This book provides an overview of the practice of Islamic finance
and the historical roots that define its modes of operation. The
focus of the book is analytical and forward-looking. It shows that
Islamic finance exists mainly as a form of rent-seeking
legal-arbitrage. In every aspect of finance -- from personal loans
to investment banking, and from market structure to corporate
governance -- Islamic finance aims to replicate in Islamic forms
the substantive functions of contemporary financial instruments,
markets, and institutions. By attempting to replicate the substance
of contemporary financial practice using pre-modern contract forms,
Islamic finance has arguably failed to serve the objectives of
Islamic law. This book proposes refocusing Islamic finance on
substance rather than form. This approach would entail abandoning
the paradigm of Islamization of every financial practice. It would
also entail reorienting the brand-name of Islamic finance to
emphasize issues of community banking, micro-finance, and socially
responsible investment.
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