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Product Description
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. The philosophy is enshrined in the traditional Islamic concepts of musharakah and mudarabah, along with their specialized modern variants murabahah, ijarah, salam, and istisna'. This guide to Islamic finance clearly delineates the all-important distinctions between Islamic practices and conventional procedures based on interest. Justice Usmani of Pakistan, who chairs several Shari'ah supervisory boards for Islamic banks, clearly explains the various modes of financing used by Islamic banks and non-banking financial institutions, emphasizing the necessary requirements for their acceptability from the Shari'ah standpoint and the correct method for their application. He deals with practical problems as they arise in the course of his presentation, and offers possible solutions in each instance. Investors and others doing business (or intending to do so) in Islamic countries have in this book a clear, well-informed, and practical guide to a crucial factor in the success of their endeavours.
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6 of 6 people found the following review helpful
Format:Hardcover
Hello All
I would highly recommend this book for those involved with researching, implementing and integrating Islamic Economics whether it be in their mode of work, personal business etc. The author explains the various modes of Islamic finance with great scholarly skills, in a very clear and concise manner.
I would highly recommend this book for those involved with researching, implementing and integrating Islamic Economics whether it be in their mode of work, personal business etc. The author explains the various modes of Islamic finance with great scholarly skills, in a very clear and concise manner.
1 of 1 people found the following review helpful
Format:Hardcover
A very good book explaining the principles of Islamic finance and the Shariah-compliant financing modes, written in a sincere manner. I am using it as main source for my Bachelor thesis in this field.
1 of 1 people found the following review helpful
Format:Hardcover
The book does exactly what the title says - it gives you a background and introduction on islamic banking. Is straightforward to understand and fulfilled the purpose I bought it for.
The author has done a good job and his view that islamic banking should do more to help equality in society is also a good one.
The author has done a good job and his view that islamic banking should do more to help equality in society is also a good one.
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