"Introduction to Islamic Banking and Finance" is a succinct guide
to the key characteristics of Islamic banking highlighting how
these differ from conventional banking. This detailed book
illustrates how Islamic banking is consistent with the Sharia'a, a
key element of which is the prohibition on collecting and paying
interest. This central religious precept appears to rule out most
aspects of modern finance but it does allow money to be used for
trading tangible assets and business, which can then generate a
profit. Brian Kettell's book looks at all aspects of Islamic
banking, including chapters on its creation and evolution through
to detailed discussions of the issues involved in the Sharia'a
contracts of Murabaha, Mudaraba, Musharaka, Ijara, Istisna'a, and
Salam. Islamic insurance (Takaful) is also covered. Finally the
book takes a look at Sharia'a law and Sharia'a boards, indicating
the roles and responsibilities that come with membership.
Islamic banks have been operating in places such as Bahrain,
Saudi Arabia, Malaysia and Dubai for some time. Conventional
bankers have traditionally viewed the sector as a small, exotic
niche but recent years have seen a dramatic surge in popularity. A
number of Western investment banks have started working with Muslim
clerics to create new ranges of financial products designed for
devout Muslims, a large and growing market. Although estimates of
the size of the Islamic finance industry vary greatly, everyone
agrees that it is expanding rapidly and this is the perfect book
for anyone looking to understand the industry.
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