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Islamic Finance and the New Financial System

An Ethical Approach to Preventing Future Financial Crises

Can Islamic finance save the global system? Islamic Finance and the New Financial System describeshow the adoption of Islamic finance principles in future regulatorydecisions could help prevent future shocks in the global financialsystem. Using illustrations and examples to highlight key points inrecent history, this book discusses the causes of financial crises,why they are becoming more frequent and increasingly severe, andhow the new financial system will incorporate elements of Islamicfinance – whether deliberately or not. With an introspectivelook at the system and an examination of the misconceptions anddeficiencies in theory vs. practice, readers will learn why Islamicfinance has not been as influential as it should be on the largerglobal system. Solutions to these crises are thoroughly detailed,and the author puts forth a compelling argument about what can beexpected in the future. Despite international intervention and global policy changes,the financial system remains in a fragile state. There is anargument to be made about integrating Islamic finance into the newsystem to facilitate stronger resilience, and this book explainsthe nuts and bolts of the idea while providing the reader with ageneral understanding of Islamic finance. Understand the key principles of Islamic finance Examine the history of the current financial system Discover how Islamic finance can help build a new debt-freeeconomy Learn how Islamic finance theory doesn't always dictatepractice Although Islamic finance is a growing market, it is still aforeign concept to many. Those within the Islamic finance circleswonder why the system has yet to gain broader appeal despite itsability to create a strong and well-balanced economy. IslamicFinance and the New Financial System provides clever analysisand historical background to put the issues into perspective.

Trust Financing (Mudaraba) Investment Manager / Entrepreneur Investor / Provider of Capital Both parties share profits but losses are only Management Skill borne by the investor Capital Investment / Venture and skills (also known as ...

Management of Islamic Finance

Principle, Practice, and Performance

In this issue, we have presented issues relevant to the most recent debate on the performance, practices, and principles of the Islamic finance industry as a whole, covering eleven distinct issues.

In addition, the financial system itself is represented as a connected network of financial institutions that includes firms with spillovers that are capable of undermining the system as a whole, in case of their default.

Risk Management in Islamic Finance

An Analysis of Derivatives Instruments in Commodity Markets

This study addresses derivatives instruments in Islamic finance. It highlights the benefits of these instruments, their legal aspects and the appropriate alternatives. The forward, futures and options contracts in commodity markets are discussed and the arguments in favour of and against these instruments examined. The forward contracts issue includes the possibility of trading gold in forward basis, the forward market for currencies and the possible alternative to manage related risks. With the examination of futures contracts, the main arguments against such a contract are addressed, for example the sale prior to taking possession and the sale of debt hedging and speculation. The study proposes "khiyar al-shart" and "bay al-arbun" as tools of risk management and alternatives to options. The sale of pure rights is at the center of the admissibility of options in Islamic law and is investigated comprehensively.

of a litigation system to enforce contracts by counterparty increase the legal risks associated with Islamic financial agreements.1 Thus, risk is an ever-present factor, especially in business, but industrialization brought risks ...

An Introduction to Islamic Finance

Theory and Practice

The first book to offer comprehensive coverage of Islamic finance and banking and its applications to the rest of the world, now fully revised and updated 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. Explores the unique features of an Islamic financial system, how they compare to more traditional financial systems, and how they could improve them Discusses all the most recent developments and emerging issues in Islamic finance Updated with the latest developments, trends, innovations, and statistics, this new edition features additional chapters on the financial crisis, globalization, non-bank financial institutions, and recent developments in Takaful (Islamic insurance) 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.

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 ...

Fundamentals of Islamic Finance

(Text Book)

This book is the result of a decade teaching of Islamic finance course to business graduates (Bachelor and Master classes). This book is written with a clear focus on learning of Islamic banking & finance by accounting, banking, business and finance students/professionals. This book is divided into five parts. Part-1 presents an update on Islamic finance, why and how Islamic banking started; What is current status; Meaning and prohibition of Riba (Interest & Usury) as reported in revealed books (Bible and Qur'an); business models under Islamic financial services industry; principles of Islamic financial system, similarities and differences with conventional finance industry, and challenges being faced by the nascent industry.Part two is about asset-backed financing provided by IFIs. It includes trading (selling) modes of financing including Murabaha (ch.2), Salam, and Istisna'a; it also includes rental-based financing product-Ijarah financing. Chapter 2,3,4,5 include sales and rental-based financing. Part three of the book deals with profit and loss sharing modes of financing including Musharakah, diminishing Musharakah and Mudarabah. A special section is devoted to discussing the causes of lesser application of Musharakah in operations of IFIs, in addition to Shari'ah rulings and financial impact. Chapter seven is about Diminishing Musharakah; a form of gradually declining partnership between an IFI and clients; generally used to finance real estates. Under diminishing Musharakah, the basic Shari'ah rulings, Islamic house financing, comparative study of conventional and Islamic mortgages and installment calculation under different assumptions for house financing are presented. Chapter eight is about Mudarabah. Chapter nine presents various types of deposits collected by IFIs and profit-sharing mechanism. Concepts of daily product and weight-age based profit systems are elaborated.Part four of the book presents special topics in Islamic Finance. In this part areas of liquidity management, Islamic insurance, currency system, substance & form, and challenges to Islamic finance industry are elaborated. Under Islamic capital market (liquidity management) two dedicated chapters have been included; each for equities and sukuk. Chapter 12 elaborates briefly the concept of Islamic insurance covering multiple areas including Shari'ah guidelines, takaful (insurance) models, and role of insurance company, in addition to illustrative financial calculations. Chapter-13 addresses the issue of preference for 'legal form over economic substance' by critically evaluating the selected Islamic finance contracts Last chapter identifies the challenges [potentially hurdles in sustainability, growth and expansion of the industry]. The fifth edition is the outcome of encouraging response by the academic community to earlier editions. In this edition, due attention has been given to present material in a reader-friendly mode in addition to a thorough review of content, exercises and figures. Title of the book changed by adding prefix of 'fundamentals' to reflect the nature of work (as text book). In this edition, the chapter on Islamic finance: an update is revised thoroughly; and by insertion of specific contents including principles and business models of Islamic financial system, in addition to brief presentation of challenges. Besides, Islamic capital market is re-written by including an evaluation of methodologies used in creation of Shari'ah universes of stocks. Also, a new chapter included to present the application of 'form over substance' principle to industry practices. Updated figures on the global volume of assets, application of financial products; regional shares, etc. are also part of this edition. Also, more examples included in the text to make the concept clear. An increased number of multiple-choice questions and mini cases are also forming part ofthe updated edition. I welcome readers' Feedback.

This book is written with a clear focus on learning of Islamic banking & finance by accounting, banking, business and finance students/professionals. This book is divided into five parts.

The Stability of Islamic Finance

Creating a Resilient Financial Environment for a Secure Future

The Stability of Islamic Finance main focus is on the question of the sources of financial instability which seems inherent in the conventional system. As a core component of this focus, the book will consider episodes of turbulence and instability in a historical context recalling the occurrence of such events from mid-19th century to the present. It will present various theoretical explanations along with solutions and alternative financial systems that avoid instability provided by various scholars dating back to mid-19th century to present. The book then will present and discuss the architecture of an Islamic financial system and show that at its core, this system shares many characteristics of an stable financial system proposed by Western scholars throughout history to avoid the inherent instability of the present dominant system. Particular emphasis will be placed on the present financial crisis and its causes as well the financial crisis of the 1997 in Southeast Asia, Russia, and Latin America relating these episodes to the fundamental features of the dominant system. The debt crisis of the low income countries will also be part of this discussion. It will then argue that these crises could be mitigated under an Islamic system or any other system with similar architecture.

It will then argue that these crises could be mitigated under an Islamic system or any other system with similar architecture. This new book by a group of four Western-trained Islamic economists is greatly welcomed.

Artificial Intelligence and Islamic Finance

Practical Applications for Financial Risk Management

This book provides a systematic overview of the current trends in research relating to the use of artificial intelligence in Islamic financial institutions (IFIs), across all organization of Islamic cooperation (OIC) countries. Artificial Intelligence and Islamic Finance discusses current and potential applications of artificial intelligence (AI) for risk management in Islamic finance. It covers various techniques of risk management, encompassing asset and liability management risk, credit, market, operational, liquidity risk, as well as regulatory and Shariah risk compliance within the financial industry. The authors highlight AI’s ability to combat financial crime such as monitoring trader recklessness, anti-fraud and anti-money laundering, and assert that the capacity of machine learning (ML) to examine large amounts of data allows for greater granular and profound analyses across a variety of Islamic financial products and services. The book concludes with practical limitations around data management policies, transparency, and lack of necessary skill sets within financial institutions. By adopting new methodological approaches steeped in an Islamic economic framework (e.g., analysing FinTech in the context of Shariah principles and Islamic values), it devises practical solutions and generates insightful knowledge, helping readers to understand and explore the role of technological enablers in the Islamic finance industry, such as RegTech and artificial intelligence, in providing better and Shariah-compliant services to customers through digital platforms. The book will attract a wide readership spanning Shariah scholars, academicians, and researchers as well as Islamic financial practitioners and policy makers.

A case study on waqf reporting practices for governance, performance and socio-economic impact in Malaysia. ... The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in ...

New Issues in Islamic Finance and Economics

Progress and Challenges

New Issues in Islamic Finance & Economics: Progress and Challenges provides a review of the main issues and challenges facing Islamic finance. The application of Islamic finance is currently limited to banking. This book starts with an overview of the factors and motives behind the development of Islamic finance. A critical review of issues facing the industry is provided followed by a detailed analysis of areas where further attention is required. The book offers some original thinking on issues pertaining to governance, institutions, public finance and economic development within an Islamic financial system.

The book offers some original thinking on issues pertaining to governance, institutions, public finance and economic development within an Islamic financial system. This volume certainly fills a gap in the Islamic finance literature.

Theory and Practice of Modern Islamic Finance

The Case Analysis from Australia

Theory and Practice of Modern Islamic Finance seeks to contribute to the existing body of work in the area of Islamic finance through examining the extent of divergence in practice of Islamic financing from the traditional Shari'ah in the Australian context. The author makes a discursive analysis of the regulation of Islamic finance in Australia in terms of (a) the financing instruments used, (b) certainty of transactions between participants in the system, and (c) institutional risk management of Islamic financial institutions. The work's objectives are two-fold: (a) to analytically study the extent to which Islamic Financial Services Providers (IFSPs) of Australia differ from the traditional Shari'ah in their current practices of Islamic legal financial system by their use of different financial products and techniques, and (b) to create awareness and transparency about the various products and instruments used by IFSPs of Australia. REVIEWS "It is indeed a most comprehensive, methodologically sound, well organised, lucid, comprehensively documented and analysed, and convincingly argued and concluded research. It systemically addressed all the research questions raised and very convincingly and successfully resolved them to logical conclusions. The study can convincingly claim to have made a breakthrough in the frontier of knowledge in the field of Islamic finance" Professor R. I. Molla, Multimedia University, Malaysia "Discussions of the topics throughout the book are logically coherent and presented in plain language. It is an insightful, well researched, logically organised and lucidly presented research work having overwhelming strengths and very limited weaknesses. I have no hesitation to say that this book may provide useful guidelines for dealing with the emerging issue of Islamic finance around the world.." Dr. S. M. Solaiman, The University of Wollongong, Australia "I have gone through for the most part of author s present work and found that it was excellent. I must congratulate him for preparing a research work of such standard. It was due to his extreme commitment, sense of professionalism, and perseverance." Professor A. B. Rafique Ahmad, Pro-VC, International Islamic University Chittagong, Bangladesh "I read this book on Islamic finance with lots of interest. It is one of the finest pieces of writing, in terms of content, eyes to detail, referencing and scholarly analysis. It is often a challenge to simplify such a complex subject without loosing the necessary details. There are very few Islamic books that introduce all jurisdictions. This book filled in this gap through making an unbiased objective reading. The book have covered very valid governance issues such as the conflict of interest of the regulators (Shari'ah Board), the products resembling conventional loans and the reluctance of sharing the full risk. While Islamic Institutions may shy away from the author, his talent will be highly sought in academia and research circles." Dr. Shahadat Chowdhury, School of Civil and Environmental Engineering, University of New South Wales, Sydney, Australia This book appears to be the only major research monograph on Islamic finance in Australia. The historical, rational and critical methodology of this book follows the scientific research methodology of the great twentieth century philosopher of science Karl Popper. The clarity and logical rigour resulting from this approach is one of the major strengths of this work. Chapters 1-3 and 5 are of excellent quality and reflect Dr Ahmad's authoritative knowledge in the field of Islamic law. Chapters 6-11 reflect not only Dr Ahmad's expertise in Islamic financial law, evident in previous chapters but also his extensive practical experience in his advisory and consultancy work. The book raises many questions for future research, including, how to resolve the perceived divergence of financial practice from Islamic law and the development of a fully satisfa

There is no disagreement among Muslims that the Qur'an is the basis of the Shari`ah and that its specific provisions ... “Sources of Islamic Law, and the Protection of Human Rights in the Islamic Criminal Justice System”, The Islamic ...