Wildy logo
(020) 7242 5778

Wildy’s Book News

Book News cover photo

Vol 23 No 2 Feb/March 2018

Book of the Month

Cover of The UK Supreme Court Yearbook Volume 8: 2016-2017 Legal Year

The UK Supreme Court Yearbook Volume 8: 2016-2017 Legal Year

Edited by: Daniel Clarry
Price: £120.00

Offers for Newly Called Barristers & Students

Special Discounts for Newly Called & Students

Read More ...

Secondhand & Out of Print

Browse Secondhand Online


Islamic Finance: Law, Economics, and Practice

ISBN13: 9780521741262
Published: January 2009
Publisher: Cambridge University Press
Country of Publication: UK
Format: Paperback (Hardback 2006)
Price: £23.99
Hardback edition price on application, ISBN13 9780521864145

This is a Print On Demand Title.
The publisher will print a copy to fulfill your order. Books can take between 1 to 3 weeks. Looseleaf titles between 1 to 2 weeks.

This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance - from personal loans to investment banking, and from market structure to corporate governance - Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law.

This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of ‘Islamization’ of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.

  • Accessible analytical exposition by internationally renowned author on Islamic financial practices and their historical, religious and legal roots
  • Focuses on economic substance rather than religious and historical forms
  • Studies religious injunctions as regulatory mechanisms, in the tradition of ‘law and economics’

Islamic Law
1. Introduction
2. Jurisprudence and arbitrage
3. Two major prohibitions: Riba and Gharar
4. Sale-based Islamic finance
5. Derivative-like sales: Salam, Istisma' and 'Urbun
6. Leasing, securitization and Sukuk
7. Partnerships and equity investment
8. Islamic financial institutions
9. Governance and regulatory solutions in mutuality
10. Beyond Shari'a arbitrage