Islamic finance does not seek to abolish private property, nor does it attempt to prevent the individual from serving his own selfinterest. Introduction islamic finance has grown rapidly over the past decade, and its banking segment has become systemically important in a dozen countries in a wide range of regions. Introduction to islamic banking and finance is supported by a detailed, easy to use instructor manual, powerful test bank generator and dynamic powerpoint slides. Use this section for a more detailed understanding of the industrys core products from one of its leading scholars. Nearly 20 percent annual growth of islamic finance in recent. The present book is a revised collection of my different articles that aimed at providing basic information about the principles and precepts of islamic finance, with special reference to the modes of financing used by the islamic banks and nonbanking financial. It also analyzes the evolution, growth and development of the industry across various periods of time. One of the most important characteristics of islamic financing is that it is an assetbacked financing. Introduction to islamic finance and islamic banking. Introduction to islamic banking and finance brian kettell a john wiley and sons, ltd. Gain deeper insight into the principles and theory of islamic economics. Director, durham university islamic finance programme. The regulations derived from riba and gharar control the manner in which financing takes place.
To western eyes, this seems a strange restriction, but christian countries themselves maintained such a ban for 1,400 years. Pdf introduction to islamic banking and finance is supported by a detailed, easy to use instructor manual, powerful test bank generator and. An introduction to islamic finance papers in the ssrn. International institute of islamic thought pakistan. On completion of the course you will have developed a good foundational understanding of the core principles, the various norms and prohibitions that govern activities and contracts in the islamic financial system, the differences between the islamic financial system and the conventional system, as well as the basic modes of islamic finance. It was fueled financially by the flow of petrodollars to islamic countries in the oilrich gulf. Islamic finance, consumer protection and public policy. Idara impex about the book an attempt to facilitate an understanding of the basic principles of islamic finance and the main points of difference between conventional and islamic banking among other issues. Request pdf introduction to islamic finance islamic finance began to take shape in the 1970s.
Introduction to islamic banking and finance wiley online books. Kabir hassan is a financial economist with consulting, research, and teaching experience in development finance, money and capital markets, islamic finance. Despite these figures, islamic finance is still very much a niche market, with the vast majority of muslims, who have access to finance, using conventional financial. An overview of islamic finance1 prepared by mumtaz hussain, asghar shahmoradi, and rima turk authorized for distribution by zeine zeidane june 2015 abstract islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Jul 23, 2001 the prohibition of interest is the feature of islamic banking which most distinctly sets it apart from conventional banking. An introduction to islamic finance by mufti muhammad taqi usmani. An introduction to islamic finance muhammad taqi uusmani. It is also the branch of finance that needs to be viewed from a different perspective as it cannot replicate conventional banking. The book is actually about the principles of islamic finance in depth and the main difference in islamic and conventional banking. An excellent introduction for someone new to islamic finance. Here islamic law is less con cerned with the purposes for which.
The main concept of the islamic banking is the prohibition on collection of interest and its utilization for the business purposes. An introduction to islamic finance will solve all confusions. I acade courses are deiered ia our learning manageent syste lms using innovatie toos. An introduction to islamic finance provides the firsttier response to all questions as to the nature and essence of modern islamic finance, whether posed by the uninitiated and uninvolved or the financial practitioner seeking context and cohesion. Jan 30, 2015 the fundamental principles of islamic economics and islamic finance are introduced. Introduction to islamic finance federal reserve bank of boston. If industrialists having only ten million of their own, acquire 90 million from the banks and embark on a huge profitable project, it means that 90% of the project has been created by the money of the depositors while only 10% has been created by their own capital. An introduction to islamic finance wiley online books. Jan 17, 2014 the intention of the series is to enable lse law students and the broader lse community to explore and learn about how islamic finance works. Introduction and background islamic finance is growing within international finance. Introduction to islamic finance the paper f9 syllabus now contains a section on islamic finance section e3.
Pdf introduction to islamic banking find, read and cite all the research you need on researchgate. With deep discussion of the characteristics, rationale, key institutions, objectives, and instruments at work, the book. In the modern economic system, it is the banks which advance depositors money as loans to industrialists and traders. I 3544 includes index isbn 1565640799 hc isbn 1565640802 pb i. Liability of the parties in case of loss to the asset 117 5. The conventional capitalist concept of financing is that the banks and financial institutions deal in money and monetary papers only. Introduction to islamic economics and finance springerlink. Wealth must be generated from legitimate trade and assetbased investment. Introduction to islamic banking and finance icc academy.
The emphasis of islamic economics, however, is a concentration on human brotherhood and social economic justice. An introduction to islamic finance is a collection of works previously published. Introduction to islamic banking and finance is a succinct guide to the key characteristics of islamic banking highlighting how these differ from conventional banking. Provides a basic introduction to the principles of islamic finance.789 1274 497 728 1592 811 614 1513 916 452 916 520 166 1073 959 875 36 644 940 645 60 821 1150 54 1097 688 1464 74 29 568 491 1149 659