Islamic Finance: Law, Economics, and Practice
This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that Islamic finance exists primarily today as a form of rent-seeking legal arbitrage. An alternative that emphasizes substance rather than form would serve religious and moral objectives better, through mutual and similar financial practices.
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This book provides an overview of the practice of Islamic finance.
1Introduction12Jurisprudence and arbitrage263Two major prohibitions : Riba and Gharar464Sale-based Islamic finance645Derivative-like sales : Salam, Istisna', and 'Urbun816Leasing, securitization, and Sukuk977Partnerships and equity investment1178Islamic financial institutions1359Governance and regulatory solutions in mutuality16210Beyond Shari'a arbitrage175
\ From the Publisher"This book is by far one of the best that has been published on the topic of Islamic finance and banking." - Choice\ "This is a timely book providing an analytical critique of contemporary Islamic Finance by a leading Muslim scholar.... an important contribution." - International Journal of Middle East Studies\ \ \
