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.