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Books > Business & Economics > Business & management > Management & management techniques > Organizational theory & behaviour
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Rethinking Islamic Finance - Markets, Regulations and Islamic Law (Hardcover)
Loot Price: R4,196
Discovery Miles 41 960
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Rethinking Islamic Finance - Markets, Regulations and Islamic Law (Hardcover)
Series: Islamic Business and Finance Series
Expected to ship within 10 - 15 working days
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Islamic finance's phenomenal growth owes to the Shariah compliant
nature of its financial instruments. Shariah forbids the charging
of interest (Riba) and instead promulgates risk-sharing and
trade-based modes of financing. The Islamic financial industry has
been subject to both critique and admiration. Critics argue that
Islamic instruments (bearing debt-based structures) differ from
their conventional counterparts only in legal lexicon and not in
economic impact. The admirers argue that such instruments,
irrespective of wider economic implications, rigorously comply with
'juristically sound' Islamic principles. This book aims to
reconcile the above dispute. It argues that the financial impact of
instruments is a consequence of the way they are priced and
structured. The similarity in pricing and structures is an outcome
not of the underlying Islamic financial modes but of the
competitive environment in which Islamic instruments compete. Even
risk-sharing and trade-based Islamic structures, if implemented in
such an environment, would have a financial impact similar to that
of conventional instruments. This book has a wider appeal for both
academic and non-academic audiences. It can complement
undergraduate and graduate courses as an additional reading on the
intricacies of Islamic financial instruments and markets. For PhD
students, it would help identify future research areas. To
non-academics, it offers a deeper understanding regarding the
working of the Islamic finance industry.
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