The Foundations of Islamic Banking

The Foundations of Islamic Banking

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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 Ai including eminent scholars and senior practitioners in the field Ai 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.authors (Iqbal, 2007) claim that guaranteeing the principal is also strictly not kosher in Islamic finance, but, in practice, ... The research questions addressed in this chapter are aimed at making a modest contribution to the ethics literature on aanbsp;...

Title:The Foundations of Islamic Banking
Author:Mohamed Ariff, Munawar Iqbal
Publisher:Edward Elgar Publishing - 2011-01-01


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