An Introduction to Islamic Finance: Theory and Practice (Wiley Finance) - Hardcover

Iqbal, Zamir; Mirakhor, Abbas

Hardcover

ISBN 10: 0470828080 ISBN 13: 9780470828083

Publisher: John Wiley & Sons, 2011

Synopsis

The first book to offer comprehensive coverage of Islamic finance and banking and its applications to the rest of the world, now fully revised and updated The ongoing international financial crisis has reignited debate over the development of a risk-sharing financial system, such as that required in Shariah Law. An Introduction to Islamic Finance: Theory and Practice, Second Edition highlights the core principles of risk sharing in Islam, arguing that a risk-sharing financial system is exactly what we need to promote greater financial stability. Providing comprehensive coverage of the fundamental theory behind Islamic finance and banking, according to the core concepts of Shariah law, authors Zamir Iqbal and Abbas Mirakhor clearly explain the distinct features of an Islamic financial system and how it compares with traditional financial models. Addressing the myriad important developments that have taken place in recent years, this second edition looks to the future, addressing emerging issues sure to influence future developments in Islamic finance. Explores the unique features of an Islamic financial system, how they compare to more traditional financial systems, and how they could improve them Discusses all the most recent developments and emerging issues in Islamic finance Updated with the latest developments, trends, innovations, and statistics, this new edition features additional chapters on the financial crisis, globalization, non-bank financial institutions, and recent developments in Takaful (Islamic insurance) The first edition of An Introduction to Islamic Finance established the book as the market leader, and this newly revised and updated second edition incorporates the most recent developments in this booming financial sector, including financial stability, globalization, and non-banking financial institutions.

About this title

Review:

"This book explains the fundamental principles of an economic and financial system governed by Sharia Islamic law." (Finance, Marketing & Distribution, August 2007)

From the Back Cover:

Much has happened in the Islamic finance industry since this bestselling text was first published in 2007. This second edition is timely especially as there has been much re-thinking of the role of Islamic banks in the aftermath of the global financial crisis. New chapters on risk-sharing and financial stability, and other revisions should ensure that this remains the leading text in its field, with the strengths of the first edition retained, not least the lucid explanations of often complex financial products helped by useful flow charts.

Professor Rodney Wilson
Director, Durham University Islamic Finance Programme

An Introduction to Islamic Finance provides the first-tier response to all questions as to the nature and essence of modern Islamic finance, whether posed by the uninitiated and uninvolved or the financial practitioner seeking context and cohesion. With elegant simplicity and profound elucidation, the authors discuss the theoretical and practical elements and structures comprising this system and describe the integration of these elements and structures into a unified organic whole. We would all be well served if this were made compulsory reading not only for those having involvement or interest in global financial matters, but for anyone having an interest in cultural or political facets of Islam.

Michael J.T. McMillen
Former Partner, King & Spalding and Fulbright & Jaworski L.L.P.
Adjunct Professor in Islamic finance, University of Pennsylvania Law School

Abbas Mirakhor and Zamir Iqbal are to be congratulated for providing us with a lucid, comprehensive and sophisticated introduction to the theory and practice of Shari'ah-compliant (Islamic) finance. Impressive in its scope--without being superficial in its treatment of its various topics--the text can be comfortably recommended as one of the handful of books that students of Islamic finance must have in their library. Economists will be particularly pleased by the inclusion of thoughtful discussions of Islamic economic principles from an institutional economics perspective, while business school and finance professors and students will be pleasantly surprised by significantly revised chapters with elucidative case studies on sukuk.

Dr. S. Nazim Ali
Acting Executive Director, Islamic Legal Studies Program
Director, Islamic Finance Project
Harvard Law School, Harvard University

Unlike most books on Islamic finance that focus narrowly on the mechanics of Islamic banking operations and modes of financing, this book presents Islamic finance from an institutional economics perspective and discusses various issues related to the financial system and structure. It also provides a comprehensive overview of the challenges facing Islamic financial industry and suggests ways to mitigate these. By highlighting the risk sharing and stability features of Islamic finance, the authors present a convincing case for the Islamic financial sector to revert to its foundational principles in the post-crisis era.

Professor Habib Ahmed
Professor and Sharjah Chair in Islamic Finance
Durham University

About this edition

• Publisher: John Wiley & Sons
• Publication date: 2011
• ISBN 10: 0470828080
• ISBN 13: 9780470828083
• Binding: Hardcover
• Edition number: 2
• Number of pages: 420