By Zamir Iqbal
The first booklet to supply accomplished insurance of Islamic finance and banking and its purposes to the remainder of the area, now absolutely revised and updated
The ongoing overseas monetary predicament has reignited debate over the advance of a risk-sharing economic climate, comparable to that required in Shariah legislation. An creation to Islamic Finance: concept and perform, moment Edition highlights the middle ideas of hazard sharing in Islam, arguing risk-sharing economic climate is strictly what we have to advertise higher monetary stability.
Providing complete insurance of the basic conception in the back of Islamic finance and banking, in response to the middle strategies of Shariah legislations, authors Zamir Iqbal and Abbas Mirakhor truly clarify the particular beneficial properties of an Islamic economic system and the way it compares with conventional monetary types. Addressing the myriad very important advancements that experience taken position lately, this moment version appears to the long run, addressing rising concerns guaranteed to impact destiny advancements in Islamic finance.
- Explores the original beneficial properties of an Islamic economy, how they evaluate to extra conventional monetary platforms, and the way they can enhance them
- Discusses all of the most up-to-date advancements and rising matters in Islamic finance
- Updated with the newest advancements, tendencies, strategies, and information, this re-creation beneficial properties extra chapters at the monetary obstacle, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)
The first variation of An creation to Islamic Finance demonstrated the publication because the marketplace chief, and this newly revised and up to date moment version contains the newest advancements during this booming monetary area, together with monetary balance, globalization, and non-banking monetary institutions.
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Additional info for An Introduction to Islamic Finance: Theory and Practice
Throughout the legal and intellectual history of Islam, a body of rules constituting a general theory of contracts—with explicit emphasis on speciﬁc contracts, such as sales, lease, hire, and partnerships—was formulated on the basis of the Shari’ah. Contracts are considered binding, and their terms are protected by the Shari’ah, no less securely than the institution 36 AN INTRODUCTION TO ISLAMIC FINANCE of property. This body of rules established the principle that, in matters of civil and economic dealings, any agreement not speciﬁcally prohibited by the Shari’ah is valid and binding on the parties and can be enforced by the courts, which treat the parties to a contract as complete equals.
5. The abbreviation “pbuh” (“peace be upon him”) invokes the peace and blessings of Allah (swt) on the Prophet, and is a sign of respect. 6. Qur’an 2:143. 7. Khurshid (2009). 8. Martin (2007). 9. The IDB award for distinguished achievement in Islamic economics was awarded to Dr. Mohsin Khan and Dr. Abbas Mirakhor. 10. Wilson (2007). 11. Ibid. 12. Oakley, David, ‘‘Capital Takes a Leading Role,’’ FT Report—Islamic Finance, May 23, 2007, Financial Times (London, UK). 13. RedMoney 2007. Introduction 27 14.
The Economic System 33 The word “property” is deﬁned as a bundle of rights, duties, powers, and liabilities with respect to an asset. In the Western concept, private property is considered the right of an individual to use and dispose of a property, along with the right to exclude others from the use of that property. Even in the evolution of Western economies, this is a rather new conception of property that is thought to have accompanied the emergence of the market economy. Before that, however, while a grant of the property rights in land and other assets was the right to use and enjoy the asset, it did not include the right to dispose of it or exclude others from its use.
An Introduction to Islamic Finance: Theory and Practice by Zamir Iqbal