Understanding Islamic Finance [Hardcover]

Key features include:

• Discussion of the principles of Islamic finance;
• Introduction to the key products and procedures that International Financial Institutions are using or may adopt to fund a variety of clients ensuring Sharī´ah compliance;
• Discussion of the role Islamic finance can play in the development of the financial system and of economies;
• Practical and operational examples that cover deposit and fund management by banks involving financing of various sectors of the economy, risk management, accounting treatment, and working of Islamic financial markets and instruments.

This book is not only an important text for all banks and financial institutions entering this particular market with a commitment to building Islamic financial solutions, but is also essential reading for undergraduate and postgraduate students of Islamic finance.

List of Boxes and Figures xvii

Foreword xix

Preface xxi

Acknowledgements xxv

PART I FUNDAMENTALS 1

1 Introduction 3

1.1 Economic Scenario in the Neoclassical Framework 3

1.2 Conventional Debt: A Recipe for Exploitation 4

1.3 Growth per se May not Lead to Socio-economic Justice 6

1.4 Social Welfare Activities of the States 8

1.5 The Main Culprit 8

1.6 The Need of the Hour 9

1.7 Economics and Religion 10

1.8 Islamils¢