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Vol 23 No 6 June/July 2018

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Islamic Law and Finance: Religion, Risk and Return

ISBN13: 9789041105479
ISBN: 9041105476
Published: April 1998
Publisher: Brill Academic Publishers
Country of Publication: The Netherlands
Format: Hardback
Price: Out of print
Paperback edition out of print, ISBN13 9789041106247

This work describes the field of Islamic banking and finance as practised in the modern era. This unique form of commerce has grown dramatically over the past twenty years, and is coincident with expanding wealth in the Middle East and parts of Asia, and with a turning away from secular Western practices in those areas.

It examines the cultural background of this development and its legal and religious underpinnings. These prohibit Muslims from transactions that involve interest (riba) and speculation (gharar), among others, rendering many Western forms of finance and investing unacceptable.

The authors describe the financial arrangements that allow investors and capital users to transact business in Islamically-sanctioned ways. A number of major Western and Middle Eastern financial institutions have recognized Islamic banking as an important new field. These firms have established Islamic practices to serve this growing market, including mutual funds that - like `socially responsible' funds in the West - invest client monies in Islamically-approved ways.

Islamic Law
Part I:; The Islamic Law of Finance.; 2. Islamic Finance as the Application of Islamic Law. ;3. Qur'an and Sunna on Contract and Commerce.; 4. Islamic Laws of Usury, Risk, and Property. ;5. Islamic Law of Contract. ;6. The Law of Islamic Financial Institutions and Instruments.
Part II;: A Financial Analysis of Islamic Banking and Finance. ;7. Islamic Financial Instruments: A Primer. ;8. The Opportunity Rate of Capital and Islamic Capital Structure. ;9. Derivatives in Islamic Finance. Part III: Case Studies: Islamic Financial Innovation. ;10. Innovation in Islamic Financial Products.