Fundamentals of Islamic Finance and Banking
Wiley Finance 1. Aufl.
A comprehensive and fully up-to-date introductory textbook to Islamic finance and banking Islamic finance and banking is being used increasingly globally — especially in the regions of Middle East and North Africa, South East and South Asia. To cater to the need of trained Islamic finance staff, a large number of Educational institutions are beginning to offer courses, majors and minors in Islamic finance and banking. The major challenge faced by these institutions are suitable textbooks for both undergrad and post-grad levels and especially with the relevant instructor resources (PPTs, test bank, practice activities and answer keys). Luckily, Fundamentals of Islamic Finance and Banking is here to cover the most important topics related to Islamic finance and banking (IF&B) that are relevant for students of business, finance and banking. Offers an historical background of Islamic finance Covers the principles of Sharia Law as pertinent to finance and banking Provides in-depth discussion of the six key Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna Discusses the Islamic insurance (Takaful) Gives an overview of Islamic investment, especially Sukuks Concludes with the global standing of the Islamic Finance and Banking industry Would-be colleges and universities offering this subject as a course within their finance and/or banking program can’t be without this invaluable guide.
List of Figures List of Tables Acknowledgments About the Author Preface About the Companion website Chapter 1: Introduction to Islamic Finance and Islamic Economics Introduction Creation of Money and Conventional Finance and Banking Definition of Islamic Finance and Banking Distinctive Features of Islamic finance Economics and Islam Economics in Ancient Times Modern Economics Islamic Economics History of Islamic Economic Thought Principles of Islamic Economics Islam’s Solution to the Classic Economic Problem Islam and the Welfare Economy Property Ownership in Islamic Economics Zakat and Sadaqah Ban on Interest Versus Cost of Capital in Islam Conventional Economics Versus Islamic Economics Evolution of Islamic Finance Early Days Birth of Modern Islamic Finance Institutional Developments During the Revival of Modern Islamic Finance The Mit Ghamr Experiment Tabung Haji Rapid Growth of the Islamic Finance and Banking Industry Islamic Finance and Banking in the Muslim Communities and Countries Islamic Finance and Banking in Non-Muslim countries Sub-sectors in the Islamic Finance and Banking Industry Current Status of Modern Islamic Finance and Banking Timeline of Development of Contemporary Islamic Finance and Banking Chapter 2: Shariah Law and Shariah Supervisory Board Introduction to the Islamic Law – Shariah Sources of Shariah Schools of Islamic Jurisprudence Ethics in Shariah compliant business and finance Major Shariah Prohibitions and Principles and their Implications Prohibition of interest or Riba Prohibition of Uncertain dealings or Gharar Prohibition of Speculative behavior or Maysir Shariah Supervisory Board or SSB Introduction to the SSB Formation of the SSB Status of the SSB within the Industry Functions of the SSB Corporate and Shariah Governance Shariah Governance Process Chapter 3: Islamic Banking versus Conventional Banking Introduction to Islamic Banking Islamic Banking versus Conventional Banking Similarities Between Conventional and Islamic Banks Differences Between Conventional and Islamic Banking Relationship with the Central Banks Risks of Banks – Generic and Specific to Islamic banks Generic risks Risks specific to Islamic banks Financial intermediation The Definition of Financial intermediation Conventional Financial intermediation Islamic Financial Intermediation Islamic Financial Intermediation Models Distribution of Islamic Banking Products Conventional Versus Islamic Financial Intermediation Balance Sheet of an Islamic Bank - Sources and Uses of Funds by an Islamic Bank Sources of funds Application of funds Contracts in the Shariah Law Contracts of Exchange in Shariah Compliant Commerce and Finance Common Islamic Banking Products Retail Islamic Banking Products Corporate Islamic Banking Products Financial accounting in Islamic banking Challenges Faced by Islamic Banks Islamic Finance and the Financial Crisis International Islamic Regulatory and Standard Setting Bodies Accounting and Auditing Organization for Islamic Financial Institutions Islamic Financial Services Board Liquidity Management Centre LMC and the International Islamic Liquidity Management IILM International Islamic Financial Market IIFM International Islamic Rating Agency IIRA General Council for Islamic Banks and Financial Institutions CIBAFI International Islamic Centre for Reconciliation and Commercial Arbitration for Islamic Finance Industry IICRCA Islamic Development Bank IDB International Islamic Fiqh Academy Chapter 4: Murabaha Introduction to Murabaha Conditions Related to Murabaha Calculation of Murabaha Profit The Murabaha Process Practical Applications of Murabaha Tawarruq or Reverse Murabaha or Commodity Murabaha Challenges and Problems Associated with Murabaha Comparison of the Murabaha with the Conventional Loan Chapter 5: Mudaraba Introduction to Mudaraba Use of Mudaraba for Financial Intermediation of the Islamic Banks Profit Calculation in Mudaraba Provisions and Reserves Related to Mudaraba Mudaraba as a Limited Recourse Debt Finance Types of Mudaraba Shariah Conditions Related to Mudaraba Challenges and Problems Related to Mudaraba Practical Applications of Mudaraba Comparison of Mudaraba with Interest Based Conventional Banking Accounting Issues related to Mudaraba Chapter 6: Musharaka Introduction to Musharaka Types of Musharaka Shariah Rules and General Principles Guiding Musharaka Contracts Problems related to Musharaka Practical uses of Musharaka Comparison of Musharaka with interest based financing Comparison of Musharaka with Mudaraba Financing Chapter 7: Ijara Introduction to Ijara Ijara in Islamic Banks Types of Ijara The Ijara Process Shariah Rules and General Principles Guiding Ijara Contracts and its Characteristics Documentation Related to the Ijara Contract Main difference between Ijara and conventional lease Difference Between Ijara and a Conventional Loan Contract Difference and Similarities Between Ijara Wa Iqtina And Diminishing Musharaka Practical Applications of the Ijara Contract Chapter 8: Salam Introduction to Salam Important Characteristics of the Salam Contract History of the Salam Contract and its Shariah Acceptability Benefits of the Salam Contract Role of Islamic Banks in Salam and the Parallel Salam Contract Salam and Parallel Salam Diagram and Process Practical application of Salam Problems Related to Salam Contracts Comparison of Salam Contract with Conventional Banking Chapter 9: Istisna Introduction to Istisna Shariah Rules and General Principles Guiding Istisna Contracts and its Characteristics Role of Islamic banks in Istisna and Parallel Istisna Problems Related to Istisna and Parallel Istisna Comparison of Istisna with interest based finance Difference between Salam and Istisna Comparison of Istisna with Ijara Practical application of Istisna Chapter 10: Takaful Background of Takaful Modern Takaful Industry as an Alternative to Conventional Insurance Parties in Takaful Shariah Rules and General Principles Guiding Takaful Contracts and Key Characteristics The Development of Takaful Challenges Faced by Modern Takaful Industry Types of Takaful General Takaful Family Takaful Operational Structure of Takaful Takaful Models Pure Wakala Model Pure Mudaraba Model Wakala and Mudaraba Combined or Hybrid Model The Waqf-Wakala-Mudaraba Model Comparison of the Different Takaful Models Underwriting Surplus or Deficit and Technical Provisions Conventional Mutual Insurance and Takaful Similarities and Difference Between Takaful and Conventional Insurance Retakaful Similarities between Retakaful and Reinsurance Differences Between Retakaful and Reinsurance Chapter 11: Islamic Investments and Sukuk Investment Markets and Products Islamic Investments Money Markets – Islamic Perspective Capital Markets – Islamic Perspective Shariah Compliant Stocks Dealing with non-compliant stocks Purification of income distribution Islamic Asset and Fund Management Islamic Unit Trust or Mutual Fund Common Types of Islamic Investment Fund Islamic Real Estate Investment Trusts – IREITs Similarities between REITs and Islamic IREITs Similarities between REITs and Islamic IREITs Risks and Challenges Inherent in the Islamic Capital Markets Shariah Governance and the Shariah Supervisory Board in Islamic Investment Comparison of Islamic Investments with Conventional Investments Introduction to Sukuks Characteristics of the Islamic Investment Product - Sukuk Types of Sukuks Ijara Sukuk Istisna Sukuk Salam Sukuk Murabaha Sukuk Mudaraba Sukuk Musharaka Sukuk Controversy Related to Sukuks Rating of Sukuks Trading of Sukuks on the Secondary Markets Comparison of Sukuks with Conventional Bonds Common Advantages of Both Conventional Bonds and Sukuks Differences Between Conventional Bonds and Sukuks Chapter 12: Global Standing of Islamic Finance and Banking Background of Modern Islamic Finance and Banking Conventional versus Islamic Finance Global Growth of the Islamic Finance and Banking Industry Islamic Finance and Banking and the Muslim Community Banking and Islamic Banking in the Middle East and the GCC Banking and Islamic Banking in the South and South East of Asia and Beyond Achievements and Opportunities in Global Islamic Finance and Banking Challenges Faced by Islamic Finance and Banking Social Responsibilities of Islamic Finance Going Forward Index
SYEDA FAHMIDA HABIB, is currently an instructor at the School of Continuing Studies, York University, Toronto, Canada, specializing in finance, financial accounting and Strategic Management. Prior to this, she served as a senior lecturer at the Higher Colleges of Technology (HCT), UAE, for 19 years, specializing in various finance courses and especially involved in developing and team leading Islamic Finance and Banking. She holds an MBA, a Masters in Applied Finance and a DBA, is a member of CISI, and of the Institute of Islamic Banking and Insurance, London. She has written six books in the areas of finance, which were adopted as primary texts for HCT courses in the areas of Introduction to Finance, Financial Services Marketing in the Arab World and Personal Finance in the Arab World.
A Comprehensive Introduction to Islamic Finance Islamic finance is on the rise around the world, growing faster than the supply of specialized human capital. Fundamentals of Islamic Finance and Banking is the ideal introductory text for undergraduate and graduate students hoping to fill this major gap in the market. Broad in scope to provide a complete overview of the field, the discussion also maintains an appropriate level of depth to provide a solid, beyond-the-surface understanding of major topics. Understand the historical foundations of Islamic finance and track its growth to modern times Learn how Shariah Law applies to finance, in terms of ethics, principles, prohibitions and governance Delve into the uses, mechanisms, challenges and benefits of the six major Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna Build an essential knowledge base surrounding Islamic insurance (Takaful) and Islamic investment and Sukuks Compare and contrast conventional versus Islamic finance, and learn how Islamic finance is used today in the Muslim Community, the Middle East, South and South East Asia and beyond Comprehensive coverage plus a full set of ancillary materials makes Fundamentals of Islamic Finance and Banking the ideal primary text for introductory-level classes.
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