Mahmoud A. El-Gamal's Islamic Finance: Law, Economics, and Practice PDF

By Mahmoud A. El-Gamal

ISBN-10: 0511221460

ISBN-13: 9780511221460

ISBN-10: 0521864143

ISBN-13: 9780521864145

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.

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Additional resources for Islamic Finance: Law, Economics, and Practice

Example text

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.

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Islamic Finance: Law, Economics, and Practice by Mahmoud A. El-Gamal


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