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ISLAMIC FINANCE: LAW, ECONOMICS, AND PRACTICE

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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.

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Availability

10013127

332.8091767 ELG i

RLC MM (Rak Buku Wajib)

Available

Detail Information

Series Title

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Statement of Responsibility

Mahmoud A. El-Gamal

Call Number

332.8091767 ELG i

Publisher

New York : Cambridge University Press., 2006

Collation

xiii, 221 p. : ill ; 23cm

Language

English

ISBN/ISSN

978-0-521-86414-5

Classification

332.8091767

Content Type

-

Edition

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Subject(s)

Buku Wajib
Economic of Islam
Islamic Finance

Specific Detail Info

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