'People are too inclined to regard their current institutions as the inevitable outcome of a natural evolutionary process. In respect of banking, it is salutary to note that Islamic banking works on a quite different, non-interest-bearing, basis from Western banking; and that several major religions, including Christianity, were in earlier times ethically opposed to interest/usury, but only Islam now keeps that faith. Professor Mervyn Lewis is a highly respected authority on (Western) banking and finance, and Latifa Algaoud is a senior official in Bahrain with a deep knowledge of Islamic banking institutions. Between them they present a highly readable assessment of Islamic banking from both (East/West) viewpoints, with a clear account of its history and principles, and its current position and state.' - Charles Goodhart, London School of Economics, UK 'Islamic banking has become a significant part of global banking. This is a very timely and well written book which successfully links the modern theories of conventional banking and financial intermediation and the theoretical and practical aspects of Islamic banking. By linking theory and practice, and setting Islamic banking in a wider analytical framework, the book will be invaluable to anyone with a theoretical, practical or regulatory interest in Islamic banking.' - David T. Llewellyn, Loughborough University, UK the prohibition of interest is the feature of Islamic banking which most distinctly sets it apart from conventional banking. to Western eyes, this seems a strange restriction, but Christian countries themselves maintained such a ban for 1,400 years. Islamic Banking asks why Islam has been able to maintain its stand. the book explores the intricacies of Islamic law and the religious and ethical factors underpinning Islamic banking. It then considers the analytical basis of Islamic banking in the light of modern theories of financial intermediation, and identifies the conceptual issues to be overcome.
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An introduction to Islamic banking
The basis of Islamic banking
9 other sections not shown
activities adverse selection Al-Baraka Arab assets Bahrain Bangladesh Bank Islam Malaysia bank's banking and financial banking system basis BIMB borrowers capital cent Chapter Christian clients commercial banks conventional banks corporate governance costs countries debt depositors deposits entrepreneur equity example Faisal Islamic Bank FIBE financial intermediation financial system fixed gharar hadith Holy Qur'an ijara incentive instruments interest-free International investment accounts Investment Bank investors involved Iran Islamic Development Bank Islamic economic Islamic financial institutions Islamic financing Islamic Insurance Islamic Investment Bank Islamic Investment Company Islamic law issues leasing lender lending loan loss mark-up modes of financing monitoring moral hazard mudaraba mudaraba contract mudarib murabaha musharaka Muslim organisation Pakistan participation partner partnership payment portfolio principles problems profit profit-and-loss-sharing profit-sharing prohibition purchase religious riba risk sector share shareholders shari'a short-term structure Sudan sunna Takaful trade transactions usurer usury zakat
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Islam and the Moral Economy: The Challenge of Capitalism
Limited preview - 2006