By Zamir Iqbal
The first booklet to supply accomplished assurance of Islamic finance and banking and its purposes to the remainder of the area, now totally revised and updated
The ongoing overseas monetary challenge has reignited debate over the improvement of a risk-sharing economy, equivalent to that required in Shariah legislations. An advent to Islamic Finance: idea and perform, moment Edition highlights the middle rules of probability sharing in Islam, arguing risk-sharing economy is strictly what we have to advertise higher monetary stability.
Providing complete insurance of the basic concept at the back of Islamic finance and banking, in accordance with the center strategies of Shariah legislation, authors Zamir Iqbal and Abbas Mirakhor basically clarify the designated gains of an Islamic economy and the way it compares with conventional monetary versions. Addressing the myriad vital advancements that experience taken position in recent times, this moment version seems to be to the longer term, addressing rising concerns absolute to effect destiny advancements in Islamic finance.
- Explores the original good points of an Islamic economic climate, how they examine to extra conventional monetary structures, and the way they can enhance them
- Discusses all of the newest advancements and rising matters in Islamic finance
- Updated with the newest advancements, developments, strategies, and information, this new version positive aspects extra chapters at the monetary obstacle, globalization, non-bank monetary associations, and up to date advancements in Takaful (Islamic insurance)
The first version of An creation to Islamic Finance tested the ebook because the industry chief, and this newly revised and up to date moment variation accommodates the latest advancements during this booming monetary region, together with monetary balance, globalization, and non-banking monetary institutions.
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Extra info for An Introduction to Islamic Finance: Theory and Practice
8. Martin (2007). 9. The IDB award for distinguished achievement in Islamic economics was awarded to Dr. Mohsin Khan and Dr. Abbas Mirakhor. 10. Wilson (2007). 11. Ibid. 12. Oakley, David, ‘‘Capital Takes a Leading Role,’’ FT Report—Islamic Finance, May 23, 2007, Financial Times (London, UK). 13. RedMoney 2007. Introduction 27 14. Oakley, David, ‘‘Capital Takes a Leading Role,’’ FT Report—Islamic Finance, May 23, 2007, Financial Times (London, UK). 15. Martin, op. cit. 16. Financial Times, February 5, 2008.
But this only means that such individuals’ responsibilities and obligations are greater than those of others. However, once these individuals have discharged their duties of sharing, in the prescribed manner and in the prescribed amount, and provided they are not in violation of the rules of Shari’ah, their rights to their possessions are held inviolate and no one has any right to force appropriation (or expropriation) of that person’s property to anyone else. This right is held so sacred that even when rules had to be developed for emergency cases of expropriation for projects of public utility it was called “legitimate violation” (ikrah hukmi).
To avoid this, Islam prohibits the accumulation of wealth, and imposes limits on consumption through its rules prohibiting waste (itlaf), overspending, and ostentatious and opulent spending (israf). It then ordains that the net surplus, after allowing for the moderate spending necessary to maintain a modest living standard, must be returned to members of the community who, for a variety of reasons, are unable to work and hence whose resources that could have been used to produce income and wealth have been utilized by the more able.