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The Paradox Of Islamic Finance
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Book Synopsis Islamic Finance in the Global Economy by : Ibrahim Warde
Download or read book Islamic Finance in the Global Economy written by Ibrahim Warde and published by Edinburgh University Press. This book was released on 2014-03-11 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: A second edition of Islamic Finance in the Global Economy, substantially revised and updated to take into account the recent developments in the field.
Book Synopsis The Paradox of Islamic Finance by : Ryan Calder
Download or read book The Paradox of Islamic Finance written by Ryan Calder and published by Princeton University Press. This book was released on 2024-08-06 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the booming Islamic finance industry became an ultramodern hybrid of religion and markets In just fifty years, Islamic finance has grown from a tiny experiment operated from a Volkswagen van to a thriving global industry worth more than the entire financial sector of India, South America, or Eastern Europe. You can now shop with an Islamic credit card, invest in Islamic bonds, and buy Islamic derivatives. But how has this spectacular growth been possible, given Islam’s strictures against interest? In The Paradox of Islamic Finance, Ryan Calder examines the Islamic finance boom, arguing that shariah scholars—experts in Islamic law who certify financial products as truly Islamic—have made the industry a profitable, if controversial, hybrid of religion and markets. Critics say Islamic finance merely reproduces conventional interest-based finance, with the shariah scholars’ blessing. From an economic perspective, they are right: the most popular Islamic products act like conventional interest-bearing ones, earning healthy profits for Islamic banks and global financial heavyweights like Deutsche Bank and Goldman Sachs. Yet as Calder shows by delving into the shariah scholars’ day-to-day work, what seem like high-tech work-arounds to outsiders carry deep and nuanced meaning to the scholars—and to the hundreds of millions of Muslims who respect their expertise. He argues that shariah scholars’ conception of Islamic finance is perfectly suited to the age of financialization and the global efflorescence of shariah-minded Islam.
Download or read book What Is Islam? written by Shahab Ahmed and published by Princeton University Press. This book was released on 2015-11-17 with total page 629 pages. Available in PDF, EPUB and Kindle. Book excerpt: A bold new conceptualization of Islam that reflects its contradictions and rich diversity What is Islam? How do we grasp a human and historical phenomenon characterized by such variety and contradiction? What is "Islamic" about Islamic philosophy or Islamic art? Should we speak of Islam or of islams? Should we distinguish the Islamic (the religious) from the Islamicate (the cultural)? Or should we abandon "Islamic" altogether as an analytical term? In What Is Islam?, Shahab Ahmed presents a bold new conceptualization of Islam that challenges dominant understandings grounded in the categories of "religion" and "culture" or those that privilege law and scripture. He argues that these modes of thinking obstruct us from understanding Islam, distorting it, diminishing it, and rendering it incoherent. What Is Islam? formulates a new conceptual language for analyzing Islam. It presents a new paradigm of how Muslims have historically understood divine revelation—one that enables us to understand how and why Muslims through history have embraced values such as exploration, ambiguity, aestheticization, polyvalence, and relativism, as well as practices such as figural art, music, and even wine drinking as Islamic. It also puts forward a new understanding of the historical constitution of Islamic law and its relationship to philosophical ethics and political theory. A book that is certain to provoke debate and significantly alter our understanding of Islam, What Is Islam? reveals how Muslims have historically conceived of and lived with Islam as norms and truths that are at once contradictory yet coherent.
Book Synopsis The Paradox of Islamic Finance by : Ryan Calder
Download or read book The Paradox of Islamic Finance written by Ryan Calder and published by Princeton University Press. This book was released on 2024-05-14 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the booming Islamic finance industry became an ultramodern hybrid of religion and markets In just fifty years, Islamic finance has grown from a tiny experiment operated from a Volkswagen van to a thriving global industry worth more than the entire financial sector of India, South America, or Eastern Europe. You can now shop with an Islamic credit card, invest in Islamic bonds, and buy Islamic derivatives. But how has this spectacular growth been possible, given Islam’s strictures against interest? In The Paradox of Islamic Finance, Ryan Calder examines the Islamic finance boom, arguing that shariah scholars—experts in Islamic law who certify financial products as truly Islamic—have made the industry a profitable, if controversial, hybrid of religion and markets. Critics say Islamic finance merely reproduces conventional interest-based finance, with the shariah scholars’ blessing. From an economic perspective, they are right: the most popular Islamic products act like conventional interest-bearing ones, earning healthy profits for Islamic banks and global financial heavyweights like Deutsche Bank and Goldman Sachs. Yet as Calder shows by delving into the shariah scholars’ day-to-day work, what seem like high-tech work-arounds to outsiders carry deep and nuanced meaning to the scholars—and to the hundreds of millions of Muslims who respect their expertise. He argues that Shariah scholars’ conception of Islamic finance is perfectly suited to the age of financialization and the global efflorescence of shariah-minded Islam.
Book Synopsis Rethinking Islamic Finance by : Ayesha Bhatti
Download or read book Rethinking Islamic Finance written by Ayesha Bhatti and published by Routledge. This book was released on 2018-12-12 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance’s phenomenal growth owes to the Shariah compliant nature of its financial instruments. Shariah forbids the charging of interest (Riba) and instead promulgates risk-sharing and trade-based modes of financing. The Islamic financial industry has been subject to both critique and admiration. Critics argue that Islamic instruments (bearing debt-based structures) differ from their conventional counterparts only in legal lexicon and not in economic impact. The admirers argue that such instruments, irrespective of wider economic implications, rigorously comply with ‘juristically sound’ Islamic principles. This book aims to reconcile the above dispute. It argues that the financial impact of instruments is a consequence of the way they are priced and structured. The similarity in pricing and structures is an outcome not of the underlying Islamic financial modes but of the competitive environment in which Islamic instruments compete. Even risk-sharing and trade-based Islamic structures, if implemented in such an environment, would have a financial impact similar to that of conventional instruments. This book has a wider appeal for both academic and non-academic audiences. It can complement undergraduate and graduate courses as an additional reading on the intricacies of Islamic financial instruments and markets. For PhD students, it would help identify future research areas. To non-academics, it offers a deeper understanding regarding the working of the Islamic finance industry.
Download or read book Pious Property written by Bill Maurer and published by Russell Sage Foundation. This book was released on 2006-01-09 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: Owning a home has always been central to the American dream. For the more than one million Muslims in the United States, this is no exception. However, the Qur'an forbids the payment of interest, which places conventional home financing out of reach for observant Muslims. To meet the growing Muslim demand for home purchases, a market for home financing that would be halal, or permissible under Islamic law, has emerged. In Pious Property, anthropologist William Maurer profiles the emergence of this new religiously based financial service and explores the ways it reflects the influence of Muslim practices on American economic life and vice versa. Pious Property charts the development of Islamic mortgages in America, starting with Islamic interpretations of the prohibition against riba—literally translated as "increase" but interpreted as "usury" or "interest." Maurer then explores the different practices that have emerged as permissible options for Islamic homebuyers—such as lease-to-own arrangements, profit-loss sharing, and cost-plus contracts—and explains how they have gained acceptance in the Islamic community by relying on payment schemes that avoid standard interest rate payments. Using interviews with Muslim homebuyers and financiers, and in-depth analysis of two companies that provide mortgage alternatives to Muslims, Maurer discovers an interesting paradox: progressive Muslims tend to use financial contracts that seemingly comply better with the prohibition against interest, while traditional Muslims seem more inclined to take on financing very similar to interest-based mortgages. Maurer finds that Muslims make their decisions about using Islamic mortgage alternatives based not only on the views of religious scholars, but also on their conceptions of how business is supposed to be conducted in America. While one form of Islamic financing is seemingly more congruent with the prohibition against riba, the other exhibits more of the qualities of American mortgages—anonymity and standardized forms. The appearance that an Islamic financing instrument is legal and professional leaves many Muslim homebuyers with the impression that it is halal, revealing the influence of American capitalism on Muslim Americans' understanding of their religious rules. The market for halal financial products exists at the intersection of American and Islamic culture and is emblematic of the way that, for centuries, America's newcomers have adapted to and changed the fabric of American life. In Pious Property, William Maurer explores this rapidly growing economic phenomenon with historical perspective and scholarly insight.
Book Synopsis Islamic Finance by : Mahmoud A. El-Gamal
Download or read book Islamic Finance written by Mahmoud A. El-Gamal and published by Cambridge University Press. This book was released on 2006-07-03 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of the practice of Islamic finance and the historical roots that define its modes of operation. The focus of the book is analytical and forward-looking. It shows that Islamic finance exists mainly as a form of rent-seeking legal-arbitrage. In every aspect of finance - from personal loans to investment banking, and from market structure to corporate governance - Islamic finance aims to replicate in Islamic forms the substantive functions of contemporary financial instruments, markets, and institutions. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law. This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of 'Islamization' of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.
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.
Book Synopsis Princeton Readings in Islamist Thought by : Roxanne L. Euben
Download or read book Princeton Readings in Islamist Thought written by Roxanne L. Euben and published by Princeton University Press. This book was released on 2021-06-08 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most authoritative anthology of Islamist texts This anthology of key primary texts provides an unmatched introduction to Islamist political thought from the early twentieth century to the present, and serves as an invaluable guide through the storm of polemic, fear, and confusion that swirls around Islamism today. Roxanne Euben and Muhammad Qasim Zaman gather a broad selection of texts from influential Islamist thinkers and place these figures and their writings in their multifaceted political and historical contexts. The selections presented here in English translation include writings of Ayatollah Khomeini, Usama bin Laden, Muslim Brotherhood founder Hasan al-Banna, and Moroccan Islamist leader Nadia Yassine, as well as the Hamas charter, an interview with a Taliban commander, and the final testament of 9/11 hijacker Muhammad Ata. Illuminating the content and political appeal of Islamist thought, this anthology brings into sharp relief the commonalities in Islamist arguments about gender, democracy, and violence, but it also reveals significant political and theological disagreements among thinkers too often grouped together and dismissed as extremists or terrorists. No other anthology better illustrates the diversity of Islamist thought, the complexity of its intellectual and political contexts, or the variety of ways in which it relates to other intellectual and religious trends in the contemporary Muslim world.
Download or read book Politics of Piety written by Saba Mahmood and published by Princeton University Press. This book was released on 2012 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of Islamist cultural politics through the ethnography of a thriving, grassroots women's piety movement in the mosques of Cairo, Egypt. Unlike those organized Islamist activities that seek to seize or transform the state, this is a moral reform movement whose orthodox practices are commonly viewed as inconsequential to Egypt's political landscape. The author's exposition of these practices challenges this assumption by showing how the ethical and the political are linked within the context of such movements.
Book Synopsis Economic Development and Islamic Finance by : Zamir Iqbal
Download or read book Economic Development and Islamic Finance written by Zamir Iqbal and published by World Bank Publications. This book was released on 2013-08-05 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Islamic finance is one of the fastest growing segments of emerging global financial markets, its concepts are not fully exploited especially in the areas of economic development, inclusion, access to finance, and public policy. This volume is to improve understanding of the perspective of Islamic finance on economic development, social and economic justice, human welfare, and economic growth.
Download or read book Keeping It Halal written by John O'Brien and published by Princeton University Press. This book was released on 2017-08-28 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: A compelling portrait of a group of boys as they navigate the complexities of being both American teenagers and good Muslims This book provides a uniquely personal look at the social worlds of a group of young male friends as they navigate the complexities of growing up Muslim in America. Drawing on three and a half years of intensive fieldwork in and around a large urban mosque, John O’Brien offers a compelling portrait of typical Muslim American teenage boys concerned with typical teenage issues—girlfriends, school, parents, being cool—yet who are also expected to be good, practicing Muslims who don’t date before marriage, who avoid vulgar popular culture, and who never miss their prayers. Many Americans unfamiliar with Islam or Muslims see young men like these as potential ISIS recruits. But neither militant Islamism nor Islamophobia is the main concern of these boys, who are focused instead on juggling the competing cultural demands that frame their everyday lives. O’Brien illuminates how they work together to manage their “culturally contested lives” through subtle and innovative strategies—such as listening to profane hip-hop music in acceptably “Islamic” ways, professing individualism to cast their participation in communal religious obligations as more acceptably American, dating young Muslim women in ambiguous ways that intentionally complicate adjudications of Islamic permissibility, and presenting a “low-key Islam” in public in order to project a Muslim identity without drawing unwanted attention. Closely following these boys as they move through their teen years together, Keeping It Halal sheds light on their strategic efforts to manage their day-to-day cultural dilemmas as they devise novel and dynamic modes of Muslim American identity in a new and changing America.
Book Synopsis Global Approaches to Sustainability Through Learning and Education by : Al-Sartawi, Abdalmuttaleb M.A. Musleh
Download or read book Global Approaches to Sustainability Through Learning and Education written by Al-Sartawi, Abdalmuttaleb M.A. Musleh and published by IGI Global. This book was released on 2019-08-30 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unequal distribution of wealth, poverty, pollution, and gender inequality are just a few of the problems we face and struggle to eliminate. Sustainable development offers a long-term holistic solution to these problems through meeting the needs of the current generation without endangering the capability of future generations in meeting their own needs. Sustainable education or education for sustainability is a transformative learning paradigm that prepares learners and provides them with knowledge, ethical awareness, skills, values, and attitudes to achieve sustainable goals. Global Approaches to Sustainability Through Learning and Education is a comprehensive academic publication that facilitates a greater understanding of sustainable development and fosters a culture of sustainability through learning and education. Highlighting a range of topics such as ethics, game-based learning, and knowledge management, this book is ideal for teachers, environmentalists, higher education faculty, activists, curriculum developers, academicians, researchers, professionals, administrators, and policymakers.
Book Synopsis The Islamic Syncretistic Tradition in Bengal by : Asim Roy
Download or read book The Islamic Syncretistic Tradition in Bengal written by Asim Roy and published by Princeton University Press. This book was released on 2014-07-14 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asim Roy argues that Islam in Bengal was not a corruption of the "real" Middle Eastern Islam, as nineteenth-century reformers claimed, but a valid historical religion developed in an area totally different from the Middle East. Originally published in 1984. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Book Synopsis Intertwined Worlds by : Hava Lazarus-Yafeh
Download or read book Intertwined Worlds written by Hava Lazarus-Yafeh and published by Princeton University Press. This book was released on 2014-07-14 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring the lively polemics among Jews, Christians, and Muslims during the Middle Ages, Hava Lazarus-Yafeh analyzes Muslim critical attitudes toward the Bible, some of which share common features with both pre-Islamic and early modern European Bible criticism. Unlike Jews and Christians, Muslims did not accept the text of the Bible as divine word, believing that it had been tampered with or falsified. This belief, she maintains, led to a critical approach to the Bible, which scrutinized its text as well as its ways of transmission. In their approach Muslim authors drew on pre-Islamic pagan, Gnostic, and other sectarian writings as well as on Rabbinic and Christian sources. Elements of this criticism may have later influenced Western thinkers and helped shape early modern Bible scholarship. Nevertheless, Muslims also took the Bible to predict the coming of Muhammad and the rise of Islam. They seem to have used mainly oral Arabic translations of the Hebrew Bible and recorded some lost Jewish interpretations. In tracing the connections between pagan, Islamic, and modern Bible criticism, Lazarus-Yafeh demonstrates the importance of Muslim mediation between the ancient world and Europe in a hitherto unknown field. Originally published in 1992. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Download or read book Young Islam written by Avi Max Spiegel and published by Princeton University Press. This book was released on 2015-05-26 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the competition for young recruits is creating rivalries among Islamists today Today, two-thirds of all Arab Muslims are under the age of thirty. Young Islam takes readers inside the evolving competition for their support—a competition not simply between Islamism and the secular world, but between different and often conflicting visions of Islam itself. Drawing on extensive ethnographic research among rank-and-file activists in Morocco, Avi Spiegel shows how Islamist movements are encountering opposition from an unexpected source—each other. In vivid and compelling detail, he describes the conflicts that arise as Islamist groups vie with one another for new recruits, and the unprecedented fragmentation that occurs as members wrangle over a shared urbanized base. Looking carefully at how political Islam is lived, expressed, and understood by young people, Spiegel moves beyond the top-down focus of current research. Instead, he makes the compelling case that Islamist actors are shaped more by their relationships to each other than by their relationships to the state or even to religious ideology. By focusing not only on the texts of aging elites but also on the voices of diverse and sophisticated Muslim youths, Spiegel exposes the shifting and contested nature of Islamist movements today—movements that are being reimagined from the bottom up by young Islam. The first book to shed light on this new and uncharted era of Islamist pluralism in the Middle East and North Africa, Young Islam uncovers the rivalries that are redefining the next generation of political Islam.
Book Synopsis Muslim Politics by : Dale F. Eickelman
Download or read book Muslim Politics written by Dale F. Eickelman and published by Princeton University Press. This book was released on 2004-08-15 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this updated paperback edition, Dale Eickelman and James Piscatori explore how the politics of Islam play out in the lives of Muslims throughout the world. They discuss how recent events such as September 11 and the 2003 war in Iraq have contributed to reshaping the political and religious landscape of Muslim-majority countries and Muslim communities elsewhere. As they examine the role of women in public life and Islamic perspectives on modernization and free speech, the authors probe the diversity of the contemporary Islamic experience, suggesting general trends and challenging popular Western notions of Islam as a monolithic movement. In so doing, they clarify concepts such as tradition, authority, ethnicity, pro-test, and symbolic space, notions that are crucial to an in-depth understanding of ongoing political events. This book poses questions about ideological politics in a variety of transnational and regional settings throughout the Muslim world. Europe and North America, for example, have become active Muslim centers, profoundly influencing trends in the Middle East, Africa, Central Asia, and South and Southeast Asia. The authors examine the long-term cultural and political implications of this transnational shift as an emerging generation of Muslims, often the products of secular schooling, begin to reshape politics and society--sometimes in defiance of state authorities. Scholars, mothers, government leaders, and musicians are a few of the protagonists who, invoking shared Islamic symbols, try to reconfigure the boundaries of civic debate and public life. These symbolic politics explain why political actions are recognizably Muslim, and why "Islam" makes a difference in determining the politics of a broad swath of the world.
