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The Law Of Riba In Islamic Banking
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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 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 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:
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 The Law of Riba in Islamic Banking by : Hasan Gürak
Download or read book The Law of Riba in Islamic Banking written by Hasan Gürak and published by Taylor & Francis. This book was released on 2024-03-12 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The issue of riba, that is, interest/the "excess" or "surplus" on loans is crucial for both Islamic and non-Islamic countries. Western economic systems use interest to distribute financial resources efficiently for investment and/or consumption, while Islamic economies pursue a completely different strategy for financing loans, which adheres to Islamic laws and prohibits the activities of conventional banking systems with regard to interest. This book argues that there is scope for new definitions and analysis based on alternative concepts which respect Islamic values and principles, yet pave the way for modification and debate. The book comprises of two parts. Theoretical issues are dealt with in the first section. The first two chapters examine conventional Islamic views on the prohibition of riba, while Chapters 3 and 4 contain unprecedented and alternative theoretical analysis based on concepts such as "earned" (halal-permitted-legal) vs. "unearned" (haram-impermissible-illegal) income and SUKUK, that is, Islamic interest-free bonds. The second part of the book tackles another unconventional aspect of Islamic finance, that is, the concept of NAS. The book considers whether the NAS-influenced anti-inflationary interest policy was a success or failure. Empirical data is evaluated in terms of bank incomes, inflation rate, interest rate, and the distribution of income. This book will be a useful guide for students, scholars, and researchers of Islamic banking and finance.
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 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
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 Law and Finance by : Frank E. Vogel
Download or read book Islamic Law and Finance written by Frank E. Vogel and published by BRILL. This book was released on 1998-01-01 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mirroring the expansion of wealth in the Middle East and Asia and a surge in Islamic self-identity, Islamic banking practices have either become the law of the land or coexist and compete with Western practices in at least six countries. A growing number of institutions and mutual funds (akin to Western ''socially responsible'' funds) have established Islamic investment and other practices to cater to this burgeoning market. Because of its prevalence, practitioners in every banking-related area must familiarize themselves with current Islamic finance practices in order to do business with Muslim clients and to engage in cross-border financing. Injunctions from the "Qur'an and the sayings of Prophet Muhammed have generated a web of interrelated norms which prohibit Islamic financiers from engaging in transactions that involve interest "(riba) and speculation "(gharar). "Islamic Law and Finance describes the dynamic set of Islamically-sanctioned ways financiers can transacat business.
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.
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 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 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 The Prohibition of Riba Elaborated by : Imran Ahsan Khan Nyazee
Download or read book The Prohibition of Riba Elaborated written by Imran Ahsan Khan Nyazee and published by Createspace Independent Publishing Platform. This book was released on 2016-12-22 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: The texts of the Qur'an and the Sunnah that prohibit riba are not easy to understand. An earlier book written by this author, called The Concept of Riba and Islamic Banking, appeared to be difficult for some readers. In fact, a few eager students stated that they were able to understand the text only after they had read it two or three times. This book tries to simplify some of the difficult areas of juristic interpretation. Some additional explanations have been added as compared to our last attempt in 1995, in the book mentioned. A major problem has been the recognition, by modern ulama and scholars, of some basic truths about the prohibition of riba. This non-recognition sometimes appears to be a reluctance to face a few harsh realities and a tendency to evade thorny issues. One such issue is the prohibition of all loans, other than what we have come to call a charitable loan or qard hasan. The issue lies at the heart of all Islamic banking. Instead of giving arguments on this issue and responding to the arguments made in favour of such prohibition, our modern scholars and leading muftis maintain total silence. The present book includes at least one instance of such evasion. It is only when a response on this issue is available from modern scholars that knowledge in this area will advance further. Without such a discussion, Islamic banking has very little chance of success.
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 Islamic Commercial Law by : Mohamed H. Reda
Download or read book Islamic Commercial Law written by Mohamed H. Reda and published by BRILL. This book was released on 2017-11-01 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic Commercial Law: Contemporariness, Normativeness and Competence offers new perspectives on why for centuries Islamic commercial law has been perceived as arbitrary and unpredictable, and on its evolution to a contemporary, consistent, reliable and credible body of law. The book also examines why Western positivists have viewed Islamic commercial law in a simplistic or archaic religious framework and counters those arguments with an examination of its normative legal qualities. The work analyses the competencies of Fiqh (jurisprudence) for structuring new financial instruments, and restructuring conventional financial products more equitability.
