By Zamir Iqbal
The first booklet to supply entire assurance of Islamic finance and banking and its functions to the remainder of the realm, now totally revised and updated
The ongoing foreign monetary main issue has reignited debate over the improvement of a risk-sharing economy, similar to that required in Shariah legislations. An creation to Islamic Finance: conception and perform, moment Edition highlights the middle ideas of possibility sharing in Islam, arguing risk-sharing economy is strictly what we have to advertise larger monetary stability.
Providing accomplished assurance of the basic concept at the back of Islamic finance and banking, in response to the middle ideas of Shariah legislations, authors Zamir Iqbal and Abbas Mirakhor sincerely clarify the targeted good points of an Islamic economic system and the way it compares with conventional monetary types. Addressing the myriad very important advancements that experience taken position lately, this moment variation appears to the long run, addressing rising matters certain to impact destiny advancements in Islamic finance.
- Explores the original good points of an Islamic economy, how they examine to extra conventional monetary structures, and the way they can increase them
- Discusses the entire latest advancements and rising concerns in Islamic finance
- Updated with the newest advancements, tendencies, concepts, and information, 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 verified the ebook because the industry chief, and this newly revised and up-to-date moment variation contains the newest advancements during this booming monetary quarter, together with monetary balance, globalization, and non-banking monetary institutions.
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Extra info for An Introduction to Islamic Finance: Theory and Practice
The sufﬁcient condition requires that the rules of conduct are enforced universally in all cases irrespective of circumstances and/or consequences. The degree of effectiveness of rule enforcement is determined by the degree to which the objective of achieving social justice becomes an integral part of the subjective interiority of the members of the society. The stronger the compliance by individuals in the society, the more self-sustaining and self-enforcing the rules become. For this outcome to be attained, the rules must be internalized by individuals as endogenous elements of their own minds which ﬁnd external expression when the rules become shared beliefs among individuals in the society.
The Center also provides shortterm liquid, tradable, asset-backed treasury instruments (sukuk) in which ﬁnancial institutions can invest their surplus liquidity and offers advisory services dealing with structured, project, and corporate ﬁnance as well as equity ﬂoatation. 21 According to the 10-Year Master Plan for Islamic Financial Industry prepared by the IDB and IFSB, by the end of 2005, more than 300 institutions in over 65 jurisdictions were engaged in Islamic ﬁnance. In a broad sense, the Islamic ﬁnancial industry consists of a number of components such as Islamic banks, Islamic windows, capital markets, Islamic insurance (takaful) and other non-bank ﬁnancial institutions.
10 The implication is that wealth, lawfully earned, must be invested within the community to improve its economic well-being. Investing the wealth is not only measured by the monetary gain associated with it, but also by the beneﬁts that accrue to society, a point that must be borne in mind at all times by the owners of wealth. The disposal of wealth is also subject to the rules of the Shari’ah. First and foremost among these rules is the recognition of the rights of others in this wealth resulting from the principle of invariant claim to ownership.
An Introduction to Islamic Finance: Theory and Practice by Zamir Iqbal