Books

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.

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.

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.

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.

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.

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.

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.

Book Review:

MANY books have been written on Islamic financial markets but Introduction to Islamic Finance: Theory and Practice by Zamir Iqbal, Abbas Mirakhor (John Wiley) is the first book to introduce all of the essential topics in one volume.

Economics is an earthly science, material and human. Religion looks to the beyond, and it teaches divine laws. How then are believers to design and build an economy, a system of production and distribution that leads to happiness in this world and salvation in the next?

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.