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Islamic Banking and Interest

A Study of the Prohibition of Riba and Its Contemporary Interpretation

A critical study of the interpretation of "riba" in Islam, the attempts of Islamic banks to put the interpretation into practice, the problems associated with these attempts and an argument for rethinking the interpretation.

INTRODUCTION 'Islamic banking' is now a widely-known term in both the Muslim
world and the West. It denotes a form of banking and finance which attempts to
provide services to clients free from 'interest'. The proponents of Islamic banking ...

The Foundations of Islamic Banking

Theory, Practice and Education

After barely half a century of experience, Islamic banking has become established as a new niche industry across the world offering new and sophisticated financial products designed to be compliant with the principles of Islamic legal principles and common law. This comprehensive book explores the theory, principles and practices underpinning this rapidly expanding sector of banking. Expert contributors ¿ including eminent scholars and senior practitioners in the field ¿ examine the roots of the principles of ethical Islamic financial transactions, which have evolved over several millennia, on issuesincluding usury, interest rates, financial contracting for funding enterprises, for mortgages, for leasing and other financial transactions. Regulatory and governance issues are discussed, and the practice and operation of Islamicfinancial institutions are explained via three distinct case studies. Importantly, the final chapter looks at what steps are being taken to provide professional accreditation to Islamic banking professional personnel, and prescribes requirements for training in this growing industry.

Subsequent writings also on the practices of Islamic banking have made
important contributions, on the one hand to the evolution of new forms of Islamic
business enterprises and on the other to conceptual development of Islamic
modes and ...

Introduction to Islamic Banking and Finance

Guide to the key characteristics of Islamic banking highlighting how these differ from conventional banking.

c03 JWBK502-Kettell April 14, 2011 16:41 Printer: Yet to come Definition of
Islamic Banking 37 ... BANKING. The principle of PLS stipulates that the partners
are free to determine the extent of their profit-sharing ratio regardless of their
capital ...

Islamic Banking and Finance in the European Union

A Challenge

As an introduction to the complex issue of harmonization of legal and regulatory structure of the European financial system and Islamic finance, this is a useful and welcome volume. The ideas, insights and practical issues addressed in the informed papers that compose the book should be valuable for academics and students of finance, and to those who provide legal and financial services. The book will be helpful also to European regulators who have yet to appreciate the importance of Islamic finance and its potential contribution to financial globalization as well as to European economic growth. Abbas Mirakhor, Former Executive Director, International Monetary Fund, US This timely book examines the authorization of Shari ah-compliant intermediaries as either credit institutions or as investment companies in the European Union. The contributing authors explore the key topics of this area through differing yet parallel perspectives for example, comparing economic and legal standpoints, looking at both European and national levels and considering both academic and technical approaches. The book discusses the common origin of Islamic and Western traditions in commercial and banking transactions, reviewing a period in which the Italian merchants and their organizations drove the rebirth of post-medieval society in trade and law. The editors investigate whether the Islamic banking and financial model complies with the European framework, spelling out the different experiences in single Member States (Germany, France, Italy, and the United Kingdom). Notwithstanding the obstacles to being authorized as domestic credit institutions, they conclude that the access of Islamic intermediaries is suitable and may have positive effects on European integration, as well as increasing the competition among the stand-still operators and evoking the ethical dimension of banking and finance. The book also highlights how Islamic banking would make the industry more inclusive. This multidisciplinary book will appeal greatly to economics and legal scholars with an interest in European and international banking and financial law, as well as postgraduate students in international law and banking law. Practitioners and regulators will also find this book an invaluable resource.

Conventional and Islamic banking activity had different evolutions, although they
have common origins and foundations in interest prohibition: historically, these
have been essentially connected to the extreme poverty of some borrowers; ...

The Islamic Banking and Finance Workbook

Step-by-Step Exercises to Help You Master the Fundamentals of Islamic Banking and Finance

The first practical workbook of its kind that promotes the understanding of Islamic banking and finance, by allowing readers to self-test their knowledge of Islamic finance and banking concepts. The Workbook includes a full answer key and brief chapter summaries and learning objectives, making the information that readers attain from An Introduction to Islamic Banking and Finance that much more valuable.

3.1 LEARNING OUTCOMES, SUMMARY OVERVIEW AND PROBLEMS 3.1.1
Learning Outcomes After reading Chapter 3 you should be able to do the
following: r Describe the key principles underlying Islamic banking. r Contrast
conventional ...

Current Issues in Islamic Banking and Finance

Resilience and Stability in the Present System

The phenomenal worldwide development over the past decade of Islamic banking and finance is drawing much attention to South East Asia, which, on the platform of its own economic growth success, is also proving to be the gateway for Middle Eastern petrodollar investments into the two great emerging markets of India and China. This book provides a timely examination of the issues confronting this US$300-US$500 billion market growing at 15 per cent - 20 per cent per annum, with reviews of the different financial markets, be they capital (sukuk), retail or wealth management.It further includes reviews from the various jurisdictions including Malaysia (the front-runner), Singapore (the regional financial hub), Brunei (an offshore Islamic market player) and the sleeping giant, Indonesia, as well as newly emerging participants such as Japan and the United States. Contributors, all well-known leading practitioners in their fields, range from lawyers, accountants, bankers and educators to policy advisors, and come from institutions like CIMB, Kuwait Finance House, OCBC Bank and PricewaterhouseCoopers, among others.This book, the first of its kind, will be of great benefit to those seeking to better understand current developments and issues affecting Islamic banking in South East Asia, from both global and regional perspectives.

The SFSB has been in charge with the task of ensuring that all Islamic banking
and financial products offered in this country are Shariah-compliant. Chaired by
the Permanent Secretary of the Ministry of Finance, the SFSB comprises of 9 ...

Handbook of Islamic Banking

The Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field. From its origins thirty years ago, Islamic banking has expanded rapidly to become a distinctive and fast growing segment of the international banking and capital markets. Despite this expansion, Islamic banking still remains poorly understood in many parts of the Muslim world and continues to be a mystery in much of the West. This comprehensive Handbook provides a succinct analysis of the workings of Islamic banking and finance, accessible to a wide range of readers. At the same time, it seeks to bring the current research agenda and the main issues on Islamic banking before a wider audience. Islamic banking offers, as an alternative to conventional interest-based financing methods, a wide variety of financial instruments and investment vehicles based on profit-and-loss sharing arrangements. These are all explored in detail along with other subjects such as governance and risk management, securities and investment, structured financing, accounting and regulation, economic development and globalization. M. Kabir Hassan, Mervyn Lewis and the other contributors have created an authoritative and original reference work, which will contribute to a wider understanding of Islamic banking as well as provoking further discussion and research. It will be invaluable to all scholars, researchers and policymakers with an interest in this subject.

Major international infrastructure institutions established so far that support the
Islamic financial industry include the following: 1 . Islamic Development Bank
Group (IDB Group), 2. Accounting and Auditing Organization for Islamic Financial
 ...

The Developing Role of Islamic Banking and Finance

From Local to Global Perspectives

This volume highlights a vital developmental stage of Islamic Banking and Finance, focusing on regulatory aspects, regional case studies and International Financial Crisis impacts. It aims to help decision makers identify key factors for the real, sustained development of the Islamic Banking System, nationally, regionally and internationally.

A Banking and Financial Economist with accumulated Monetary, Financial and
Economic experience supported by many years of work in the field of Arab,
Islamic Regional and International Banking, finance and development. In 1994
Prof.

Developments in Islamic Banking Practice

The Experience of Bangladesh

Developments in Islamic Banking Practice: The Experience of Bangladesh examines global developments in the Islamic banking practice, and provides an in-depth analysis of the theory and practice of Islamic banking in Bangladesh, the third-largest Muslim country in the world, with over 150 million Muslims. This book is the first of its kind to examine Islamic banking principles and practices in Bangladesh on such a broad scale. Learners, teachers, researchers, and those practically involved in the burgeoning financial industry will derive value from this book. Readers from all disciplines will become familiarized with the key differences between the principles and practices of two distinct banking systems: the interest-free Islamic banking and the interest-based conventional banking. With the inclusion of citations from authentic references, a well-defined methodology of research, relevant data, tables and figures, coupled with the extensive field work and experience of the author in this sector, this book will serve as a reliable resource to understanding Islamic banking and finance as they function in the general world of finance, and in particular, Bangladesh.

AB Bank Arab Bangladesh Bank AIBL Al-Arafah Islami Bank Limited ANZ
Australia and New Zeeland (Grindlays) BB Bangladesh Bank BDT Bangladeshi
Taka BIBM Bangladesh Institute of Bank Management BMI Bank Melli Iran BOD
Board of ...

Islamic Banking in Southeast Asia

Islam and the Economic Development of Southeast Asia

THE ISLAMIC DEVELOPMENT BANK AND ECONOMIC DEVELOPMENT OF
SOUTHEAST ASIAL M.A. Mannan Introduction This paper attempts to (a) provide
a brief overview of the functions of the Islamic Development Bank (IDB) and its ...