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Rethinking Islamic Finance: Markets, Regulations and Islamic Law


ISBN13: 9781472477675
Published: December 2018
Publisher: Routledge
Country of Publication: UK
Format: Hardback
Price: £130.00



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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.

Subjects:
Islamic Law
Contents:
Preface

Chapter 1: Introduction
Chapter 2: The Paradox of Risk Sharing
Chapter 3: Freedom From Interest
Chapter 4: Financial Crisis and Islamic Finance
Chapter 5: The Little Difference Between Sukuk and Bonds
Chapter 6: Issuer’s Choice of Islamic Bond Type
Chapter 7: Risk in Risk Sharing Sukuk
Chapter 8: The Challenge of Shariah Compliance
Chapter 9: Replicating Conventional Finance
Chapter 10: Can Islamic Banks Have Their Own Benchmark?
Chapter 11: Islamic Versus Conventional Equities
Chapter 12: Charity in Islamic Banks – A Distinguishing Feature?
Chapter 13: Rethinking Islamic Finance: The Limits of Our Understanding
Chapter 14: Rethinking Islamic Finance: An Ethical Perspective
Chapter 15: Conclusion

Bibliography
Index