By Zamir Iqbal

The first e-book to provide entire insurance of Islamic finance and banking and its functions to the remainder of the area, now absolutely revised and updated

The ongoing foreign monetary obstacle has reignited debate over the improvement of a risk-sharing economic climate, comparable to that required in Shariah legislation. An advent to Islamic Finance: thought and perform, moment Edition highlights the center rules of possibility sharing in Islam, arguing risk-sharing economic system is strictly what we have to advertise better monetary stability.

Providing finished insurance of the elemental concept in the back of Islamic finance and banking, in keeping with the middle recommendations of Shariah legislation, authors Zamir Iqbal and Abbas Mirakhor truly clarify the unique positive aspects of an Islamic economy and the way it compares with conventional monetary versions. Addressing the myriad very important advancements that experience taken position in recent times, this moment version seems to be to the longer term, addressing rising concerns certain to effect destiny advancements in Islamic finance.

  • Explores the original good points of an Islamic economic climate, how they evaluate to extra conventional monetary platforms, and the way they can enhance them
  • Discusses all of the newest advancements and rising concerns in Islamic finance
  • Updated with the newest advancements, traits, strategies, and facts, this re-creation beneficial properties extra chapters at the monetary difficulty, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)

The first variation of An creation to Islamic Finance verified the booklet because the industry chief, and this newly revised and up-to-date moment version comprises the newest advancements during this booming monetary region, together with monetary balance, globalization, and non-banking monetary institutions.

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Extra resources for An Introduction to Islamic Finance: Theory and Practice

Example text

Every public office in Islam, even the Imamate (temporal and spiritual leadership of the society), is regarded as a contract, an agreement (áqd) that defines the rights and obligations of the parties. Every contract entered into by the faithful must include a forthright intention to remain loyal to performing the obligations specified by the terms of contract. Trust Trust is considered the most important element of social capital in Islam and the cornerstone of the relationship of individuals with Allah (swt) and The Economic System 37 with others in society.

Introduction 21 1994 with the objective of enlarging the scope of trade transactions and the flow of investments among member countries. The ICIEC’s main objectives are to provide Shari’ah-compliant export credit insurance and reinsurance to cover the non-payment of export receivables resulting from commercial (buyer) and non-commercial (country) risks and to provide investment insurance and reinsurance against country risk, emanating mainly from foreign-exchange transfer restrictions, expropriation, war and civil disturbance, and breach of contract by the host government.

Before that, however, a general statement regarding the Islamic economy is necessary. It can be stated categorically that Islam requires, as one of its specific objectives, a healthy, dynamic, and growth-oriented economy, without which the higher aims of Islam cannot be accomplished. A dynamic and growing economy is considered healthy only when its rules, institutions, organizations and their operations, as well as the behavior of the individual and the collectivity, are in conformity with the Shari’ah.

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