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Searching... | 30000010156400 | KBP940.2 E43 2006 | Open Access Book | Book | Searching... |
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Summary
Summary
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.
Reviews 1
Choice Review
This book is by far one of the best that has been published on the topic of Islamic finance and banking. In examining this growing field, El-Gamal (Rice Univ.) offers a welcome change to previous treatments that mostly describe the Islamic banking system and note how superior it is/was to the traditional interest-based model. The author's engaging discussion on the form-versus-substance debate as well as on the inefficiencies embedded in the Islamic banking system defies a number of assumptions about Islamic finance. Moreover, a number of the financial transactions are fashioned in a way that makes them look purely Islamic; however, when looked at closely, they are barely distinguishable from the standard interest-based instruments. For example, this well-researched book reveals that the US comptroller of the currency found that murabaha financing is essentially the same as secured real estate banking. Finally, El-Gamal's examination of the sukuk market--the Islamic bond market--is first-class. This book will challenge many who hold on to the notion that Islamic finance is a fair, just, and efficient equity-based system. ^BSumming Up: Highly recommended. Academic audiences, lower-division undergraduate students and up; professionals; and general readers with an interest in the subject. M. Akacem Metropolitan State College of Denver
Table of Contents
| 1 Introduction |
| 2 Jurisprudence and arbitrage |
| 3 Two major prohibitions: Riba and Gharar |
| 4 Sale-based Islamic finance |
| 5 Derivative-like sales: Salam, Istisma' and 'Urbun |
| 6 Leasing, securitization and Sukuk |
| 7 Partnerships and equity investment |
| 8 Islamic financial institutions |
| 9 Governance and regulatory solutions in mutuality |
| 10 Beyond Shari'a arbitrage |
| Conclusion |
