Islamic Finance in the Global Economy by Ibrahim Warde

By Ibrahim Warde

Long ago decade, Islamic finance has grown at charges exceeding 20% a 12 months. it truly is now a $200 billion undefined, with operations in over 70 nations. This e-book explains the ambiguity of a approach rooted within the medieval period thriving within the international economic climate. It lines the evolution of Islamic finance, explores its importance from a historic and comparative point of view, and considers the strategic, advertising, managerial, political, fiscal, regulatory and cultural demanding situations confronted by way of Islamic associations. in keeping with rigorous educational examine in addition to huge empirical paintings, this authoritative ebook is determined to develop into a useful reference paintings for all people with an curiosity in Islamic and heart japanese economics, company and finance.

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For example the extent to which Islam fuses church and state (‘din wa dawla’) depends upon the period or the region under consideration. Under the Prophet Mohammed (622–32) as well as the first four (‘rashidun’ or ‘rightly-guided’) caliphs (632–61) – Abu Bakr, Umar, Uthman and Ali – temporal and spiritual power were inextricably linked. This period, which also coincided with remarkable territorial expansion, embodies the ideal of Islamic rule and social organization, a model that successive generations have striven to emulate.

80. 94. Abraham L. Udovitch, ‘Bankers without Banks: Commerce, Banking, and Society in the Islamic World of the Middle Ages’, in The Dawn of Modern Banking, Center of Medieval and Renaissance Studies, University of California, Los Angeles, Yale University Press 1979, p. 259. 95. Udovitch, p. 260. 96. Esposito, p. 198. 97. US News and World Report, 27 April 1998. 98. Bernard Taillefer, Guide de la Banque pour tous: Innovations africaines, Paris: Karthala 1996, p. 19. 99. See Chapter 7. 100. Among the exceptions are The Fundamentalism Project, a multi-volume book series edited by Martin E.

Can only be answered by ‘it depends’ – surely a disappointing response for those accustomed to sound bites and definitive, if uninformed, opinions on the subject. Warde/Chap 1 22 21/11/99, 7:37 pm 23 ISLAMIC FINANCE IN THEORY AND PRACTICE As already mentioned, most studies of Islamic finance are characterized by theological, financial and legal reductionism. In addition, most have a strong case-study orientation, focusing on a single country, sometimes on a single bank, to draw broad conclusions.

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