, he has been the Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, and Tunisia. Dr. Mirakhor is the co-editor of Essays on Iqtisad: Islamic Approach to Economic Problems (1989), and Theoretical Studies in Islamic Banking and Finance (1987). He has received several awards including "Order of Companion of Volta" for service to Ghana, conferred by the President of Ghana in 2005; Islamic Development Bank Annual Prize for Research in Islamic economics, shared with Mohsin Khan in 2003, and "Quaid-e Azam" star for service to Pakistan, conferred by the President of Pakistan in 1997.