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Explore Islamic finance at a deeper level Intermediate Islamic
Finance: Theory and Practice fills the gap for students and
professionals who are already familiar with the fundamentals of
Islamic finance, but would like to gain an enhanced understanding
of Islamic finance theories and practices. This comprehensive text
provides you with coverage of global developments and describes the
role of Islamic finance within the global finance community to
guide you in your understanding of this important aspect of the
international financial landscape. The book references advance
concepts and specific problems in the practice of Islamic finance,
provides suggested further readings for each chapter, offers
details of advanced analysis, and presents key data in visual form
via graphs, figures, and tables. Profound changes have taken place
in the financial landscape over the past few decades, including
major innovations in financial instruments and substantial changes
in regulation. With global financial markets becoming increasingly
important players in the industry, it is critical that today's
financial professionals understand the essence and implications of
key Islamic finance theories and practices. * Build upon your
fundamental understanding of Islamic finance * Explore some areas
of convergence and conflict between Islamic finance and
conventional finance * Strengthen the harmony between Islamic and
conventional finance theories and their applications * Prepare for
a well-rounded career in finance by better understanding how
Islamic finance principles apply Intermediate Islamic Finance:
Theory and Practice is an essential text for graduate and
post-graduate finance students, economists, researchers, bankers,
financial regulators, policymakers, and members of the business
community who want to develop a deeper understanding of Islamic
finance theories and practices.
This book provides an introductory theoretical foundation of the
ethics embedded in Islamic economics and finance, and it shows how
this ethical framework could pave the way to economic and social
justice. It demonstrates how Islamic finance-a risk-sharing and
asset-backed finance-has embedded universal values, ethical rules,
and virtues, and how these qualities may be applied to a supposedly
value-neutral social science to influence policy-making. This book
argues that ethical and responsible finance, such as Islamic
finance, could lead the efforts to achieve sustainable economic
development. Iqbal and Mirakhor then conduct a comparative analysis
of Islamic and conventional financial systems and present Islamic
finance as an alternative that can address today's growing problems
of inequality, social injustice, financial repression, unethical
leadership, and lack of opportunity to share prosperity.
This handbook offers a unique and original collection of analytical
studies in Islamic economics and finance, and constitutes a humble
addition to the literature on new economic thinking and global
finance. The growing risks stemming from higher debt, slower
growth, and limited room for policy maneuver raise concerns about
the ability and propensity of modern economies to find effective
solutions to chronic problems. It is important to understand the
structural roots of inherent imbalance, persistence-in-error
patterns, policy and governance failures, as well as moral and
ethical failures. Admittedly, finance and economics have their own
failures, with abstract theory bearing little relation with the
real economy, uncertainties and vicissitudes of economic life.
Economic research has certainly become more empirical despite, or
perhaps because of, the lack of guidance from theory. The analytics
of Islamic economics and finance may not differ from standard
frameworks, methods, and techniques used in conventional economics,
but may offer new perspectives on the making of financial crises,
nature of credit cycles, roots of financial system instability, and
determinants of income disparities. The focus is placed on the
logical coherence of Islamic economics and finance, properties of
Islamic capital markets, workings of Islamic banking, pricing of
Islamic financial instruments, and limits of debt financing, fiscal
stimulus and conventional monetary policies, inter alia. Readers
with investment, regulatory, and academic interests will find the
body of analytical evidence to span many areas of economic inquiry,
refuting thereby the false argument that given its religious
tenets, Islamic economics is intrinsically narrative, descriptive
and not amenable to testable implications. Thus, the handbook may
contribute toward a redefinition of a dismal science in search for
an elusive balance between rationality, ethics and morality, and
toward a remodeling of economies based on risk sharing and
prosperity for all humanity
This book discusses the need for a paradigm shift from Islamic
economics universe of discourse to IqtisÄd, a socio-economic
system that is entirely independent from other economic doctrines
and systems of thought. It provides an overview of critiques of the
science and dogma of mainstream, orthodox, neoclassical, or simply
Economics, with its axioms of rationality, scarcity, and unlimited
wants. There is also a critical analysis of Islamic economics, and
its failures to set its own policy agenda and development
objectives. Our contention in this book is that IqtisÄd--the
Qurâanâs vision of how the economy is to be arrangedâprovides
such a paradigm with a radically different philosophical foundation
from that of Economics to the point that makes grafting one onto
the other Impossible. IqtisÄd offers a genuine and
authentic Islamic paradigm with unique etymological and
philosophical foundations. It is a unique system that derives
its organizing principles from the principal source
of the Quran, rather than Economics. The
logical coherence of its immutable system of rules compliance,
institutional structures, and risk-sharing relations provides the
foundations for economic dynamism, financial stability, and
shared prosperity. It ensures that resources are efficiently
managed, poverty is eradicated, income and wealth mal-distributions
are corrected, and the internal sources of economic injustices
gripping human societies are eliminated. The Impossibility
Theorem proposed in this book implies that, metaphysically,
ontologically, epistemologically, axiologically, and
teleologically, the two polar cases of IqtisÄd and
Economics are so radically different to rule out any grafting of
one onto the other in order to present an intermediate paradigm
with a synthetic discipline called Islamic economics. Given its
multidisciplinary contents, this book will be of interest to
a wide audience, including economists, policymakers, philosophers,
theologians, and jurists, and can guide also free-thinking readers
to a clarity of understanding about the conditions of humanity and
the imperative of change with a sincerity of purpose and coherence
in knowledge. Â
This book provides an introductory theoretical foundation of the
ethics embedded in Islamic economics and finance, and it shows how
this ethical framework could pave the way to economic and social
justice. It demonstrates how Islamic finance-a risk-sharing and
asset-backed finance-has embedded universal values, ethical rules,
and virtues, and how these qualities may be applied to a supposedly
value-neutral social science to influence policy-making. This book
argues that ethical and responsible finance, such as Islamic
finance, could lead the efforts to achieve sustainable economic
development. Iqbal and Mirakhor then conduct a comparative analysis
of Islamic and conventional financial systems and present Islamic
finance as an alternative that can address today's growing problems
of inequality, social injustice, financial repression, unethical
leadership, and lack of opportunity to share prosperity.
Since the financial crisis of 2007/2008, a renewed discussion on
the ethics and finance is being examined from different dimensions
- finance for good society, responsible finance, ethical finance,
financial crimes, and financial repression. The principal objective
of this Handbook on Ethics of Islamic Economics and Finance is to
provide a deeper understanding of the ethical underpinning of
Islamic economics and finance. The reader will notice that the
Handbook reflects a diversity of views on the subject of economic
and business ethics in Islam across the intellectual spectrum of
Muslim thought over the globe. Handbook attempts to find answers to
some questions concerning the definition and characteristics of the
ethical system in Islam. What is its goal and how do its rules and
practices ensure welfare for individuals and society? Are the moral
principles universal and invariable or do they change and adapt
with the social changes of communities and progress in science and
technology? Is the present generation accountable for the welfare
of future generations? Where is the boundary between law and ethics
and who guarantees their adoption and implementation?
Over the last three decades, the concepts of Islamic finance and
Islamic economics have captured the attention of researchers. The
growing market for transactions compatible with Islamic law
(Shari-ah) is further evidence of growing interest in this mode of
finance. By some estimates, the total volume of Islamic financial
assets has grown by 15 to 20 percent a year since 1990 and now
exceeds $1.3 trillion. The growth of the Islamic financial sector
in 2006 10 period surpassed the growth of conventional financial
sector in all segments of the market, ranging from commercial
banking, investment banking, and fund management to insurance in
several Muslim-majority countries. The growth of this market has
been driven by the high demand for Shari-ah-compliant products, as
well as the increasing liquidity in Gulf region due to high oil
revenues. Following on from the significant developments that have
occurred in what is viewed as the core area for this market the
predominantly Muslim countries we are now witnessing the
globalization of Islamic finance. In recent years, significant
interest in Islamic finance has emerged in the world s leading
conventional financial centers, including London, New York, and
Hong Kong, and Western investors are increasingly considering
investment in Islamic financial products. Although Islamic finance
is one of the fastest growing segments of emerging global financial
markets, it is often stated that the market is far below its true
potential. At the same time, the concepts of Islamic finance are
not fully explained and exploited especially in the areas of
economic development, inclusion, access to finance, and public
policy. This volume attempts to highlight some of the key features
of Islamic finance relevant to economic development. The objective
of the volume is to improve understanding of the perspective of
Islamic finance on economic development, social and economic
justice, human welfare, and economic growth."
Islamic finance is emerging as a rapidly growing part of the
financial sector in the Islamic world and is not restricted to
Islamic countries, but is spreading wherever there is a sizable
Muslim community. According to some estimates, more than 250
financial institutions in over 45 countries practice some form of
Islamic finance, and the industry has been growing at a rate of
more than 15 percent annually for the past several years. The
market's current annual turnover is estimated to be $70 billion,
compared with a mere $5 billion in 1985, and is projected to hit
the $100 billion mark by the turn of the century. Since the
emergence of Islamic banks in the early 1970s, considerable
research has been conducted, mainly focusing on the viability,
design and operations of a 'deposit-accepting' financial
institution, which operates primarily on the basis of profit and
loss partnerships rather than interest. This publication provides a
comprehensive overview of topics related to the assessment,
analysis, and management of various types of risks in the field of
Islamic banking. It is an attempt to provide a high-level framework
(aimed at non-specialist executives) attuned to the current
realities of changing economies and Islamic financial markets. This
approach emphasizes the accountability of key players in the
corporate governance process in relation to the management of
different dimensions of Islamic financial risk.
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