An Introduction to Islamic Finance

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Much has happened in the Islamic finance industry since this bestselling text was first published in 2007. This second edition is timely especially as there has been much re-thinking of the role of Islamic banks in the aftermath of the global financial crisis. New chapters on risk-sharing and financial stability, and other revisions should ensure that this remains the leading text in its field, with the strengths of the first edition retained, not least the lucid explanations of often complex financial products helped by useful flow charts. Professor Rodney Wilson Director, Durham University Islamic Finance Programme An Introduction to Islamic Finance provides the first-tier 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. With elegant simplicity and profound elucidation, the authors discuss the theoretical and practical elements and structures comprising this system and describe the integration of these elements and structures into a unified organic whole. We would all be well served if this were made compulsory reading not only for those having involvement or interest in global financial matters, but for anyone having an interest in cultural or political facets of Islam. Michael J.T. McMillen Former Partner, King & Spalding and Fulbright & Jaworski L.L.P. Adjunct Professor in Islamic finance, University of Pennsylvania Law School Abbas Mirakhor and Zamir Iqbal are to be congratulated for providing us with a lucid, comprehensive and sophisticated introduction to the theory and practice of Shari'ah-compliant (Islamic) finance. Impressive in its scope--without being superficial in its treatment of its various topics--the text can be comfortably recommended as one of the handful of books that students of Islamic finance must have in their library. Economists will be particularly pleased by the inclusion of thoughtful discussions of Islamic economic principles from an institutional economics perspective, while business school and finance professors and students will be pleasantly surprised by significantly revised chapters with elucidative case studies on sukuk. Dr. S. Nazim Ali Acting Executive Director, Islamic Legal Studies Program Director, Islamic Finance Project Harvard Law School, Harvard University Unlike most books on Islamic finance that focus narrowly on the mechanics of Islamic banking operations and modes of financing, this book presents Islamic finance from an institutional economics perspective and discusses various issues related to the financial system and structure. It also provides a comprehensive overview of the challenges facing Islamic financial industry and suggests ways to mitigate these. By highlighting the risk sharing and stability features of Islamic finance, the authors present a convincing case for the Islamic financial sector to revert to its foundational principles in the post-crisis era. Professor Habib Ahmed Professor and Sharjah Chair in Islamic Finance Durham University