Beyond Debt
Beyond Debt

Author: Daromir Rudnyckyj

Publisher: University of Chicago Press

Published: 2018-11-22

Total Pages: 272

ISBN-13: 022655208X

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Recent economic crises have made the centrality of debt, and the instability it creates, increasingly apparent. This realization has led to cries for change—yet there is little popular awareness of possible alternatives. Beyond Debt describes efforts to create a transnational economy free of debt. Based on ethnographic fieldwork in Malaysia, Daromir Rudnyckyj illustrates how the state, led by the central bank, seeks to make the country’s capital Kuala Lumpur “the New York of the Muslim world”—the central node of global financial activity conducted in accordance with Islam. Rudnyckyj shows how Islamic financial experts have undertaken ambitious experiments to create more stable economies and stronger social solidarities by facilitating risk- and profit-sharing, enhanced entrepreneurial skills, and more collaborative economic action. Building on scholarship that reveals the impact of financial devices on human activity, he illustrates how Islamic finance is deployed to fashion subjects who are at once more pious Muslims and more ambitious entrepreneurs. In so doing, Rudnyckyj shows how experts seek to create a new “geoeconomics”—a global Islamic alternative to the conventional financial network centered on New York, London, and Tokyo. A groundbreaking analysis of a timely subject, Beyond Debt tells the captivating story of efforts to re-center international finance in an emergent Islamic global city and, ultimately, to challenge the very foundations of conventional finance.

Islamic Finance
Islamic Finance

Author: Mahmoud A. El-Gamal

Publisher: Cambridge University Press

Published: 2006-07-03

Total Pages: 239

ISBN-13: 1139457160

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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. By attempting to replicate the substance of contemporary financial practice using pre-modern contract forms, Islamic finance has arguably failed to serve the objectives of Islamic law. This book proposes refocusing Islamic finance on substance rather than form. This approach would entail abandoning the paradigm of 'Islamization' of every financial practice. It would also entail reorienting the brand-name of Islamic finance to emphasize issues of community banking, micro-finance, and socially responsible investment.

Shariah
Shariah

Author: John L. Esposito

Publisher: Oxford University Press

Published: 2018

Total Pages: 353

ISBN-13: 0199325057

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Most Americans and Europeans have by now heard of Shariah. In the West, politicians, media commentators, televangelists, and others have stoked fears that Muslims intend to impose a repressive rule based on Shariah in America and Europe. Shariah has been portrayed as a medieval system that oppresses women, stifles human rights, and imposes harsh punishments like stoning and amputation. In reality, however, Shariah is a complex concept that has been interpreted in many ways over time and around the world. It plays a vital role in the lives of Muslims around the world, offering guidance on everything from personal morality to ritual practices, family life, and finance. In this timely addition to Oxford's What Everyone Needs to Know(R) series, John Esposito and Natana DeLong-Bas offer an accessible and thorough guide to this little-understood, but often caricatured system. The book provides clear and even-handed answers to a wide range of questions, covering the history, development, content, and practice of Shariah. What are its origins? What is a Shariah court and how does it work? How does a person become a Muslim in the eyes of Islamic law? Does Islamic law allow Muslims to marry non-Muslims? What are blasphemy laws, and how are they enforced? How does Islamic law govern trade and contracts of sale? Do Muslims in the West want Shariah Law? Is there a need to protect American and European societies from the imposition of Shariah? By answering the questions that so many people have about Shariah and its role in Muslim life, this book makes an invaluable contribution to the crucial task of fostering mutual understanding in our globalizing, pluralistic societies.

Corporate Islam
Corporate Islam

Author: Patricia Sloane-White

Publisher: Cambridge University Press

Published: 2017-03-30

Total Pages: 249

ISBN-13: 1316878716

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Compelling and original, this book offers a unique insight into the modern Islamic corporation, revealing how power, relationships, individual identities, gender roles, and practices - and often massive financial resources - are mobilized on behalf of Islam. Focusing on Muslims in Malaysia, Patricia Sloane-White argues that sharia principles in the region's Islamic economy produce a version of Islam that is increasingly conservative, financially and fiscally powerful, and committed to social control over Muslim and non-Muslim public and private lives. Packed with fascinating details, the book is essential reading for anyone with an interest in Islamic politics and culture in modern life.

Shariah Law
Shariah Law

Author: Mohammad Hashim Kamali

Publisher: Simon and Schuster

Published: 2017-07-06

Total Pages: 342

ISBN-13: 1786071517

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Shariah law is a subject that is misunderstood and misrepresented by many in the West. More than simply a system of law, it is concerned with a set of values and rules that are essential to the understanding and practice of Islam. In this volume, Mohammad Hashim Kamali, a world-renowned expert on Shariah, adopts a question-and-answer format to provide a clear introduction to its most salient aspects. Extending from the sources of Shariah in the Qur’an, hadith and the legal maxims of Islamic law to the discussion of issues such as freedom of religion, gender equality and human rights, Shariah Law: Questions and Answers connects the theoretical aspects of the law with how it is applied in the world today. At once scholarly and accessible, it is sure to be a vital resource for students, teachers and general readers, addressing as it does a range of contemporary concerns, including jihad, democracy, the environment, genetic engineering, human cloning, euthanasia and abortion.

Books-in-Brief: Toward Our Reformation
Books-in-Brief: Toward Our Reformation

Author: Mohammad Omar Farooq

Publisher: International Institute of Islamic Thought (IIIT)

Published: 2015-01-01

Total Pages: 34

ISBN-13: 1565646746

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It is the author’s contention that at the heart of the Muslim predicament lies ignorance and/or lack of commitment to core Islamic values, thus what is advocated throughout this work is a return to what is termed a “value-oriented” approach. We further learn that with the passage of time what we today consider to be the Shariah is in effect an original hub enveloped in a labyrinthine shroud of scholastic views and deductions hindering Muslim development, and to rely on fraudulent hadith and fallacious implementation of hudud law is not only to betray the spirit of the Qur’an and the Prophet’s message, but a disastrous exercise. Consequences being blatant abuse of the Muslim populace under cover of implementing a bogus Shariah. This abuse and misapplication is explored throughout the work.

Fundamentals of Islamic Finance
Fundamentals of Islamic Finance

Author: Muhammad Hanif

Publisher: Independently Published

Published: 2020-08-20

Total Pages: 440

ISBN-13:

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This book is the result of a decade teaching of Islamic finance course to business graduates (Bachelor and Master classes). This book is written with a clear focus on learning of Islamic banking & finance by accounting, banking, business and finance students/professionals. This book is divided into five parts. Part-1 presents an update on Islamic finance, why and how Islamic banking started; What is current status; Meaning and prohibition of Riba (Interest & Usury) as reported in revealed books (Bible and Qur'an); business models under Islamic financial services industry; principles of Islamic financial system, similarities and differences with conventional finance industry, and challenges being faced by the nascent industry.Part two is about asset-backed financing provided by IFIs. It includes trading (selling) modes of financing including Murabaha (ch.2), Salam, and Istisna'a; it also includes rental-based financing product-Ijarah financing. Chapter 2,3,4,5 include sales and rental-based financing. Part three of the book deals with profit and loss sharing modes of financing including Musharakah, diminishing Musharakah and Mudarabah. A special section is devoted to discussing the causes of lesser application of Musharakah in operations of IFIs, in addition to Shari'ah rulings and financial impact. Chapter seven is about Diminishing Musharakah; a form of gradually declining partnership between an IFI and clients; generally used to finance real estates. Under diminishing Musharakah, the basic Shari'ah rulings, Islamic house financing, comparative study of conventional and Islamic mortgages and installment calculation under different assumptions for house financing are presented. Chapter eight is about Mudarabah. Chapter nine presents various types of deposits collected by IFIs and profit-sharing mechanism. Concepts of daily product and weight-age based profit systems are elaborated.Part four of the book presents special topics in Islamic Finance. In this part areas of liquidity management, Islamic insurance, currency system, substance & form, and challenges to Islamic finance industry are elaborated. Under Islamic capital market (liquidity management) two dedicated chapters have been included; each for equities and sukuk. Chapter 12 elaborates briefly the concept of Islamic insurance covering multiple areas including Shari'ah guidelines, takaful (insurance) models, and role of insurance company, in addition to illustrative financial calculations. Chapter-13 addresses the issue of preference for 'legal form over economic substance' by critically evaluating the selected Islamic finance contracts Last chapter identifies the challenges [potentially hurdles in sustainability, growth and expansion of the industry]. The fifth edition is the outcome of encouraging response by the academic community to earlier editions. In this edition, due attention has been given to present material in a reader-friendly mode in addition to a thorough review of content, exercises and figures. Title of the book changed by adding prefix of 'fundamentals' to reflect the nature of work (as text book). In this edition, the chapter on Islamic finance: an update is revised thoroughly; and by insertion of specific contents including principles and business models of Islamic financial system, in addition to brief presentation of challenges. Besides, Islamic capital market is re-written by including an evaluation of methodologies used in creation of Shari'ah universes of stocks. Also, a new chapter included to present the application of 'form over substance' principle to industry practices. Updated figures on the global volume of assets, application of financial products; regional shares, etc. are also part of this edition. Also, more examples included in the text to make the concept clear. An increased number of multiple-choice questions and mini cases are also forming part ofthe updated edition. I welcome readers' Feedback.