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Riba Interest And Islamic Banking
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Book Synopsis The Art of Islamic Banking and Finance by : Yahia Abdul-Rahman
Download or read book The Art of Islamic Banking and Finance written by Yahia Abdul-Rahman and published by John Wiley & Sons. This book was released on 2009-12-09 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed look at the fast-growing field of Islamic banking and finance The Art of Islamic Banking and Finance is a modern American take on what it means to incorporate Islamic finance principles into everyday banking and investment techniques by introducing a new brand of banking for all people of all faiths: The Riba-Free (RF) banking. The author is considered the father of RF (Islamic) banking in America. He has been a banker and an Imam/scholar for over 40 years in America since 1968. He started the tedious process with a finance company, LARIBA, in Pasadena, California in 1987. This is the first book ever in the field to trace the origins of prohibiting the renting of money at a price called interest rate and over-indulging in debt. The book reviews in great details the theological foundations of prohibiting interest in the Jewish Bible, the Christian Bible, and the Qur'aan. The author then discusses money and how fiat money is created, the role of the Federal Reserve, and the banking system in America. The book also discusses for the first time ever how to include an important aspect of RF (Islamic) finance using commodity indexation and marking the items to be financed to market in order to avoid participating in economic "bubbles." The author discusses how these rules work, how they affect consumer behavior, and how they change the role of the banker/financier. Covers a new pioneering model that is based on the Law (Shari'aa) and how it is applied in every transaction from joint ventures and portfolio management to home mortgages and personal financing Shows how to incorporate the Law (Shari'aa) into American financing and banking systems Points to RF (Islamic) finance and banking as a way to emphasize socially responsible investing The Art of Islamic Banking and Finance also includes a discussion on the emergence of a culture of RF (Islamic) banking and finance today, which is based on the real Judeo-Christian-Islamic spirit and very effective when compared to twentieth-century models that use financial engineering and structuring techniques to circumvent the Law (Shari'aa). The book also includes case studies based on the actual experience of the author and detailed analysis of the superior results realized by applying this new brand of banking to financing.
Book Synopsis The Concept of Riba and Islamic Banking by : Imran Ahsan Khan Nyazee
Download or read book The Concept of Riba and Islamic Banking written by Imran Ahsan Khan Nyazee and published by Createspace Independent Publishing Platform. This book was released on 2016-12-22 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Riba (Usury), call it bank-interest if you like, is prohibited by the texts of the Qur'an and the Sunnah. This was the conclusion drawn unanimously by the Muslim jurists (fuqaha'); and it is also the decisive view of the vast majority of modern Muslim scholars. Despite this general agreement, a confusion persists in the minds of many, jurists and laymen alike, that even though some forms of interest are prohibited, the simple interest charged by banks may not be prohibited by Islamic law. What is the reason for such a doubt? Why do some uphold prohibition with conviction, while others do not? This book attempts to elaborate the foundations on this prohibition is based, and in doing so removes some of the persistent disagreements.The explanations provided are based upon the works of the earlierjurists so that the discussion is undertaken in a detached manner.
Book Synopsis Islamic Banking and Interest by : Abdullah Saeed
Download or read book Islamic Banking and Interest written by Abdullah Saeed and published by BRILL. This book was released on 1996 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Interest in Islamic Economics by : Abdulkader S. Thomas
Download or read book Interest in Islamic Economics written by Abdulkader S. Thomas and published by Psychology Press. This book was released on 2006 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: With Islamic banking gradually becoming a more influential factor in the West, an analysis of the concept of riba– a definition of which is not given in the Qur’an – is long overdue. This text presents readers with various interpretations of this Islamic economic concept – generally perceived as ‘interest’. Thomas provides a framework for understanding ribaby examining: linguistics classical judicial analysis the historical context modern economics. Including contributions from prominent international scholars, the book fills a gap in the existing literature and will be welcomed by academics and professionals with an interest in Islamic studies, economics and legal history.
Book Synopsis An Overview of Islamic Finance by : Mr.Mumtaz Hussain
Download or read book An Overview of Islamic Finance written by Mr.Mumtaz Hussain and published by International Monetary Fund. This book was released on 2015-06-02 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
Book Synopsis Islamic Banking by : Mr.Kangni Kpodar
Download or read book Islamic Banking written by Mr.Kangni Kpodar and published by International Monetary Fund. This book was released on 2010-08-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of the pattern of Islamic bank diffusion around the world using country-level data for 1992 - 2006. The analysis illustrates that income per capita, share of Muslims in the population and status as an oil producer are linked to the development of Islamic banking, as are economic integration with Middle Eastern countries and proximity to Islamic financial centers. Interest rates have a negative impact on Islamic banking, reflecting the implicit benchmark for Islamic banks. The quality of institutions does not matter, probably because the often higher hurdle set by Shariah law trumps the quality of local institutions in most countries. The 9/11 attacks were not important to the diffusion of Islamic banking; but they coincided with rising oil prices, which are a significant factor in the diffusion of Islamic banking. Islamic banks also appear to be complements to, rather than substitutes for, conventional banks.
Download or read book Jihad written by Gilles Kepel and published by Harvard University Press. This book was released on 2002 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kepel has traveled throughout the Muslim world gathering documents, interviews, and archival materials, in order to give readers a comprehensive understanding of the scope of Islamist movements, their past, and their present. 7 maps.
Book Synopsis Unlawful Gain and Legitimate Profit in Islamic Law:Riba, Gharar, and Islamic Banking by : Ahmad Ajaj
Download or read book Unlawful Gain and Legitimate Profit in Islamic Law:Riba, Gharar, and Islamic Banking written by Ahmad Ajaj and published by Springer. This book was released on 1992-09-21 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dilemmas and Challenges in Islamic Finance by : Yasushi Suzuki
Download or read book Dilemmas and Challenges in Islamic Finance written by Yasushi Suzuki and published by Routledge. This book was released on 2018-03-09 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: The phenomenal growth of Islamic finance in the last few decades has been accompanied by a host of interesting questions and challenges. One of the critical challenges is how Islamic financial institutions can be motivated to participate in the 'equity-like' profit-and-loss sharing (PLS) contracts. It is observed that Islamic banks are reluctant to participate in the pure PLS scheme which is manifested by the rising concentration of investment on murabaha or mark-up financing. This phenomenon has been the hotbed of academic criticism on the contemporary practice of Islamic banking. This book explains the 'murabaha syndrome' in light of the incentive provided by the current institutional framework and what are the changes required in the governance structure to mend this anomaly.
Book Synopsis Fintech in Islamic Finance by : Umar A. Oseni
Download or read book Fintech in Islamic Finance written by Umar A. Oseni and published by Routledge. This book was released on 2019-06-07 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Featuring high-level analysis of Islamic law, this book examines fintech in Islamic finance from both theoretical and empirical perspectives. Whilst building on existing approaches, it also discusses the current application of fintech in promoting financial inclusion through innovative solutions in Muslim-majority countries, identifying future directions for policy-makers. With original chapters written by prominent academics, senior lawyers and practitioners in the global Islamic finance industry, this book serves as the first standalone pioneering reference work on fintech in Islamic finance. It also, for the first time, examines the position of Islamic law on cryptocurrencies, such as bitcoin. Besides the conceptual analysis of the Sharīʿah and legal aspects of fintech in Islamic finance, this book provides relevant case studies showing current and potential developments in the application of fintech in various sectors ranging from crowdfunding and smart contracts, to Online Dispute Resolution, Investment Account Platform and identity verification in the KYC process. Setting the agenda for researchers in the field, Fintech in Islamic Finance will be useful to students and scholars of Islamic finance and financial technology.
Book Synopsis The Foundations of Islamic Banking by : Mohamed Ariff
Download or read book The Foundations of Islamic Banking written by Mohamed Ariff and published by Edward Elgar Pub. This book was released on 2011 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This wide-ranging guide to the foundations and fundamental principles of this new form of ethics-based financial practice will be of interest for regulators, practitioners, and scholars in the fields of economics, finance, money and banking.' - Islamic Horizons
Download or read book Heaven's Bankers written by Harris Irfan and published by Abrams. This book was released on 2015-03-10 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: A leading Islamic finance banker sheds light on an industry with growing global influence: “A superb introduction to a fascinating subject” (Financial Times) A trillion-dollar financial industry has revolutionized the global economy. Governments and corporations across the Islamic world have turned to finance that complies with Shari‘a law in order to fund economic growth. Even in the West, Islamic finance became an important alternative source of funding when the conventional finance industry was reeling from the effects of the financial crisis. From its origins in the seventh century, Islamic finance has sought to develop core ethical principles that are based in the foundations of Islam and Shari‘a. But with an increasing Western interest, is it able to remain true to the principles of its faith? Can it maintain its ideals of social justice? Or is Islamic finance guilty of the very dangers it seeks to avoid. In Heaven's Bankers, Harris Irfan, one of the world's leading Islamic finance bankers, gives unparalleled insight into the heart of this secretive industry. From his personal experience of working with leading bankers, scholars and lawyers, he debunks the myths of Islamic banking, analyzes its greatest deals, and looks to the future of a system that has reprioritized the very nature of money itself.
Book Synopsis Handbook of Islamic Banking by : Kabir Hassan
Download or read book Handbook of Islamic Banking written by Kabir Hassan and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Islamic Finance in Europe by : Valentino Cattelan
Download or read book Islamic Finance in Europe written by Valentino Cattelan and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Highlighting the impact of current globalization on financial markets, this topical book challenges the universality of Western property rights and interprets Islamic finance in Europe as part of a plural financial system, where different conceptions of economic justice(s) co-exist and influence each other. The contributing authors analyse key economic development and social integration issues from an Islamic perspective and outline the European approach to accommodating Islamic finance, with particular regard to the peculiarities of individual nation-states. Set in this context, the book presents financial pluralism as a device to enhance a level playing field in the global marketplace, as well as to foster a plural open society. Providing a comprehensive and methodological guide to Islamic finance in Europe, this book will prove an illuminating and informative read for academics, students and policymakers with an interest in the impact on financial regulation of an increasingly globalized world.
Book Synopsis Developments in Islamic Banking by : M. Khan
Download or read book Developments in Islamic Banking written by M. Khan and published by Springer. This book was released on 2008-07-11 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the theoretical and practical features of Islamic banking. Using Pakistan as a detailed illustration, the text discusses recent developments and future prospects, demonstrating the model underpinning interest-free banking. It assesses the practical success of interest-free banking at both individual banks and state level.
Download or read book Islam and Mammon written by Timur Kuran and published by Princeton University Press. This book was released on 2010-12-16 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: The doctrine of "Islamic economics" entered debates over the social role of Islam in the mid-twentieth century. Since then it has pursued the goal of restructuring economies according to perceived Islamic teachings. Beyond its most visible practical achievement--the establishment of Islamic banks meant to avoid interest--it has promoted Islamic norms of economic behavior and founded redistribution systems modeled after early Islamic fiscal practices. In this bold and timely critique, Timur Kuran argues that the doctrine of Islamic economics is simplistic, incoherent, and largely irrelevant to present economic challenges. Observing that few Muslims take it seriously, he also finds that its practical applications have had no discernible effects on efficiency, growth, or poverty reduction. Why, then, has Islamic economics enjoyed any appeal at all? Kuran's answer is that the real purpose of Islamic economics has not been economic improvement but cultivation of a distinct Islamic identity to resist cultural globalization. The Islamic subeconomies that have sprung up across the Islamic world are commonly viewed as manifestations of Islamic economics. In reality, Kuran demonstrates, they emerged to meet the economic aspirations of socially marginalized groups. The Islamic enterprises that form these subeconomies provide advancement opportunities to the disadvantaged. By enhancing interpersonal trust, they also facilitate intragroup transactions. These findings raise the question of whether there exist links between Islam and economic performance. Exploring these links in relation to the long-unsettled question of why the Islamic world became underdeveloped, Kuran identifies several pertinent social mechanisms, some beneficial to economic development, others harmful.
Book Synopsis Financial Structure and Bank Profitability by : Asl? Demirgüç-Kunt
Download or read book Financial Structure and Bank Profitability written by Asl? Demirgüç-Kunt and published by World Bank Publications. This book was released on 2000 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries differ in the extent to which their financial systems are bank-based or market-based. The financial systems of Germany and Japan, for example, are considered bank-based because banks play a leading role in mobilizing savings, allocating capital, overseeing investment decisions of corporate managers, and providing risk management vehicles. The systems of the United States, and the United Kingdom are considered more market-based. Using bank-level data for a large number of industrial and developing countries, the authors present evidence about the impact of financial development, and structure on bank performance. They measure the relative importance of bank or market finance by the relative size of stock aggregates, by relative trading or transaction volumes, and by indicators of relative efficiency. They show that in developing countries, both banks and stock markets are less developed, but financial systems tend to be more bank-based. The richer the country, the more active are all financial intermediaries. The greater the development of a country's banks, the tougher is the competition, the greater is the efficiency, and the lower are the bank margins, and profits. The more under-developed the stock market, the greater are the bank profits. But financial structure per se does not have a significant, independent influence on bank margins, and profits.
