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Introduction to Islamic Banking and Finance

Introduction to Islamic Banking and Finance is a succinct guide to the key characteristics of Islamic banking highlighting how these differ from conventional banking. This detailed book illustrates how Islamic banking is consistent with the Sharia'a, a key element of which is the prohibition on collecting and paying interest. This central religious precept appears to rule out most aspects of modern finance but it does allow money to be used for trading tangible assets and business, which can then generate a profit. Brian Kettell's book looks at all aspects of Islamic banking, including chapters on its creation and evolution through to detailed discussions of the issues involved in the Sharia'a contracts of Murabaha, Mudaraba, Musharaka, Ijara, Istisna'a, and Salam. Islamic insurance (Takaful) is also covered. Finally the book takes a look at Sharia'a law and Sharia'a boards, indicating the roles and responsibilities that come with membership. Islamic banks have been operating in places such as Bahrain, Saudi Arabia, Malaysia and Dubai for some time. Conventional bankers have traditionally viewed the sector as a small, exotic niche but recent years have seen a dramatic surge in popularity. A number of Western investment banks have started working with Muslim clerics to create new ranges of financial products designed for devout Muslims, a large and growing market. Although estimates of the size of the Islamic finance industry vary greatly, everyone agrees that it is expanding rapidly and this is the perfect book for anyone looking to understand the industry.

Although estimates of the size of the Islamic finance industry vary greatly, everyone agrees that it is expanding rapidly and this is the perfect book for anyone looking to understand the industry.

Current Issues in Islamic Banking and Finance

Resilience and Stability in the Present System

The phenomenal worldwide development over the past decade of Islamic banking and finance is drawing much attention to South East Asia, which, on the platform of its own economic growth success, is also proving to be the gateway for Middle Eastern petrodollar investments into the two great emerging markets of India and China. This book provides a timely examination of the issues confronting this US$300-US$500 billion market growing at 15 per cent - 20 per cent per annum, with reviews of the different financial markets, be they capital (sukuk), retail or wealth management.It further includes reviews from the various jurisdictions including Malaysia (the front-runner), Singapore (the regional financial hub), Brunei (an offshore Islamic market player) and the sleeping giant, Indonesia, as well as newly emerging participants such as Japan and the United States. Contributors, all well-known leading practitioners in their fields, range from lawyers, accountants, bankers and educators to policy advisors, and come from institutions like CIMB, Kuwait Finance House, OCBC Bank and PricewaterhouseCoopers, among others.This book, the first of its kind, will be of great benefit to those seeking to better understand current developments and issues affecting Islamic banking in South East Asia, from both global and regional perspectives.

Resilience and Stability in the Present System Angelo M. Venardos ... However, even with the strong fundamental Shariah underpinnings, the Islamic financial system is not immune to risks and can be susceptible to financial crises due to ...

Introduction To Islamic Banking And Finance: An Economic Analysis

This book, Introduction to Islamic Banking and Finance: An Economic Analysis, covers the basic principles of Islamic economics and finance. It discusses both the theory of Islamic economics and finance as well as the applications in the design of instruments of finance as well as Islamic financial institutions. The book enables its readers to gain an understanding of the structures and operations of Islamic banking, Islamic capital market investments, risk management, and taxation for Islamic banking contracts.The book sets forth the following objectives:

This book, Introduction to Islamic Banking and Finance: An Economic Analysis, covers the basic principles of Islamic economics and finance.

Current Issues in Islamic Banking and Finance

The phenomenal worldwide development over the past decade of Islamic banking and finance is drawing much attention to Southeast Asia, which, on the platform of its own economic growth success, is also proving to be the gateway for Middle ...

The Developing Role of Islamic Banking and Finance

From Local to Global Perspectives

This volume highlights a vital developmental stage of Islamic Banking and Finance, focusing on regulatory aspects, regional case studies and International Financial Crisis impacts. It aims to help decision makers identify key factors for the real, sustained development of the Islamic Banking System, nationally, regionally and internationally.

This volume highlights a vital developmental stage of Islamic Banking and Finance, focusing on regulatory aspects, regional case studies and International Financial Crisis impacts.

Islamic Banking and Finance in the European Union

A Challenge

As an introduction to the complex issue of harmonization of legal and regulatory structure of the European financial system and Islamic finance, this is a useful and welcome volume. The ideas, insights and practical issues addressed in the informed papers that compose the book should be valuable for academics and students of finance, and to those who provide legal and financial services. The book will be helpful also to European regulators who have yet to appreciate the importance of Islamic finance and its potential contribution to financial globalization as well as to European economic growth. Abbas Mirakhor, Former Executive Director, International Monetary Fund, US This timely book examines the authorization of Shari ah-compliant intermediaries as either credit institutions or as investment companies in the European Union. The contributing authors explore the key topics of this area through differing yet parallel perspectives for example, comparing economic and legal standpoints, looking at both European and national levels and considering both academic and technical approaches. The book discusses the common origin of Islamic and Western traditions in commercial and banking transactions, reviewing a period in which the Italian merchants and their organizations drove the rebirth of post-medieval society in trade and law. The editors investigate whether the Islamic banking and financial model complies with the European framework, spelling out the different experiences in single Member States (Germany, France, Italy, and the United Kingdom). Notwithstanding the obstacles to being authorized as domestic credit institutions, they conclude that the access of Islamic intermediaries is suitable and may have positive effects on European integration, as well as increasing the competition among the stand-still operators and evoking the ethical dimension of banking and finance. The book also highlights how Islamic banking would make the industry more inclusive. This multidisciplinary book will appeal greatly to economics and legal scholars with an interest in European and international banking and financial law, as well as postgraduate students in international law and banking law. Practitioners and regulators will also find this book an invaluable resource.

As an introduction to the complex issue of harmonization of legal and regulatory structure of the European financial system and Islamic finance, this is a useful and welcome volume.

Financial Risk Management for Islamic Banking and Finance

Financial institutions are increasingly providing Islamic financial contracts in global markets. As a result of this market growth there is a high demand to understand how to assess and manage the risks arising from applying Islamic financial products and services. Credit, operational, market and liquidity risks together with the risk of non compliance with the Shariah law are becoming very hot issues for financial institutions. This book presents a common framework on how to efficiently manage the risks faced.

This book presents a common framework on how to efficiently manage the risks faced.

Risk Management Implementation and Solutions for Islamic Banking and Finance

Islamic finance is a growing part of the global financial sector. The risks faced by Islamic banks are real, and how well they mitigate them will determine their future. This book answers questions regarding how Islamic Financial Institutions should focus on their risk management practices and the necessary solutions and policy implementation tactics. It also analyses the risk mitigation techniques Islamic institutions are putting to use, looking at different Islamic banks from across the world to investigate their strategies and solutions. Among the topics discussed here are the implementation and outcomes of Basel III, practical enterprise risk management practices, liquidity risk management, and the success story of the global takaful industry.

This book answers questions regarding how Islamic Financial Institutions should focus on their risk management practices and the necessary solutions and policy implementation tactics.

Islamic Banking and Finance

Islamic finance is founded on principles that constitute the guidelines governing any Islamic economic or financial dealings. Innovative financial engineering today constitutes one of the most critical needs of Islamic financial institutions. It represents the forces that will drive Islamic finance toward continuous growth and efficiency. The structuring of new financing and Shariah-complaint instruments plays an important role in the enhancement of Islamic financial markets, and Islamic risk management practices, combining basic Shariah-complaint financial instruments within Shariah structures to precise identified needs. The financial engineering process in Islamic finance is a process that is very sensitive and complex. It requires multidisciplinary considerations, involving deep knowledge of finance, economy, Shariah law and commercial law. Divergence of opinions among different Shariah scholars and boards, as well as the absence or lack of effectiveness of a central regulatory body, is perceived as an obstacle to the growth of investment confidence in Islamic finance. Hence, innovation, along with greater uniformity, is essential to make Islamic finance an international financial system and to attract a greater number of customers. This book addresses the main issues of concern within Islamic banking, namely the development of conceptual framework, the viability of interest-free banking, and the assessment of its performance and future. In a world where conventional interest-based finance is the dominant framework, Islamic banking faces many challenges that must be addressed. This book discusses these issues and challenges and will be of great interest to both researchers and practitioners. It analyses the past experiences of Islamic banks worldwide, and provides an objective assessment of their successes and failures.

This book addresses the main issues of concern within Islamic banking, namely the development of conceptual framework, the viability of interest-free banking, and the assessment of its performance and future.

Islamic Banking and Finance in South-East Asia

Its Development and Future

Islamic Banking and Finance in South-East Asia by Angelo M Venardos has been a “must read” since its first edition in 2005 and has already been translated to Arabic. Now in its 3rd edition, the book offers important updates you can look forward to, starting with the foundations of Islamic banking, developments and issues. The reader is then treated to a timely survey of Islamic banking in five South-east Asian countries. Most of these chapters have been completely revamped from the last edition. One additional chapter has been added on Islamic Succession Planning, which introduces an increasingly essential aspect of Muslim life — that of managing one's wealth now and in the afterlife. Whether you are new to the topic or a practitioner in the industry, you will appreciate the accessible way in which the book is written. According to the Asian Journal of Comparative Law, the book gives a broad overview yet “manages to achieve this in a rather slim volume while providing depth of analysis at the same time”. Contents:Islamic HistoryShari'ah Law and Islamic JurisprudenceIslamic Commerical LawIslamic Financial ProductsIssues and Challenges of Islamic Banking TodayIslam in South-East AsiaColonial Legacies: Islam and State Law in South-East AsiaMalaysia: A Leading Islamic Finance JurisdictionIndonesia: An Islamic Banking Giant AwakensLabuan: A Growing Niche in Islamic FinanceBrunei: Size Really Doesn't MatterSingapore: Small But SignificantAn Overview of Islamic Succession PlanningConclusion Readership: Investors; bankers; financial industry players; upper-level undergraduates and post graduate students in Islamic studies, banking and finance. Keywords:Islamic;Banking;Finance;South-East AsiaKey Features:The first book of its kind to explain to lay persons, Muslims and non-Muslims, the mystique surrounding Islamic banking and financeDepicts clearly how the market has developed in South-East AsiaProvides a timely survey of Islamic banking in five South-East Asian countriesReviews:“The book provides essential insights on the development of Islamic finance in South-east Asia. Its analysis of Islamic finance enables the reader to comprehend the growing importance of Islamic finance that transcends cultural and religious diversities within this region.”Dato' Dr Nik Norzrul Thani Chairman Zaid Ibrahim & Co “The author's timely update to his work reflects the increasing importance of Islamic finance in the world today and the significant role South-east Asia continues to play in its development. Angelo Venardos' insightful analysis provides a very helpful guide to understanding the salient building blocks of the industry and guides the reader towards what to expect in the future.”Daud Vicary Abdullah, CIFP Global Islamic Finance Leader Deloitte Corporate Advisory Services Sdn Bhd “The book is well researched, with materials well arranged and supported by research to ensure the book is easily understood by readers at all levels. The book has the potential to be a comprehensive reference for the research community in understanding the issues behind Islamic finance.”Dr Aimi Zulhazmi Abdul Rashid Managing Director Draz9 Advisory Services Bhd “Specialist in Shariah Incline Offshore Trusts” Review of the Second Edition: “… his insightful elucidation on the subject has nevertheless drawn widespread acclaim from critics all over the world. The first book of its kind to lay bare the mystique surrounding Islamic banking and finance, this highly-regarded book has even attracted interest from a leading Islamic university in the Middle East, an extraordinary feat considering he is a relative outsider compared to the many Arabs who have commented on the topic.”BusinessCraft Reviews of the First Edition: “This volume will be of value to anyone interested in the history, methods, and rules of Islamic finance in Southeast Asia. It is written by a non-Muslim who views the subject through a different prism, which makes the book unique.”Choice “The author has done an excellent job of taking the reader through a variety of linked elements as they relate to Islam, e.g., history, law, economic development, culture, finance, banking … which have then been described within a variety of countries in the South-east Asian region.”Charles F Steilen Hawaii Pacific University, Honolulu “Very well-written and informative … The author succeeds where most writers on this subject fail. He has produced a balanced and well-written study, which at no point in the text slips into value judgement. In this sense, he sets a standard for future studies of this ever-changing field. Angelo M Venardos's book is about a mature modern banking system and the challenges of adapting to a changing business environment characterized by the globalization of the financial industry and the increasing sophistication of banking business.”Mamouda Mbemap Editor Journal of Restructuring Finance “Readers will appreciate the accessible and readily comprehensible way in which the book is written. The author seeks to give a broad overview of the landscape of Islamic banking in Southeast Asia. To his credit, he manages to achieve this in a rather slim volume while providing depth of analysis at the same time.”Asian Journal of Comparative Law “It provides an excellent background, not only to the development of Shari'a banking principles, but also with reference to the history of Islam in South East Asia … This is a much needed guide for those interested in the evolution of Islamic banking and finance in South East Asia. It outlines not only the intricacies of a technically complex area of the financial markets in this important region.”Step Avanti

Islamic Banking and Finance in South-East Asia by Angelo M Venardos has been a “must read” since its first edition in 2005 and has already been translated to Arabic.Now in its 3rd edition, the book offers important updates you can look ...