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This multidisciplinary book on Islamic finance covers Islamic
economic, financial, and legal systems, insurance (takaful),
commercial jurisprudence, and the socio-political and
political-economy of the Islamic world. It examines the dichotomies
and similarities between Islamic and conventional financial systems
and suggests future roles and governance of Islamic financial
institutions. Distinctive features of the second edition include an
emphasis on the theoretical foundations of Islamic finance, the
distinctions between the micro- and macroeconomic concepts and
theories to the readers, and an expansion on Islamic approved forms
of trade dealings, transactions, and contracts. Furthermore, this
work discusses the newly introduced Islamic capital market products
of the years 2020 to 2022-including the transition from the
inter-bank-offer-rates (IBORs) as global benchmark lending rate to
the new risk-free-rates (RFRs) that became effective on January 1,
2022-and discusses the transition of Saudi Arabia Monetary Agency
to Saudi Central Bank in 2020. Though every effort is made to avoid
tedious mathematical proof and derivatives, this work provides
working calculations for the pricing of Islamic instruments and
provides supplemental materials in the form of faculty resources
and students' study guide and workbook. This work acts as a useful
textbook for graduate and advanced undergraduate students who are
looking at broadening their knowledge in finance. Similarly, this
book is a helpful guide and tool for financial practitioners who
are interested in learning more about the innovative discipline of
Islamic finance. For financial practitioners to drive maximum
benefits from this innovative financing mechanism, they need to
know, understand, and participate in the investment opportunities
which are provided by Islamic finance.
This book provides comprehensive analysis in the areas Islamic
financial institutions and society. It starts off with the
integration of the Islamic socio-economic and socio-political
systems with the Islamic financial sector; with a view to help in
removing some of the stereotype views that people have on the
Islamic society and religion. In doing this, it provides the
readers with an understanding of the Islamic society,
characteristics of an Islamic society, and Islamic economics
thoughts and theories. It goes further to make the readers to
understand the sources, evolution, and guiding principles and
practices of the Islamic finance and commercial jurisprudence.
Although the book acknowledges the innovative no-interest financing
framework; but in the absence of zero cost of lending, it develops
an Islamic interest rate theoretical framework structure based on
the profit-margin concept of the Islamic financial system. It goes
on further to cover the structures, roles, functions, and monetary
policies of the Islamic central banks in the absence of interest
rate as well as proposes that organizational structures for the
Islamic central banking system should include an Islamic finance
division to oversee and monitor the Islamic financial institutions
squarely. Flow charts are used to explain the structure,
operations, models, products, instruments, and services of the
Islamic commercial banks, financial institutions, insurance, and
capital markets. This helps the readers to understand the
dichotomies between the Islamic and conventional financial systems.
It provides detailed systematic, logical steps, and processes
involved in the Islamic financial transactions with the use of flow
chart graphs which will help the readers in grasping the essentials
of the Islamic financial sector; which will help the readers to
understand the step-by-step processes and facilitate the conceptual
clarities involved in the product deliveries and processes of the
Islamic financial institutions. The book's concluding chapters were
devoted to the performance, achievements, governance, challenges,
and future expectations of the Islamic banking, finance, and
capital markets. The book concludes with some suggestions on how to
make the Islamic finance and its products more acceptable to the
entire world; especially to the non-Muslim community of the world.
This book provides comprehensive analysis in the areas Islamic
financial institutions and society. It starts off with the
integration of the Islamic socio-economic and socio-political
systems with the Islamic financial sector; with a view to help in
removing some of the stereotype views that people have on the
Islamic society and religion. In doing this, it provides the
readers with an understanding of the Islamic society,
characteristics of an Islamic society, and Islamic economics
thoughts and theories. It goes further to make the readers to
understand the sources, evolution, and guiding principles and
practices of the Islamic finance and commercial jurisprudence.
Although the book acknowledges the innovative no-interest financing
framework; but in the absence of zero cost of lending, it develops
an Islamic interest rate theoretical framework structure based on
the profit-margin concept of the Islamic financial system. It goes
on further to cover the structures, roles, functions, and monetary
policies of the Islamic central banks in the absence of interest
rate as well as proposes that organizational structures for the
Islamic central banking system should include an Islamic finance
division to oversee and monitor the Islamic financial institutions
squarely. Flow charts are used to explain the structure,
operations, models, products, instruments, and services of the
Islamic commercial banks, financial institutions, insurance, and
capital markets. This helps the readers to understand the
dichotomies between the Islamic and conventional financial systems.
It provides detailed systematic, logical steps, and processes
involved in the Islamic financial transactions with the use of flow
chart graphs which will help the readers in grasping the essentials
of the Islamic financial sector; which will help the readers to
understand the step-by-step processes and facilitate the conceptual
clarities involved in the product deliveries and processes of the
Islamic financial institutions. The book's concluding chapters were
devoted to the performance, achievements, governance, challenges,
and future expectations of the Islamic banking, finance, and
capital markets. The book concludes with some suggestions on how to
make the Islamic finance and its products more acceptable to the
entire world; especially to the non-Muslim community of the world.
The study of money, banking and financial markets is a required or
very popular elective in most undergraduate and graduate programs
in economics and finance in Africa. However, the textbooks used are
those written primarily for the developed world such as the United
States or the U.K. The result is that students graduate with
excellent theoretical knowledge about the subject matter as it
pertains to the developed economies, but lack the ability to apply
the same knowledge to less developed economies. Although the
subject matter of money and banking can be treated at a theoretical
level, it is best done with institutions in mind. As an application
oriented course, references and applications should, as much as
possible, be to the conditions and institutions present in the
environment where the subject is being studied and where the
knowledge will be used, rather than to institutions that exist
elsewhere in developed economies. The primary purpose of Essentials
of Money, Banking and Financial Institutions is to provide a text
in money, banking, and financial institutions in the context of the
developing economies, especially Africa. Throughout the book, a
deliberate effort will be made to focus the students' attention on
the need to develop the existing institutions so they can help to
accelerate economic development.
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