Books

Mohsen Khan, Abbas Mirakhor: Theoretical Studies in Islamic Banking and Finance

Islam proposes that the banking systems that operate on the basis of an ex ante fixed rate of interest to replaced by a profit-sharing system in which the rate of return to the financial resources is not known and is not fixed prior to the undertaking of the transaction.

While in Islam interest is forbidden, trade and profits are permissible and in fact encouraged. The papers in this volume all address one or more of the basic questions at the theoretical level.

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A.L.M. Abdul Gafoor: Participatory Financing Through Investment Banks and Commercial Banks

Written by A.L.M. Abdul Gafoor, this is the second of a series of three books which, taken together, are expected to provide a comprehensive banking system that addresses the concerns and needs of Muslims today. The other titles are: Interest-free Commercial Banking and Commercial Banking in the presence of Inflation. In that system time and savings deposits will not bear any interest but the capital will be guaranteed.

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A.L.M Abdul Gafoor: Islamic Banking and Finance: Another Approach

The salient features of the proposed system are:1) There is no interest on deposits, but capital is guaranteed.2) Lending and investing are treated differently; loans are interest-free but carry a service charge, while investing is on a profit-and-loss-sharing (mudaraba) basis.Commercial banks will grant loans but they will not engage in investment-financing. Investment-financing will be done through investment banks and investment companies.3) Value erosion of capital due to inflation is compensated.

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A.L.M. Abdul Gafoor: Interest-free Commercial Banking

Written by A.L.M. Abdul Gafoor, this book studies the problem of eliminating riba (interest) from the banking system from basic principles. Using a general model of the commercial bank lending process, it shows that riba can be eliminated from modern commercial banking without resort to drastic measures. It presents a commercial banking system that is free of riba, and yet is fully viable and compatible with current practices in the conventional system.

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Umer Chapra: Towards a Just Monetary System: A Discussion of Money, Banking, and Monetary Policy in the Light of Islamic Teachin

Umer Chapra et. al.: Money and Banking in Islam

This collection of papers deals with the distinguishing characteristics of an Islamic economy which have a bearing on monetary and fiscal policies and the objectives and instruments of monetary policy in an Islamic economy.

It also takes a thorough examination of the experiment in Islamic banking in different parts of the world in general, and the Report of the Council of Islamic Ideology of Pakistan on the elimination of interest from the economy in particular.

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Yusuf Talal DeLorenzo: A Compendium of Legal Opinions on the Operations of Islamic Banks

A unique subject-wise collection of 'Fatwas' (legal opinions), relating to the operations of Islamic banks.

The Compendium is based on Fatwas issued by the religious boards of Islamic banks.

It took two years to collect, classify and translate the Fatwas from Arabic to English. The Arabic and English texts appear in the Compendium side by side.

The translation, classification and presentation of the material is by Yusuf Talal Delorenzo, an outstanding Islamic scholar with mastery of both the English and Arabic languages.

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Clement Henry, Rodney Wilson: The Politics of Islamic Finance

"Valuable reading for anyone who wants to understand Islamic banking and its formal and informal societal and political relationships."

"This timely book demonstrates how in-depth academic scholarship can make a signal contribution to a major topical issue of public policy."

"They are the leading experts on the political economy of Islamic banking, and the book will attract the interest of all who wish to understand this phenomenon."

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Mervyn Lewis, Latifa Algaoud: Islamic Banking (Elgar Monographs)

A comprehensive survey of Islamic banking. . . . Recommended for anyone interested in the theory and practice of Islamic banking. Outstanding in contextualizing the evolution of and demand for Islamic banking on its path through our common history.

Mervyn Lewis, Latifa Algaoud: Islamic Banking (Elgar Monographs).

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Abdullah Saeed: Islamic Banking and Interest: A study of the prohibition of Riba and its Contemporary Interpretation

This important book critically examines the traditional interpretation of "riba (translated as usury of interest) and the attempts of modern Islamic banks to put that interpretation into practice.

The first part of the book examines the prohibition and interpretation of "riba in Islam, as well as the controversies surrounding it. The second part examines the alternatives to interest-based financing utilised in Islamic banking and the problems associated with such alternatives with particular focus on "mudaraba, musharaka and "marabaha.

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Ibrahim Warde: Islamic Finance in the Global Economy

In the past decade, Islamic finance has grown at rates exceeding 20% a year. It is now a $200 billion industry, with operations in over 70 countries.

This book explains the paradox of a system rooted in the medieval era thriving in the global economy.

It traces the evolution of Islamic finance, explores its significance from a historical and comparative perspective, and considers the strategic, marketing, managerial, political, economic, regulatory and cultural challenges faced by Islamic institutions.

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Samuel Hayes: Islamic Law and Finance: Religion, Risk, and Return (Arab and Islamic Laws)

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.

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Muhammad Taqi Usmani: An Introduction to Islamic Finance (Arab & Islamic Laws)

Although the principles of Shari'ah require banks and financial institutions to be structured on an interest-free basis, this does not mean that such institutions are charitable concerns. As long as a person advancing money expects to share in the profits earned (or losses incurred) by the other party, a stipulated proportion of profit is legitimate.

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Bill Maurer: Mutual Life, Limited: Islamic Banking, Alternative Currencies, Lateral Reason

Why are people continually surprised to discover that money is "just" meaning? Mutual Life, Limited spends time among those who, in acknowledging the fictions of finance, are making money anew. It documents ongoing efforts to remake money and finance by Islamic bankers who seek to avoid interest and local currency proponents who would stand outside of national economies. It asks how alternative moneys both escape and reenact dominant forms of money and finance, and reflects critically on their broader implications for scholarship.

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Dr. Mahmoud El-Gamal Islamic Finance: Law, Economics and Practice

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.

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Book: Virginia Morris and Brian Ingram: Guide To Understanding Islamic Investing

Virginia Morris and Brian Ingram have authored abook on Islamic Investing.

This first-of-its-kind guide provides the information and guidance that Muslims need to make informed investment choices while conducting their financial lives in accordance with Islamic principles. A concise 64 pages, the guide is an ideal introduction for Muslim investors, as well as an essential resource for financial professionals who work with Muslim clients.

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New Book - Understanding Islamic Banking: The Value Proposition that Transcends Cultures

Are non-Muslim customers ready for Islamic Financing? In the book Understanding Islamic Banking: the Value Proposition That Transcends Cultures, Joseph DiVanna and expert in global banking, examines how the underlying principles of Islamic banking provides a framework for contemporary retail banks to enable investors of any faith to develop a sense of a higher purpose. The essentials of a bank's value proposition, such as brand identity, innovation, investment strategy, and the generation of investor value are attributes readily identifiable by Muslims and non-Muslims.

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