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Vol 23 No 3 March/April 2018

Book of the Month

Cover of Scamell and Gasztowicz on Land Covenants

Scamell and Gasztowicz on Land Covenants

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Islamic Law and Finance: Religion, Risk and Return

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ISBN13: 9789041106247
ISBN: 9041106243
Published: November 1998
Publisher: Brill Academic Publishers
Country of Publication: The Netherlands
Format: Paperback
Price: Out of print
Hardback edition out of print, ISBN13 9789041105479

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.