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Islamic Finance, Risk-Sharing and Macroeconomic Stability

The concept of risk-sharing in financial and social contracts is one of the unique features of Islamic finance. Many theoretical studies generally claim superiority of an Islamic financial system based on pure equity and participatory modes of financing, while empirical studies provide mixed results. Studies and discussions are needed to fully understand how Islamic finance could contribute to the ongoing discussion of financial stability. Against this background, this book addresses various aspects of Islamic finance and the risk-sharing mechanism contributions to the overall macroeconomic and financial stability. Undoubtedly, the findings and recommendation from this book should be of great interest not only to future academic researchers in the field of macroeconomic stability and Islamic finance, but also to policy makers and regulators who are keen on drawing lessons from Islamic finance experiences to prevent similar crisis in the future.

Against this background, this book addresses various aspects of Islamic finance and the risk-sharing mechanism contributions to the overall macroeconomic and financial stability.

Handbook of Analytical Studies in Islamic Finance and Economics

This handbook offers a unique and original collection of analytical studies in Islamic economics and finance, and constitutes a humble addition to the literature on new economic thinking and global finance. The growing risks stemming from higher debt, slower growth, and limited room for policy maneuver raise concerns about the ability and propensity of modern economies to find effective solutions to chronic problems. It is important to understand the structural roots of inherent imbalance, persistence-in-error patterns, policy and governance failures, as well as moral and ethical failures. Admittedly, finance and economics have their own failures, with abstract theory bearing little relation with the real economy, uncertainties and vicissitudes of economic life. Economic research has certainly become more empirical despite, or perhaps because of, the lack of guidance from theory. The analytics of Islamic economics and finance may not differ from standard frameworks, methods, and techniques used in conventional economics, but may offer new perspectives on the making of financial crises, nature of credit cycles, roots of financial system instability, and determinants of income disparities. The focus is placed on the logical coherence of Islamic economics and finance, properties of Islamic capital markets, workings of Islamic banking, pricing of Islamic financial instruments, and limits of debt financing, fiscal stimulus and conventional monetary policies, inter alia. Readers with investment, regulatory, and academic interests will find the body of analytical evidence to span many areas of economic inquiry, refuting thereby the false argument that given its religious tenets, Islamic economics is intrinsically narrative, descriptive and not amenable to testable implications. Thus, the handbook may contribute toward a redefinition of a dismal science in search for an elusive balance between rationality, ethics and morality, and toward a remodeling of economies based on risk sharing and prosperity for all humanity

This handbook offers a unique and original collection of analytical studies in Islamic economics and finance, and constitutes a humble addition to the literature on new economic thinking and global finance.

Economics, Business, and Islamic Finance in ASEAN Economics Community

The economic integration of Southeast Asia or ASEAN Economic Community (AEC) offers enormous opportunities for its members to develop and collectively collaborate with other economies. Combining the culture of the region with global business in an expanding digital atmosphere, however, has caused numerous challenges on an international scale. Due to the importance of this economic player in Asia, research on key topics including Islamic economics, Islamic finance, technology, and cultural issues in doing business are essential to understand the ASEAN competitive landscape and its relations with other countries. Economics, Business, and Islamic Finance in ASEAN Economics Community is a pivotal reference source that explores key issues and enhances understanding of business and economics in the ASEAN community and explores the collaboration between this community and Islamic finance and technology. While highlighting topics such as global business, smart manufacturing, and human resource management, this publication explores sustainable development practices as well as the methods of cultural appreciation in economics. This book is ideally designed for deans, heads of department, directors, politicians, policymakers, economists, corporate heads, senior general managers, managing directors, information technology directors and managers, libraries, academicians, researchers, and students.

This book is ideally designed for deans, heads of department, directors, politicians, policymakers, economists, corporate heads, senior general managers, managing directors, information technology directors and managers, libraries, ...

Islamic Finance

Overview and Policy Concerns

Discusses Islamic finance, which is based on principles of ¿shariah,¿ or ¿Islamic law.¿ Major principles of ¿shariah¿ are a ban on interest, a ban on uncertainty, adherence to risk-sharing and profit-sharing, promotion of ethical invest. that enhance society, and asset-backing. The international market for Islamic finance has grown between 10% to 15% annually in recent years. Critics of Islamic finance express concerns about possible ties between Islamic finance and political agendas or terrorist financing and the use of Islamic finance to circumvent U.S. economic sanctions. Proponents argue that Islamic finance presents significant new business opportunities and provides alternate methods for capital formation and economic development. Graph.

Financial institutions seeking to offer shariah-compliant products typically have a
shariah supervisory board (or at a minimum, a shariah counselor). The shariah
board would review and approve financial practices and activities for compliance
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Islamic Finance in Western Higher Education

Developments and Prospects

This is the first of its kind in its topical coverage of the developments and prospects of Islamic finance education at Western higher education. Intended to establish itself as a unique reference for academics and researchers this book gives an insight into ethics and values in curricula development at business schools and in finance departments.

I suggest that further improvements be placed on students' engagement in their learning in relation to IB and IF themes. ... Brew, A.(2001)'Conceptions of research: A phenomenographic study', Studies in Higher Education, 26, 3, pp.

Rethinking Islamic Finance

Markets, Regulations and Islamic Law

Islamic finance's phenomenal growth owes to the Shariah compliant nature of its financial instruments. Shariah forbids the charging of interest (Riba) and instead promulgates risk-sharing and trade-based modes of financing. The Islamic financial industry has been subject to both critique and admiration. Critics argue that Islamic instruments (bearing debt-based structures) differ from their conventional counterparts only in legal lexicon and not in economic impact. The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with 'juristically sound' Islamic principles. This book aims to reconcile the above dispute. It argues that the financial impact of instruments is a consequence of the way they are priced and structured. The similarity in pricing and structures is an outcome not of the underlying Islamic financial modes but of the competitive environment in which Islamic instruments compete. Even risk-sharing and trade-based Islamic structures, if implemented in such an environment, would have a financial impact similar to that of conventional instruments. This book has a wider appeal for both academic and non-academic audiences. It can complement undergraduate and graduate courses as an additional reading on the intricacies of Islamic financial instruments and markets. For PhD students, it would help identify future research areas. To non-academics, it offers a deeper understanding regarding the working of the Islamic finance industry.

The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with 'juristically sound' Islamic principles. This book aims to reconcile the above dispute.

Islamic Finance in Europe

A Cross Analysis of 10 European Countries

Information about Islamic finance in European countries is usually provided by professional-style reports, offering practical data on implementation of standardized products. However, precise developments about material legal provisions applicable to contracts and their actual legal regime are not often detailed. In order to fill this gap, 15 researchers from across Europe contributed to this project. They describe the state of actual Islamic finance in 10 European countries, as well as applicable EU law. By combining legal analysis with statistical description of existing practices and social demand, this book provides an exhaustive account of the current potential of Islamic finance in Europe.

By combining legal analysis with statistical description of existing practices and social demand, this book provides an exhaustive account of the current potential of Islamic finance in Europe.

Islamic Finance and Law

Theory and Practice in a Globalized World

Islamic commercial and financial practice has not experienced the trial-and-error style of development that has characterised the development of the common law in the English-speaking world. Many of the principles, rules and practices prevalent in the Islamic law of contract, commerce, finance and property remain the same as those outlined by the Quran and the Prophet Muhammad, and expounded by scholars of jurisprudence as far back as the 13th century, despite the advancement in time and sophistication of commercial interaction. Hanaan Balala here demonstrates how, in order to bridge the gap between the principles outlined by the Quran and the Prophet in the 7th century and commercial practice in the 21st century, Islamic finance jurisdictions need to open themselves to learning from the experience (including the mistakes) of the English common law. 'Islamic Finance and Law: Theory and Practice in a Globalized World' provides an analysis of the fundamental principles underlying the Islamic law of contract and commercial practice in comparison with their equivalents in common law in the English-speaking world. It seeks to draw parallels (and differences where appropriate) to facilitate the growth and development of Islamic commercial and financial law globally.

'Islamic Finance and Law: Theory and Practice in a Globalized World' provides an analysis of the fundamental principles underlying the Islamic law of contract and commercial practice in comparison with their equivalents in common law in the ...

Islamic Financial Institutions and Islamic Finance Law

In recent years, Islamic business has grown in size and importance in the world financial markets, propelled by government and private wealth in Muslim countries. The UK has fashioned itself as a leading supporter of Islamic finance, evinced in its position as an "emerging global 'hub' for Islamic finance" (Islamic Finance in the UK: Regulation and Challenges (Financial Services Authority, 2007) This work examines how laws and regulations in the UK and abroad are applied to Shari'a products and services. It offers cutting-edge guidance from a leading practitioner: it includes explanation of terms and definitions and looks the legal nature of the Shari'a, in addition to a crucial review of how Islamic financial business is regulated and its practical application within the UK.The report also covers the following key areas:* An introduction to the basics of Islamic law unfamiliar to most UK practitioners - e.g. what is Islamic law, what are the key principles, what are the products on offer* Islamic financial institutions - e.g. different types and requirements* Discussion of the legal nature of the Shari'a - the basis, concepts and context of applying Shari'a law* How is Islamic financial business regulated in the UK - e.g. how does it work with the Financial Services and Markets Act 2000 (this act being fundamental to how the financial services industry is structured and operates), with the Financial Services Authority, how are Islamic mortgages regulated* Best practice guidelines - e.g. key governance principles, Shari'a reviews and audits* International operation - what are the regulatory models, how to incorporate best practice guidelines, oversight of Shari'a supervisory boards* Practical application of Shari'a principles to areas such as guarantees, set-off, assignment of debt* Glossary of terms.

been introduced or amended to take Islamic finance into account . With the
United Kingdom positioning itself for the anticipated worldwide growth in Islamic
finance , it is increasingly important to understand how secular English laws and
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