Islamic Banking: Theory, Practice and Challenges
Islam has a very specific approach to commercial transactions, the law of contract, interest charges, indeed to the very nature of property. For financial institutions operating in an Islamic environment, or seeking to meet the requirements of communities committed to Islamic law, this poses a variety of problems. This important book investigates how such a challenge can be met in practice.\ The authors investigate the way Islamic banks work within different economic, financial, social, legal...
Search in google:
Islam has a very specific approach to commercial transactions, the law of contract, interest charges, indeed to the very nature of property. For financial institutions operating in an Islamic environment, or seeking to meet the requirements of communities committed to Islamic law, this poses a variety of problems. This important book investigates how such a challenge can be met in practice.The authors investigate the way Islamic banks work within different economic, financial, social, legal and religious environments. They take the reader through the basic principles involved, the issues that arise, and the difficulties that are often encountered.Drawing on detailed studies of Islamic banking in London, Jordan, Turkey, Malaysia and Pakistan, they provide an understanding of how complex Islamic concepts impact upon the use of financial instruments, commercial priorities and services. Relationships with central banks, comparative analysis of financial statements and the role of Islamic banking in a development context are also covered.Islamic Banking will be essential reading to all those involved in the setting up and running of Islamic banking units in western countries, and a key resource for students of economics in the international arena.
PrefaceGlossaryAbbreviations1Framework of Islamic Finance12Overview of Islamic Banking213Al-Baraka International Bank Limited (AIBL): The Experience of an Islamic Bank in England344The Jordan Islamic Bank for Finance and Investment (JIB): The Experience of an Islamic Bank in Jordan485Special Finance Houses in Turkey, with Emphasis on (Al-Baraka Turk) Al-Baraka Turkish Finance House636Islamic Banking in Malaysia847Derivatives, and the Challenges in the Development of Islamic Secondary-Market Instruments: The Experience of the Islamic Development Bank888Islamic Banking in Pakistan969Comparative Analysis of the Financial Statements of Islamic and non-Islamic Banks10410The Challenges Faced by Islamic Banks10911Important Considerations Before Engaging in Islamic Transactions12012Conclusions and Recommendations124References127Index132
