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More About This Title An Introduction to Islamic Finance
The ongoing international financial crisis has reignited debate over the development of a risk-sharing financial system, such as that required in Shariah Law. An Introduction to Islamic Finance: Theory and Practice, Second Edition highlights the core principles of risk sharing in Islam, arguing that a risk-sharing financial system is exactly what we need to promote greater financial stability.
Providing comprehensive coverage of the fundamental theory behind Islamic finance and banking, according to the core concepts of Shariah law, authors Zamir Iqbal and Abbas Mirakhor clearly explain the distinct features of an Islamic financial system and how it compares with traditional financial models. Addressing the myriad important developments that have taken place in recent years, this second edition looks to the future, addressing emerging issues sure to influence future developments in Islamic finance.Explores the unique features of an Islamic financial system, how they compare to more traditional financial systems, and how they could improve themDiscusses all the most recent developments and emerging issues in Islamic financeUpdated with the latest developments, trends, innovations, and statistics, this new edition features additional chapters on the financial crisis, globalization, non-bank financial institutions, and recent developments in Takaful (Islamic insurance)
The first edition of An Introduction to Islamic Finance established the book as the market leader, and this newly revised and updated second edition incorporates the most recent developments in this booming financial sector, including financial stability, globalization, and non-banking financial institutions.
DR. ABBAS MIRAKHOR received his Ph.D. in Economics from Kansas State University in 1969. After teaching at various universities in the USA and in Iran he joined the staff of the Research Department of the IMF in 1984. He became an Executive Director of the IMF from 1990 until his retirement in 2008. He is the author of a number of articles and books on Islamic economics and finance. He is now the first holder of the INCEIF Chair in Islamic Finance.
CHAPTER 2 The Economic System 29
CHAPTER 3 Riba vs. Rate of Return 57
CHAPTER 4 Financial Instruments 75
CHAPTER 5 Risk Sharing as an Alternative to Debt 99
CHAPTER 6 The Islamic Financial System 113
CHAPTER 7 The Stability of the Islamic Financial System 137
CHAPTER 8 Islamic Financial Intermediation and Banking 151
CHAPTER 9 Capital Markets 173
CHAPTER 10 Non-bank Financial Intermediation 207
CHAPTER 11 Performance of Islamic Financial Services 225
CHAPTER 12 Financial Engineering 245
CHAPTER 13 Risk Management 275
CHAPTER 14 Regulation of Islamic Financial Institutions 299
CHAPTER 15 Corporate Governance 323
CHAPTER 16 Globalization and its Challenges 351
CHAPTER 17 Issues and Challenges 365