An Introduction to Islamic Finance: Theory and Practice by Zamir Iqbal

By Zamir Iqbal

The first ebook to provide complete assurance of Islamic finance and banking and its purposes to the remainder of the realm, now totally revised and updated

The ongoing foreign monetary drawback has reignited debate over the improvement of a risk-sharing economic system, similar to that required in Shariah legislations. An creation to Islamic Finance: idea and perform, moment Edition highlights the middle rules of possibility sharing in Islam, arguing risk-sharing economic system is strictly what we have to advertise larger monetary stability.

Providing accomplished assurance of the basic thought at the back of Islamic finance and banking, in line with the middle strategies of Shariah legislations, authors Zamir Iqbal and Abbas Mirakhor sincerely clarify the specific positive aspects of an Islamic economic climate and the way it compares with conventional monetary types. Addressing the myriad vital advancements that experience taken position in recent times, this moment variation seems to be to the longer term, addressing rising concerns bound 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 increase them
  • Discusses the entire newest advancements and rising concerns in Islamic finance
  • Updated with the newest advancements, traits, ideas, and facts, this re-creation gains extra chapters at the monetary concern, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)

The first version of An creation to Islamic Finance tested the e-book because the marketplace chief, and this newly revised and up to date moment version contains the latest advancements during this booming monetary area, together with monetary balance, globalization, and non-banking monetary institutions.

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For example, the sukuk issued by the IDB in 2010 was well received in the market and its demand exceeded the amount offered. Finally, in another positive move, several central banks signed an agreement in October 2010 to establish a liquidity facility for Islamic financial institutions with the objective of providing liquidity-enhancing products in the market and to offer liquidity through trading short-term financial instruments. ENDNOTES 1. For example, see Kuran (1995). 2. Chapra (2000). 3. ” 4.

Private ownership and individual rights are gifts from God, and creative labor, inheritance, contract, and other lawful means of acquiring property or entitlement to rights are only channels of God’s bounty and goodness to man. . All Muslim schools teach that private property and rights are inviolable in relations between individuals as well as in relations with the state. . It is not only by their divine origin that the Muslim institutions of private ownership and right differ from their counterpart in the Western system of law; their content and range of application are more far-reaching .

S&P Outlook (2010). 23. Ibid. An Introduction to Islamic Finance: Theory and Practice, Second Edition by Zamir Iqbal and Abbas Mirakhor Copyright © 2011 John Wiley & Sons (Asia) Pte. Ltd. CHAPTER 2 The Economic System t the core of the Islamic economic system lies a body of immutable rules, defined by the principles of Shari’ah, which affect economic behavior and outcomes and which are both time-and-place-invariant. On the periphery of the system, there are rules which have an impact on economic behavior, but which are subject to change depending on the circumstances.

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