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| islamic finance free download: An Introduction to Islamic Finance Mufti Muhammad Taqi Usmani, 2021-10-18 Although the principles of Shari'ah require banks and financial institutions to be structured on an interest-free basis, this does not mean that such institutions are charitable concerns. As long as a person advancing money expects to share in the profits earned (or losses incurred) by the other party, a stipulated proportion of profit is legitimate. The philosophy is enshrined in the traditional Islamic concepts of musharakah and mudarabah, along with their specialized modern variants murabahah, ijarah, salam, and istisna'. This invaluable guide to Islamic finance clearly delineates the all-important distinctions between Islamic practices and conventional procedures based on interest. Justice Usmani of Pakistan, who chairs several Shari'ah supervisory boards for Islamic banks, clearly explains the various modes of financing used by Islamic banks and non-banking financial institutions, emphasizing the necessary requirements for their acceptability from the Shari'ah standpoint and the correct method for their application. He deals masterfully with practical problems as they arise in the course of his presentation, and offers possible solutions in each instance. |
| islamic finance free download: The Art of Islamic Banking and Finance Yahia Abdul-Rahman, 2009-12-09 A detailed look at the fast-growing field of Islamic banking and finance The Art of Islamic Banking and Finance is a modern American take on what it means to incorporate Islamic finance principles into everyday banking and investment techniques by introducing a new brand of banking for all people of all faiths: The Riba-Free (RF) banking. The author is considered the father of RF (Islamic) banking in America. He has been a banker and an Imam/scholar for over 40 years in America since 1968. He started the tedious process with a finance company, LARIBA, in Pasadena, California in 1987. This is the first book ever in the field to trace the origins of prohibiting the renting of money at a price called interest rate and over-indulging in debt. The book reviews in great details the theological foundations of prohibiting interest in the Jewish Bible, the Christian Bible, and the Qur'aan. The author then discusses money and how fiat money is created, the role of the Federal Reserve, and the banking system in America. The book also discusses for the first time ever how to include an important aspect of RF (Islamic) finance using commodity indexation and marking the items to be financed to market in order to avoid participating in economic bubbles. The author discusses how these rules work, how they affect consumer behavior, and how they change the role of the banker/financier. Covers a new pioneering model that is based on the Law (Shari'aa) and how it is applied in every transaction from joint ventures and portfolio management to home mortgages and personal financing Shows how to incorporate the Law (Shari'aa) into American financing and banking systems Points to RF (Islamic) finance and banking as a way to emphasize socially responsible investing The Art of Islamic Banking and Finance also includes a discussion on the emergence of a culture of RF (Islamic) banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and very effective when compared to twentieth-century models that use financial engineering and structuring techniques to circumvent the Law (Shari'aa). The book also includes case studies based on the actual experience of the author and detailed analysis of the superior results realized by applying this new brand of banking to financing. |
| islamic finance free download: Handbook of Islamic Banking Kabir Hassan, Mervyn Lewis, 2007 From its origins 30 years ago, Islamic banking has grown to become part of international financial system offering a wide variety of financial instruments and investment vehicles based on profit and loss sharing arrangements. This work explores topics such as governance, risk management and economic development. |
| islamic finance free download: Introduction to Islamic Banking and Finance Brian Kettell, 2011-10-07 Introduction to Islamic Banking and Finance is a succinct guide to the key characteristics of Islamic banking highlighting how these differ from conventional banking. This detailed book illustrates how Islamic banking is consistent with the Sharia'a, a key element of which is the prohibition on collecting and paying interest. This central religious precept appears to rule out most aspects of modern finance but it does allow money to be used for trading tangible assets and business, which can then generate a profit. Brian Kettell's book looks at all aspects of Islamic banking, including chapters on its creation and evolution through to detailed discussions of the issues involved in the Sharia'a contracts of Murabaha, Mudaraba, Musharaka, Ijara, Istisna'a, and Salam. Islamic insurance (Takaful) is also covered. Finally the book takes a look at Sharia'a law and Sharia'a boards, indicating the roles and responsibilities that come with membership. Islamic banks have been operating in places such as Bahrain, Saudi Arabia, Malaysia and Dubai for some time. Conventional bankers have traditionally viewed the sector as a small, exotic niche but recent years have seen a dramatic surge in popularity. A number of Western investment banks have started working with Muslim clerics to create new ranges of financial products designed for devout Muslims, a large and growing market. Although estimates of the size of the Islamic finance industry vary greatly, everyone agrees that it is expanding rapidly and this is the perfect book for anyone looking to understand the industry. |
| islamic finance free download: The Islamic Finance Handbook REDmoney, 2014-04-07 Get up to speed quickly on the world's fastest growing financial sector The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is the definitive report for the Islamic finance industry. Written by the industry's leading practitioners, the book provides a country-by-country breakdown of the current state of the Islamic market, including league tables by region and by country. Relevant case studies are used throughout to illustrate the practical aspect of the information presented. Organized for easy navigation, each chapter features sub-sections that allow instant comparison between countries in a specific area of interest. The Islamic finance industry is the world's fastest growing sector, valued at over U.S. $1.3 trillion by the UK Islamic Finance secretariat, with an annual growth of 24% for the past five years. To compete globally, practitioners need a true understanding of key markets within the industry. The Islamic Finance Handbook paints a clear picture of where each country stands in its development and role within the market, and provides a straightforward comparison between markets. Features include: Current macroeconomic and microeconomic conditions Regulatory and political situations Recent transactions, key participants, and the investor climate Real-world cases, as opposed to speculative scenarios The book places a clear focus on current conditions versus past performance, and on practical applications versus theoretical speculation. Each chapter is authored by a leading practitioner from within each country, allowing a true glimpse inside the day-to-day workings of the Islamic markets. For finance professionals who need to get up to speed on this rapidly growing sector, The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets is a clear, comprehensive guide. |
| islamic finance free download: Islamic Finance Mahmoud A. El-Gamal, 2006-07-03 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. |
| islamic finance free download: Case Studies in Islamic Banking and Finance Brian Kettell, 2011-08-15 Based around 13 individual cases, this book will stimulate discussion and develop the reader's understanding of Islamic finance by contrasting their existing theoretical knowledge against practical examples. |
| islamic finance free download: Fundamentals of Islamic Finance and Banking Syeda Fahmida Habib, 2018-07-19 A comprehensive and fully up-to-date introductory textbook to Islamic finance and banking Islamic finance and banking is being used increasingly globally — especially in the regions of Middle East and North Africa, South East and South Asia. To cater to the need of trained Islamic finance staff, a large number of Educational institutions are beginning to offer courses, majors and minors in Islamic finance and banking. The major challenge faced by these institutions are suitable textbooks for both undergrad and post-grad levels and especially with the relevant instructor resources (PPTs, test bank, practice activities and answer keys). Luckily, Fundamentals of Islamic Finance and Banking is here to cover the most important topics related to Islamic finance and banking (IF&B) that are relevant for students of business, finance and banking. Offers an historical background of Islamic finance Covers the principles of Sharia Law as pertinent to finance and banking Provides in-depth discussion of the six key Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna Discusses the Islamic insurance (Takaful) Gives an overview of Islamic investment, especially Sukuks Concludes with the global standing of the Islamic Finance and Banking industry Would-be colleges and universities offering this subject as a course within their finance and/or banking program can’t be without this invaluable guide. |
| islamic finance free download: Islamic Financial Products Mohd Ma'Sum Billah, 2019-06-28 Islamic finance has grown exponentially since 1963 and has reached more than 70 countries around the world with the asset size of about $2.5 trillion. The Islamic financial system today comprises a sizable asset base and there is evidence of sustained demand for Islamic financial products and services in the global market, with demand outstripping supply. This book provides a new source of understanding of the Islamic financial products in view of facilitating academia, industrialists, professionals, product designers, students and policymakers globally. There is a mass of literature on Islamic finance available to the market, but very little research is found in the form of book exclusively on Islamic financial products and their structures. Thus, this book is a timely contribution to the global market with Islamic financial product solutions. |
| islamic finance free download: Islamic Finance For Dummies Faleel Jamaldeen, 2012-08-03 A detailed look at the fast-growing field of Islamic banking and finance The global Islamic finance market is now worth about $700 billion worldwide. Islamic Finance For Dummies helps experienced investors and new entrants into Islamic finance quickly get up to speed on this growing financial sector. Here, you'll find clear and easy-to-understand information on how you can incorporate Islamic finance products into your investment portfolio. You'll quickly and easily: become acquainted with the theory, practice, and limitations of Islamic banking; understand how to develop products for the Islamic financial industry; grasp the objectives and sources of Islamic law and the basic guidelines for business contacts; learn about Islamic fund management and insurance; and much more. Coverage of the role Islamic finance can play in the development of the financial system and of economies Addresses the risks and rewards in Islamic banking The future prospects and opportunities of the Islamic finance industry With the help of Islamic Finance For Dummies, you'll discover the fast and easy way to tap into the booming Islamic finance arena. |
| islamic finance free download: Islamic Banking and Financial Crisis Habib Ahmed, 2013-12-16 Examines the resilience of Islamic banking during the global financial crisis and lessons for risk management. Do Islamic financial institutions perform better than their conventional counterparts during periods of financial stress? To what extent do systems for managing risk have to be adapted for Islamic financial institutions, given the unique characteristics of their assets and liabilities and the need for shari'ah compliance? These issues have come to prominence since the global financial crisis of 2007-8 and the subsequent recession, and are addressed in this book. The challenges for Islamic financial institutions are explored in an international post Basel II system where banks are required to have more capital and liquidity. Governance issues are also examined, given their influence on client and investor perceptions and their ultimate implications for institutional stability and sustainability.Offers an in-depth assessment of how Islamic banks weathered the financial crisis and what lessons can be learnt. Asks whether Islamic banks are inherently more stable than conventional banks during periods of economic stress. Examines how Islamic banks manage risk, focusing on liquidity risk and the use of forward contracts to mitigate currency risk. Appraises the work of internal shari'ah audit units and the use of shari'ah reports to reduce non-compliance risks. Features case studies from the Gulf, Malaysia, the UK, Pakistan, Turkey and GCC countries. |
| islamic finance free download: Islamic Monetary Economics and Institutions Muhamed Zulkhibri, Turkhan Ali Abdul Manap, Aishath Muneeza, 2019-10-01 This edited volume explores theoretical and empirical issues related to monetary economics and policy in the Islamic financial system. Derived from the Conference on Islamic Monetary Economics and Institutions: Theory and Practice 2017 held in Malé, Maldives, the enclosed papers highlights several option for authorities and regulatory bodies regarding monetary policy and regulation, as well as discussing how Islamic monetary policy effects growth, financial stability and resilience to shocks in practice. The inter-linkage between Islamic monetary policy and other markets are also explored. The subject of Islamic economics has gained considerable attention in the last four decades with the emergence of Islamic financial institutions around the world. This phenomenon has motivated economists to develop a comprehensive theoretical framework of modern monetary economics for Islamic economic system. An important characteristic of the Islamic economic system is the abolition of interest from the financial system. Islamic monetary economics is distinguished from conventional monetary economics due to the absence of interest. Therefore, under the Islamic economic system, monetary policy has to depend on other tools. In the early theoretical literature on Islamic monetary economics, many have discussed the role of money in Islamic economics system, while the number of empirical studies on Islamic monetary economics is a relatively new phenomenon. According to Islamic scholars, there are three main goals of Islamic monetary policy: a) economic well-being with full employment and optimum rate of economic growth; b) socioeconomic justice and equitable distribution of income and wealth and c) stability in the value of money. Hence, the Islamic monetary policy has several socioeconomic and ethical implications. Featuring regional case studies, this book serves as a valuable resource for academics, scholars, practitioners and policy makers in the areas of Islamic economics and finance. |
| islamic finance free download: Critical Issues and Challenges in Islamic Economics and Finance Development Velid Efendić, Fikret Hadžić, Hylmun Izhar, 2017-05-04 This book explores contemporary issues and trends facing Islamic banks, businesses and economies as presented at the International Conference of Islamic Economics, Banking and Finance. The authors leverage current empirical research and statistics to provide unique and fresh perspectives on the changing world of Islamic finance. They focus specifically on to the implementation of Islamic financial instruments and services in global capital markets and how their success can be evaluated. Chapters feature case studies from all over the world including examples from Afghanistan, Bosnia and Herzegovina and the United Kingdom, to name a few. The breadth and immediacy of the research presented by the authors will appeal to practitioners and scholars alike. The global outlook and rich data-based approach adopted in this book guarantee that it is a timely and valuable addition to the field of Islamic finance. |
| islamic finance free download: Thirty Years of Islamic Banking M. Iqbal, P. Molyneux, 2016-01-13 This text explains how Islamic banking works and what it offers as an alternative model of financial intermediation. Important questions addressed include: Why Islamic banking started and where it is going? Who are the main players at present and whom it will attract in future? What are its strengths and weaknesses? Will Islamic banks survive in highly competitive and globalized financial markets? What are their prospects and potentials? How does the relative performance and efficiency of Islamic banks compare to conventional banks? |
| islamic finance free download: Islamic Finance in the Global Economy Ibrahim Warde, 2014-03-11 A second edition of Islamic Finance in the Global Economy, substantially revised and updated to take into account the recent developments in the field. |
| islamic finance free download: Islamic Finance Tina Harrison, Essam B. Ibrahim, 2016-10-07 This book demonstrates how the global market for Islamic financial services has shown strong growth in recent years and shown remarkable resilience during the global financial crisis. Drawing on a range of international perspectives from the Gulf Cooperation Council countries, Malaysia, Pakistan, Australia and Europe, this book explores the characteristics and performance of Islamic finance and banking and discusses future prospects. It offers a comprehensive theoretical framework for Shariah governance in Islamic financial institutions, explores Shariah-compliant equities, as well as issues in productivity, technology and efficiency. It includes a number of comparative studies on Islamic and conventional banks, Islamic and conventional unit trusts, and Islamic and conventional banks’ product mixes. The challenges and opportunities for the expansion of Islamic finance and banking into Europe are explored through the contexts of the UK, Germany and Italy. |
| islamic finance free download: The Islamic Moral Economy Shafiel A. Karim, 2010 The Islamic Moral Economy is an academic book that analyzes the religious permissibility or lack thereof of the existing repertoire of financial instruments used in Islamic banking and finance. The work is both timely and sound, especially considering the growth of the international Islamic banking and insurance industries, and the Great Recession of 2007-2010. The Islamic Moral Economy is an excellent introductory book for academics and finance professionals wishing to gain a better understanding of Islamic moral constraints on economic transactions and how most current Islamic banking transactions are structured. More specifically, the author examines the utopian nature of the Islamic moral economy with a special emphasis on riba (i.e., financial interest and illogical increase), which is inescapable in the global interconnected economy, and therefore insoluble within the framework of the Islamic Moral Economy. Unlike other books on the subject, The Islamic Moral Economy places a special emphasis on the ubiquity of financial interest and illogical increase in both current Islamic banking and finance as well as conventional economics. |
| islamic finance free download: Islamic Finance and Circular Economy Syed Nazim Ali, Zul Hakim Jumat, 2021-12-04 This book is the first of its kind to provide a critical overview and theoretical analysis of the Circular Economy from Shariah and Islamic Finance perspectives. The book is divided into three parts. The contributing authors pay close attention to Islamic Finance in light of sustainability and value creation. It also includes case studies on the Circular Economy application in Islamic Finance industry. The book is of interest to academics, students, and practitioners on Islamic Economics and Finance who have an interest in understanding the Circular Economy under the lens of Islamic Finance principles and applications. |
| islamic finance free download: An Introduction to Islamic Finance Zamir Iqbal, Abbas Mirakhor, 2007 Publisher description |
| islamic finance free download: Critical Issues on Islamic Banking and Financial Markets Saiful Azhar Rosly, 2005 Thrust of this book is to acquaint the reader with the obstacles overcome by a state whose past standing throughout the South and some of the northern sites had deteriorated from having over 40 SCV camps and 4 MOSB chapters to, by 1978, five camps and no active MOSB chapters. Under the leadership of Commander KH Bailey, his top adjutant Ray Hendrix and other carefully chosen staff members and some new camp commanders, the number of SCV Camps increased by 1986 to over 500 members in eleven camps. The MOSB chapters increased from 0 to 3. This increase in strength would have meant little in itself but what did these hardworking Tarheels accomplish during these nine years, 1977-1986? They hosted the first National SCV-MOSB Convention in NC in 1979, fifty years since the previous one in Charlotte in 1929! Long overdue was a monument to the Tarheels killed at the Battle of Bentonville in 1865. There were monuments to ALL Confederates killed and another one for the Texas killed. We resurgents built such a memorial. Read on for further outstanding contributions by these talented, hard charging Tarheels. |
| islamic finance free download: Management of Islamic Finance M. Kabir Hassan, Mamunur Rashid, 2018-11-23 In this issue, we have presented issues relevant to the most recent debate on the performance, practices, and principles of the Islamic finance industry as a whole, covering eleven distinct issues. |
| islamic finance free download: Financial Innovation and Engineering in Islamic Finance Samir Alamad, 2017-04-13 This book provides two important contributions to existing theories in the financial innovation literature. First, it extends the existing literature of innovation orientation to a completely new field and construct that is based on a religious imperative as a framework within which financial innovation is constrained. It explains how an innovation orientation in IFIs can be directed within religious rules, which indicates that innovation orientation in IFIs is a learning philosophy. Second, the book introduces and examines the plasticity of Shariah as a shared boundary object and its dynamic role in managing tension and conflicting values in the financial innovation process. Furthermore, building on the empirical results, the study illustrates the insights that each theoretical lens affords into practices of collaboration and develops a novel analytical framework for understanding religious orientation towards financial innovation. This practical contribution, of the developed framework, could form the basis for a standardised framework for the Islamic finance industry. The book concludes by noting the policy and managerial implications of its findings and provides directions for further research. |
| islamic finance free download: Morality and Justice in Islamic Economics and Finance Muhammad Umer Chapra, 2014-09-26 øMankind is faced with a number of serious problems that demand an effective solution. The prevalence of injustice and the frequency of financial crises are two of the most serious of these problems. Consisting of an in-depth introduction along with a |
| islamic finance free download: Monetary Policy, Islamic Finance, and Islamic Corporate Governance Toseef Azid, Murniati Mukhlisin, Nashr Akbar, Muhammad Tahir, 2021-06-16 Monetary Policy, Islamic Finance, and Islamic Corporate Governance: An International overview explores the interrelationships between corporate governance from the perspective of shari’ah, banking industry and monetary policy and is a must-read for students and professionals. |
| islamic finance free download: Islamic FinTech Mohd Ma'Sum Billah, 2021-01-27 This timely book addresses the effects and implications of rapid technological changes within the financial services industry on Islamic finance and Islamic banks. Exploring current challenges, opportunities and threats, the authors provide an overview of how FinTech can operate within an Islamic context, under the Shari’ah principles or the Halal framework, for example. Examining the potential opportunities of Islamic FinTech from a socio-economic perspective, this edited collection will be of use to anyone researching FinTech or Islamic Finance as well as practitioners and policy-makers involved in banking and financial services. |
| islamic finance free download: Islamic Banking Muhammad Hanif, 2012 Islamic banking is based on principles of Islamic financial laws. Interest is prohibited by Islamic law hence operations of Islamic banking are different from conventional banking although both types of banking fulfill the same needs of customers. In financing customers' needs Islamic banks use either asset based financing or profit and loss sharing modes of financing. Islamic banking was started in last quarter of 20th century to cater the needs of Muslims around the world although it is not limited to Muslims only. It has shown marvelous growth and expansion worldwide. This book is written with a clear focus on learning of Islamic banking by accounting, business and finance students/professionals. Resources available on the subject have so for focused on legal side and very negligible work is available on financial front for a common user. This book is written in financial perspective and author has focused upon financial impacts, generated by application of Islamic financial laws. However a summary of Islamic commercial laws of each chapter has been provided. Author has adopted balance sheet method to inculcate the knowledge; hence, understanding of elementary balance sheet is pre-requisite to get maximum out of this book. A special section in each chapter is developed for concept building through illustrations. To test the concept essay questions, true/false statements, multiple choice questions and sufficient number of exercises in addition to mini cases are included at chapters end.This book is useful for MBA/BBA students as a three credit hour course as well as practitioners of Islamic banking. It is also useful for accounting & finance professionals, trainers in Islamic banking, regulators, investors, corporate managers and general public interested in understanding Islamic finance. For Comments please send message at hanifacma@gmail.com. |
| islamic finance free download: Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis Kassim, Salina, Othman, Anwar Hasan Abdullah, Haron, Razali, 2021-04-30 Social financial reporting as an economic tool presents the firm as a socio-economic unit with empowered social capital to enable a sustainable economic solution, particularly in response to the COVID-19 pandemic. Islamic social finance (ISF) is a corporate social responsibility initiative in the form of humanitarian and socio-development programs by Islamic financial institutions and Shariah-compliant corporations. ISF is applied through various methods and tools that structure based on Islamic Sharia Law. For example, Islamic social finance tools would either be philanthropic, involving activities such as zakat (obligatory alms-giving), Sadaqah (voluntary alms-giving/charity), and waqf (endowment) or ta’awun (cooperation-based activities), which include Qardh al-hasan (benevolent loan) and kafala (guarantee). Thus, Islamic social finance instruments play a vital role in alleviating poverty and addressing socio-economic issues such as illiteracy, unemployment, malnutrition, and health issues. As such, integrated ISF reporting can empower sustainable economic development and lead to recovery. The Handbook of Research on Islamic Social Finance and Economic Recovery After a Global Health Crisis provides insights on the role of Islamic social finance in supporting and facilitating economic recovery in the post-COVID-19 era as well as reducing poverty and addressing the challenges of socio-economic problems such as education, unemployment, malnutrition, and health issues. This book is ideally intended for practitioners, stakeholders, researchers, academicians, and students who are interested in improving their understanding on the role of Islamic social finance theoretically and empirically in solving the issue of poverty and developing excellent funds management to achieve economic empowerment with better environmental sustainability. |
| islamic finance free download: Islamic Finance Muhammad Hanif, 2014-06-29 This book is result of five years teaching of Islamic finance course to MBA Finance students. This book is written with a clear focus on learning of Islamic banking & finance by accounting, banking, business and finance students/professionals. Resources available, so for, on the subject have focused on legal side and very negligible work is available on financial front for a common user. This book is written in financial perspective and author has focused upon financial impacts, generated by application of Islamic financial laws. However a summary of Islamic commercial laws of each chapter has been provided. Author has adopted balance sheet method to inculcate the knowledge; hence, understanding of elementary balance sheet is recommended to get maximum out of this book. This book is divided into five parts. Part-1 presents an update on Islamic finance. Part two is about asset backed financing provided by IFIs. It includes trading (selling) modes of financing including Murabaha, Salam and Istisna'a; it also includes Ijarah financing. At the start of part two, summary of Shari'a rulings about sales is reported. Part three of the book deals with profit and loss sharing modes of financing including Musharaka, diminishing Musharaka and Mudaraba. A special section is devoted to discuss the causes of lesser application of Musharaka in operations of IFIs, in addition to Shari'a rulings and financial impact. Chapter seven is about Diminishing Musharaka; a form of gradually declining partnership between an IFI and clients; generally used to finance real estates. Under diminishing Musharaka, I have discussed the basic Shari'a rulings, Islamic house financing, comparative study of conventional and Islamic mortgages and installment calculation under different assumptions for house financing. Chapter eight is about Mudaraba. Under this scheme of financing IFIs provide capital to financially weak but skilful people to do the business and share outcome with IFIs. Part four is about deposits management. Part five of the book presents special topics in Islamic Finance. In this part areas of liquidity management and Islamic insurance are discussed. Under Islamic capital market two dedicated chapters have been included; each for equities and Sukuk. Chapter 12 is dedicated for Islamic insurance. Last chapter has focused on challenges to Islamic finance industry. Third edition is definitely outcome of very encouraging response by academic community to earlier editions. In this edition due attention has been given to present material in reader friendly mode in addition to thorough review of content, exercises and figures. In this edition Islamic capital market is re-written by including separate chapters on equities and Sukuk. Also a special chapter is devoted to Islamic insurance. Updated figures on global volume of assets, regional shares, equity funds and Sukuk are also part of this edition. Also more examples included in the text to make the concept clear. In appendix guidance for establishment of Islamic bank and appointment of Shari'a advisor as provided by local central bank is included. Increased number of true/false, multiple choice questions and mini cases are also forming part of updated edition. This book is useful for MBA/BBA students as a three credit hour course as well as for banking/finance students and practitioners of Islamic banking & finance. It is also useful for accounting & finance professionals, trainers in Islamic banking, regulators, investors, corporate managers and general public, interested in understanding Islamic finance. I hope this book will serve its purpose through imparting knowledge of Islamic banking & finance among accounting, business and finance graduates as well as practitioners of Islamic financial system, investors and general public. |
| islamic finance free download: Directory of Islamic Financial Institutions (RLE: Banking & Finance) John R Presley, 2012-05-31 When originally published this was the first reference book to address itself to Islamic banking and finance and it offers comprehensive information on all major institutions which have commercial or banking interests in this field. It includes analysis of the principles behind interest-free banking and indicates its relationship with financial institutions in both Islamic countries and Western ones. It also lists the laws governing interest-free banking in countries where it is extensively in operation and provides essential information for all international financial institutions. The Directory lists all banks and financial institutions by country, giving details of their specific role and areas of operation. |
| islamic finance free download: Developments in Islamic Banking Mohammad Mansoor Khan, M. Ishaq Bhatti, 2008-08-15 Explores the theoretical and practical features, recent developments and future prospects of interest-free banking, illustrated by a detailed analysis of the past twenty-five years of the interest-free banking movement in Pakistan (1980-2005). It helps the reader to understand the model underpinning interest-free banking, based on principles of free market mechanism, efficiency, ethical investment and socio-economic justice. And it assesses the practical success of interest-free banking at individual Islamic banks and at state level, as in the case of Pakistan. |
| islamic finance free download: Handbook of Research on Theory and Practice of Global Islamic Finance Abdul Rafay, 2019-12-27 As an emerging global phenomenon, Islamic economics and the financial system has expanded exponentially in recent decades. Many components of the industry are still unknown, but hopefully, the lack of awareness will soon be stilled. The Handbook of Research on Theory and Practice of Global Islamic Finance provides emerging research on the latest global Islamic economic practices. The content within this publication examines risk management, economic justice, and stock market analysis. It is designed for financiers, banking professionals, economists, policymakers, researchers, academicians, and students interested in ideas centered on the development and practice of Islamic finance. |
| islamic finance free download: Islamic Capital Markets: A Comparative Approach (Second Edition) Obiyathulla Ismath Bacha, Abbas Mirakhor, 2019-02-27 Islamic Capital Markets: A Comparative Approach (2nd Edition) looks at the similarities and differences between Islamic capital markets and conventional capital markets. The book explains each topic from both the conventional and the Islamic perspective, offering a full understanding of Islamic capital markets, processes, and instruments. In addition to a full explanation of Islamic products, the book also ensures a holistic understanding of the dual markets within which Islamic capital markets operate.Ideal for both students and current practitioners, the second edition of the highly successful Islamic Capital Markets: A Comparative Approach fills a large gap in the current literature on the subject, featuring case studies from Malaysia, Indonesia, Europe, and the Middle East. One of the few comprehensive, dedicated guides to the subject available, the book offers comprehensive and in-depth insights on the topic of Islamic finance for students and professionals alike. |
| islamic finance free download: Introduction to Islamic Economics Hossein Askari, Zamir Iqbal, Abbas Mirakhor, 2015-02-16 Gain deeper insight into the principles and theory of Islamic economics Introduction to Islamic Economics: Theory and Application provides an overview of the organizing principles and fundamentals of an Islamic economy. With deep discussion of the characteristics, rationale, key institutions, objectives, and instruments at work, the book addresses the core economic principles underlying a system based on the foundational teachings of Islam, and examines the implications for economic policies. Social welfare, economic justice, market functionality, efficiency, and equity are explored from an Islamic perspective, and the role and instruments of fiscal and monetary policy in Islamic systems are used to illustrate contemporary applications. Universities around the globe are offering courses on Islamic economics and finance, but despite the industry's rapid growth, most research has been focused on the financial principles rather than underlying economic principles. The first book of its kind, Introduction to Islamic Economics brings all the key concepts together into one reference volume. By outlining the ways in which Islamic finance and Islamic economics interrelate, this book can help readers to: Develop an understanding of the Islamic economic system and its institutional scaffolding Differentiate between the major characteristics of the dominant conventional economy and one based on the fundamental sources of Islam Understand the conditions that must be met for a just, well-balanced, stable, and growing economy Clarify the role of State, public policy, and risk-sharing in the Islamic financial system The Islamic financial system is expanding quickly, and those looking to increase their relevance in a changing economic landscape must get up to speed. Introduction to Islamic Economics provides a comprehensive overview of underlying economic system offering a deeper understanding of the feature of the system. This book is an excellent complement to Introduction to Islamic Finance, 2E by Iqbal and Mirakhor. |
| islamic finance free download: Islamic Fintech Sara Sánchez Fernández, 2021-03-28 The implementation of new technologies is expected to boost the development of Islamic Finance by increasing accessibility to banking and other financial services in Islamic communities and democratizing access to investment opportunities. At the same time, new technologies will increase financing opportunities and facilitate asset management for Sharia-compliant businesses. This collection of essays from selected experts in the field comprise some of the most topical issues on Islamic Fintech, combining a business focus with legal insights. The book takes as a point of departure the role that Islamic Fintech can play in promoting sustainability. The social vision of welfare improvement and justice is already embedded in Sharia’s economic rules, which makes Islamic Finance particularly well suited to bridge the gap between sustainability and funding. Although it is not without challenges for the industry, technology will help unleash its potential. With a holistic approach to Islamic Fintech, the contributing authors address the application of new technologies to Islamic Finance, including robo-advisory, crowdfunding and digital ledger technology (both in the issuance of bitcoin and the registration of securities in tokenized form) and in certain sectors such as takaful (takaful-tech) and health (e-health). Finally, they explore the challenges posed by anti-money laundering (‘AML’) in the specific realm of Islamic Fintech. The book combines theoretical analysis with a practical focus, both through case studies and directly through the experiences of leading entrepreneurs. In addition, it provides insights on legal and regulatory aspects, which are key in a field that is still in its infancy and needs support from lawmakers and regulators. It is, thus, a reference for academics, legal practitioners, policymakers, entrepreneurs and the Islamic Finance community. |
| islamic finance free download: A Modern Perspective of Islamic Economics and Finance Ahmet Suayb Gundogdu, 2019-02-05 This book aims to develop a blue print for Islamic economics and finance by starting at the grass roots of trade and commerce. It positions Islamic finance within the economic priorities of Islam while providing a cohesive understanding of Islamic economics and finance in a clear and practical manner. |
| islamic finance free download: Islamic Economics and Finance J. Langton, C. Trullols, A. Turkistani, 2011-11-11 In June 2010 IE Business School, with King Abdulaziz University, gathered in Madrid some of the world's foremost scholars, academics and practitioners of Islamic Economics and Finance. These highlights of the symposium and original articles specifically address the post-crisis application of this growing and relevant economic philosophy in Europe. |
| islamic finance free download: Understanding Islamic Finance Muhammad Ayub, 2007-12-10 In Understanding Islamic Finance Muhammad Ayub introduces all the essential elements of this growing market by providing an in-depth background to the subject and clear descriptions of all the major products and processes associated with Islamic finance. Key features include: Discussion of the principles of Islamic finance; Introduction to the key products and procedures that International Financial Institutions are using or may adopt to fund a variety of clients ensuring Sharī´ah compliance; Discussion of the role Islamic finance can play in the development of the financial system and of economies; Practical and operational examples that cover deposit and fund management by banks involving financing of various sectors of the economy, risk management, accounting treatment, and working of Islamic financial markets and instruments. This book is not only an important text for all banks and financial institutions entering this particular market with a commitment to building Islamic financial solutions, but is also essential reading for undergraduate and postgraduate students of Islamic finance. |
| islamic finance free download: Financial Reporting for Islamic Financial Institutions Mohamed Ebrahim, 2019-11-16 The question in most people mind regarding Financial Reporting for Islamic Financial Institutions is which standards, my view is first the Financial reporting should be based on International Financial Reporting Standards (IFRS) or the appropriate national reporting standards if the Country it is incorporated follows National Standards (it is a no special consideration being an Islamic Financial Institutions), then the reporting should comply with the National Companies Act and Banking or Financial Services Act requirements, then only should the reporting being accordance with Accounting and Auditing Organisation for Islamic Financial Institution (AAOIF) http: //aaoifi.com/?lang=en or Islamic Financial Services Board (IFSB) https: //www.ifsb.org/. The reason behind this is the foundation of Islamic finance is the ethical values on which it is based on, which would not allow it to violate national laws. The guiding maxim being hub ul watan minal imaan loosely translated as love of one's country is part of faith.However, there is need to have a common framework for accounting and financial reporting for Islamic Financial Institution's (IFI's) to demonstrate to the common users of general purpose financial statements that the entities they are associated with comply, in form and in substance, with the principles and rules of the Islamic Sharia (Jurisprudence) in their financial and other transactions |
| islamic finance free download: Risk Management for Islamic Banks Rania Abdelfattah Salem, 2013 This guide teaches students and professionals to identify, measure, and mitigate risk in Sharia'h-compliant banks. Covering critical areas, such as credit or default risk, liquidity risk, market risk, operational risk, Shari'ah risk, and displaced commercial risk, the volume describes risk analysis and mitigation with respect to both contract and overall bank regulations. Using financial statements from a simulated Islamic bank, including balance sheets, income statements, and profit distribution models, Rania Abdelfattah Salem explains this integrated risk-management process in practice and investigates the application of risk regulatory insights in banking policy. She outlines a risk coding system to facilitate risk management and reporting systems, and she compares different risk management scenarios across a number of conventional and Islamic banks. |
| islamic finance free download: Islamic Capital Market Muhammad Hanif, 2014-05-01 Islamic banking and finance industry is expanding world over with an unprecedented growth. The global volume of Shari'a compliant assets has reached to US $ 1,700 Billion by the end of 2013, displaying a growth of 21% from 2007-13 (GIBCR-2014) Middle East and North Africa (MENA) region is the centre of Islamic finance market and contributes 74% share in global assets under Islamic finance, followed by East Asian region with a share of 17% while 9% from rest of the world. (IFSL, 2013). Share of Bank assets is 90% followed by equity funds 5% and rests are others in the global volume of assets under Islamic finance. For Islamic financial industry, deposit collection is not as much difficult as is financing and investments in business and industry. The investment avenues are limited due to Shari'a compliance restrictions as compared to conventional banks. For IFIs, Shari'a compliant modes of investments are a must. Conventional interest based bonds, leasing and insurance companies' certificates and government securities are not in line with Islamic financial system. However investment in equities, which are primarily profit and loss sharing based, fall within Shari'a compliant investment universe. Capital market is one of the major sources of diverting funds from savers to investors. Islamic finance is expanding in capital market in the form of Islamic indexes, Sukuk, money market funds and equity market funds. To address the issue of investment in marketable equities (which are primarily based on profit and loss sharing principle), Shari'a screening filters have been developed and we have above ten Islamic Indexes operating worldwide including DJIM, FTSE, S&P, MSCI, HSBC, Ameri, BID, Azzad and KMI. There exist differences in filtering criteria of these indexes and it is quite possible that a company is Shari'a compliant under one index and not under other(s) [see Derigs & Marzban, 2008]. This difference exists among all followers of revealed books (Jews, Christians and Muslims), in explanation and detailed rules development based on revelations. There are at least five schools of thoughts based on solid reasons and logic among Muslims including Hanfi, Shafai, Malki, Hanbali and Jaafari. In Pakistan Al-Meezan Investment Management Ltd (AIML), subsidiary of a leading IFI (Meezan Bank) took the initiative and started screening of KSE listed securities through Shari'a compliance filters and developed KSE-Meezan Index (KMI-30). Test of Shari'a compliance of stocks is done under the guidance of qualified and reputed Shari'a experts. For a security, to be “Shari'a compliant” based on KMI Criteria, it must meet ALL the six key tests given below (KMI-2008).This book is written with a clear focus on learning of Islamic capital market by accounting, banking, business and finance students/professionals. Under Islamic capital market two dedicated chapters have been included; each for equities and Sukuk. Shari'a compliance of equity securities, trading rules and valuation mechanism discussed under equity chapter. Chapter-2 on Sukuk includes origin, development, types and Sukuk process along with Shari'a rulings. In this edition due attention has been given to present material in reader friendly mode in addition to thorough review of content, exercises and figures. Updated figures on equity funds and Sukuk are also part of this edition. This book is useful for MBA/BBA students as well as for banking/finance students and practitioners of Islamic banking & finance. It is also useful for accounting & finance professionals, trainers in Islamic banking, regulators, investors, corporate managers and general public, interested in understanding Islamic finance. |
Islam - Wikipedia
Muslims believe that Islam is the complete and universal version of a primordial faith that was revealed many times through earlier prophets and messengers, including Adam, Noah, …
Islam | Religion, Beliefs, Practices, & Facts | Britannica
6 days ago · Islam, major world religion promulgated by the Prophet Muhammad in Arabia in the 7th century ce. The Arabic term islām, literally “surrender,” illuminates the fundamental …
Islam - Five Pillars, Nation of Islam & Definition | HISTORY
Jan 5, 2018 · Mosques are places where Muslims worship. Some important Islamic holy places include the Kaaba shrine in Mecca, the Al-Aqsa mosque in Jerusalem, and the Prophet …
Islam - World History Encyclopedia
Nov 25, 2019 · Islam is an Abrahamic-monotheistic religion based upon the teachings of Prophet Muhammad ibn Abdullah (l. 570-632 CE, after whose name Muslims traditionally add “peace …
Islam web - English Fatwa | Articles | Quran Recitation | Prayer …
Islamweb - the largest Islamic and cultural content on the Internet for the users contain fatwa, quran, articles , fiqh , lectures , prayer times , about islam etc
What do Muslims believe and do? Understanding the 5 pillars of …
Aug 30, 2021 · There are five pillars – or basic tenets – of Islamic faith. Each of these pillars is an important part of being Muslim.
Religious Beliefs & History of Islam Religion - Islamic Info Center
Jan 4, 2025 · Islam is one of the world’s major monotheistic religions, with over 1.9 billion followers worldwide. Founded in the 7th century CE by the Prophet Muhammad in the Arabian …
The Islamic Bulletin - A One Stop For All Your Islamic Needs!
We offer many free resources such as Introduction to Islam, free eBooks, Muslim Funeral guide, Hajj guide, Last Will and Testament, Quran studies, Newsletter, videos on How to become …
What is Islam? - IslamiCity
Commonly, Islam refers to the monotheistic religion revealed to Muhammad ibn (son of) Abdullah between 610 and 632 of the Common Era. The name Islam was instituted by the Qur’an, the …
Islam: History, Beliefs, And Modern Significance - WorldAtlas
Jun 3, 2019 · Muslims believe that their sacred text, the Quran, is the absolute word of God as it was revealed to the prophet Muhammad. In the Arabic language Muslim means, “one who …
Islam - Wikipedia
Muslims believe that Islam is the complete and universal version of a primordial faith that was revealed many times through earlier prophets and messengers, including Adam, Noah, …
Islam | Religion, Beliefs, Practices, & Facts | Britannica
6 days ago · Islam, major world religion promulgated by the Prophet Muhammad in Arabia in the 7th century ce. The Arabic term islām, literally “surrender,” illuminates the fundamental …
Islam - Five Pillars, Nation of Islam & Definition | HISTORY
Jan 5, 2018 · Mosques are places where Muslims worship. Some important Islamic holy places include the Kaaba shrine in Mecca, the Al-Aqsa mosque in Jerusalem, and the Prophet …
Islam - World History Encyclopedia
Nov 25, 2019 · Islam is an Abrahamic-monotheistic religion based upon the teachings of Prophet Muhammad ibn Abdullah (l. 570-632 CE, after whose name Muslims traditionally add “peace …
Islam web - English Fatwa | Articles | Quran Recitation | Prayer …
Islamweb - the largest Islamic and cultural content on the Internet for the users contain fatwa, quran, articles , fiqh , lectures , prayer times , about islam etc
What do Muslims believe and do? Understanding the 5 pillars of …
Aug 30, 2021 · There are five pillars – or basic tenets – of Islamic faith. Each of these pillars is an important part of being Muslim.
Religious Beliefs & History of Islam Religion - Islamic Info Center
Jan 4, 2025 · Islam is one of the world’s major monotheistic religions, with over 1.9 billion followers worldwide. Founded in the 7th century CE by the Prophet Muhammad in the Arabian …
The Islamic Bulletin - A One Stop For All Your Islamic Needs!
We offer many free resources such as Introduction to Islam, free eBooks, Muslim Funeral guide, Hajj guide, Last Will and Testament, Quran studies, Newsletter, videos on How to become …
What is Islam? - IslamiCity
Commonly, Islam refers to the monotheistic religion revealed to Muhammad ibn (son of) Abdullah between 610 and 632 of the Common Era. The name Islam was instituted by the Qur’an, the …
Islam: History, Beliefs, And Modern Significance - WorldAtlas
Jun 3, 2019 · Muslims believe that their sacred text, the Quran, is the absolute word of God as it was revealed to the prophet Muhammad. In the Arabic language Muslim means, “one who …
