Handbook of Islamic Banking (Elgar Original Reference) by M. Kabir Hassan, Mervyn K. Lewis

By M. Kabir Hassan, Mervyn K. Lewis

The Handbook of Islamic Banking comprises 25 reviews via prime foreign specialists on Islamic banking and finance especially commissioned to examine a few of the debates and the present nation of play within the box.

From its origins thirty years in the past, Islamic banking has extended swiftly to turn into a particular and quick transforming into phase of the overseas banking and capital markets. regardless of this growth, Islamic banking nonetheless continues to be poorly understood in lots of components of the Muslim international and is still a secret in a lot of the West. This entire instruction manual offers a succinct research of the workings of Islamic banking and finance, obtainable to quite a lot of readers. whilst, it seeks to convey the present study time table and the most matters on Islamic banking ahead of a much wider audience.

Islamic banking deals, instead to traditional interest-based financing equipment, a large choice of monetary tools and funding cars according to profit-and-loss sharing preparations. those are all explored intimately besides different topics resembling governance and chance administration, securities and funding, based financing, accounting and legislation, monetary improvement and globalization.

M. Kabir Hassan, Mervyn Lewis and the opposite participants have created an authoritative and unique reference paintings, in an effort to give a contribution to a much broader realizing of Islamic banking in addition to scary additional dialogue and learn. it will likely be necessary to all students, researchers and policymakers with an curiosity during this subject.

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Should they be regarded as receiving implicit capital guarantees like depositors in conventional banks by virtue of the relatively fixed-return, low-risk assets acquired by the banks under mark-up methods? Or are depositors to be regarded as shareholders because, as holders of investment accounts, they share in the profits earned by the banks, albeit in ways different from ordinary shareholders since the investment account ‘shareholders’ do not have a voting right? El-Gamal argues that this dilemma might have been avoided if Islamic banking had evolved within a different framework, and argues a strong case for the system to be based on the mutuality principle.

Moreover, one is then led to ask how this ‘bundling’ of the time value of money and the commodity side really differs in substance from the bill of exchange route used by bankers in the Middle Ages to get round the Christian prohibition on usury. Consider the example given in Chapter 4: . . a medieval bill of exchange transaction consisted of the sale for local currency of an obligation to pay a specified sum in another currency at a future date. It thus involved both an extension of credit and an exchange of currency.

Precepts of trade, development, war and peace are taken up within the purview of an international order. Law and order is seen to require adequate government treasury for meeting war needs. According to Waliullah, the guarantee of basic needs was a mandatory social function. Such basic needs were seen to be dynamic in satisfying the ever-changing needs of society over its distinct evolutionary phases and functions. 30 Handbook of Islamic banking Malek Ben Nabi’s social and scientific theory A significant use of the interdisciplinary approach to Qur’anic exegesis in developing shari’a rules as a dynamic law was undertaken by Malek Ben Nabi in his phenomenological study of the Qur’an (Nabi, trans.

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