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Participation in risk and reward, as an alternate to conventional
risk-transfer finance, is important for achieving the higher
ethical objectives of Islamic finance, called maqasid al shariah,
and responsible finance in general. That is why participatory
finance is advocated as the ideal form of financing and the essence
of Islamic banking and finance. The Participatory Islamic Finance:
The Ideals, Contemporary Practices, and Innovations presents a
holistic view of both theory and practice of participatory models,
constraints to its applications, success case studies of the
participatory finance from multiple countries, and more importantly
the recent innovations in participatory finance products. These new
insights makes, the Participatory Islamic Finance: The Ideals,
Contemporary Practices, and Innovations is an essential read and
guide, for both Islamic finance academics and practitioners.
This book provides a comprehensive account of the theory and
practice of takaful, which is an Islamic alternative to insurance.
The concepts are explained using real-life case studies,
calculations, and exhibits to aid in reader learning and
reflection. Takaful, both as an academic subject and as well as
practice, is growing particularly in the world leading financial
and learning hubs such as in the UK and the USA and countries with
large Muslim populations in Asia, Africa, and Middle East.
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