By Mahmoud A. El-Gamal
This publication offers an outline of the perform of Islamic finance and the historic roots that outline its modes of operation. the point of interest of the publication is analytical and forward-looking. It exhibits that Islamic finance exists ordinarily as a sort of rent-seeking legal-arbitrage. In each point of finance -- from own loans to funding banking, and from marketplace constitution to company governance -- Islamic finance goals to duplicate in Islamic types the noticeable services of up to date monetary tools, markets, and associations. through trying to mirror the substance of up to date monetary perform utilizing pre-modern agreement types, Islamic finance has arguably didn't serve the targets of Islamic legislation. This e-book proposes refocusing Islamic finance on substance instead of shape. This method may entail leaving behind the paradigm of "Islamization" of each monetary perform. it can additionally entail reorienting the brand-name of Islamic finance to stress problems with neighborhood banking, micro-finance, and socially dependable funding.
Read or Download Islamic Finance: Law, Economics, and Practice PDF
Similar finance books
It's a truism that after the United States sneezes, Europe catches a chilly. The subprime personal loan hindrance, which all started in the United States in 2007, unleashed a veritable epidemic of monetary ailing health and wellbeing world wide. All eu international locations have been affected, and the constructing international additionally felt a sit back. but it was once Iceland, a tiny volcanic outcrop within the North Atlantic whose inhabitants of 300,000 had the top GDP and counted itself the happiest on the planet, which stuck the worst chilly.
This ebook explores how the adventure of modernization is published in China's newly developed vacationer landscapes. It argues that during China's burgeoning ethnic vacationer villages and topic parks could be obvious the entire contradictions, debasement, and freeing potentials of chinese language modernity. Tim Oakes makes use of the province of Guizhou to ascertain the chinese language vacationer for example of the state's modernization regulations and the way local community have engaged with those adjustments.
As an lawyer with greater than twenty years of expertise, i will be able to very easily document that this booklet does a good activity of supplying small company tax info and suggestions. each small enterprise proprietor should still get and skim this ebook! Mitch Jackson, Esq. [. .. ] and [. .. ]
- Portfolio Selection: Efficient Diversification of Investments
- People Tools: 54 Strategies for Building Relationships, Creating Joy, and Embracing Prosperity
- Investing without Wall Street: The Five Essentials of Financial Freedom
- The Independent (07 October 2015)
- Getting Started in Security Analysis (Getting Started In.....)
- The Logical Trader. Applying A Method To The Madness
Additional resources for Islamic Finance: Law, Economics, and Practice
Second, lawyers strive to make reengineered products as eﬃcient as possible, especially due to tax considerations and the need to incorporate specialpurpose entities for various Islamic structures. Discussions between lawyers and jurists thus center on a tradeoﬀ between eﬃciency (proximity to conventional product being mimicked) and ease of marketing the product as Islamic (which requires noticeable, if superﬁcial, diﬀerences). 2. First, we conclude this section with a simple illustration of the functions that lawyers play in Islamic ﬁnance.
In the later stages of product development and ˘ ˘ ˘ Introduction 12 ˘ marketing, the vehicle of choice has been modiﬁcation and adoption of premodern nominate ﬁnancial contract names. Coverage of the premodern contracts in classical jurisprudence texts thus makes the new products identiﬁable as Islamic. ” In many cases, the contemporary practice marketed under some premodern Arabic name bears only very superﬁcial similarity to the premodern ﬁnancial practice discussed in classical jurisprudence.
It is also used appropriately in a variety of securitization schemes, such as mutual funds and mortgage-backed securities. ˘ ˘ For Islamic bank assets, the most popular mode of ﬁnancing has been a variation on the classical murabaha (cost-plus sale) contract, modiﬁed by the late Sami Humud as a means of extending credit without violating the Islamic prohibition of interest-based loans. Humud (1976) seems to be the ﬁrst prominent instance of proposing the use of cost-plus murabaha in a credit sale setting (bay bithaman ajil), with an added binding promise on the customer to purchase the property, thus replicating secured lending in a “Shari a-compliant” manner.
Islamic Finance: Law, Economics, and Practice by Mahmoud A. El-Gamal