By Hans Visser
`Since its improvement, the learn of Islamic finance has been enriched by way of the insights of Western students of banking and finance. right here, Hans Visser offers a finished research of the rules of Islamic finance, the most tools, and the operation of Islamic associations and markets. This considerate and good written examine confirms Professor Visser's position within the team of Western writers in a position to understand and review the essence of Islamic finance, whereas reinforcing Edward Elgar's place because the major Western publishing condominium during this field.' - Mervyn ok. Lewis, collage of South Australia and Academy of the Social Sciences in Australia, Australia Hans Visser offers a desirable examine of either the principles of Islamic finance and its contemporary advancements. This hugely topical ebook explores the goods and practices of Islamic finance, particularly focusing on the tensions that could come up among the ideology and the practices. the writer describes the varieties Islamic finance has taken, analyzes the issues that it faces, and confronts the perform of Islamic finance with the rules it really is established upon. He offers a dispassionate dialogue of the issues dealing with Islamic different types of finance, together with the query of ways to reconcile actions equivalent to liquidity administration, financial coverage and govt finance with Islamic rules. Islamic finance is a particularly momentous phenomenon, and this publication will end up a vital learn for college students with an curiosity in funds and banking, and especially Islamic finance. it's going to even be hugely influential for bankers and employees in monetary associations, in addition to monetary reporters, politicians and civil servants facing the monetary undefined.
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Extra info for Islamic Finance: Principles and Practice
There is not one common view on the authority of the various sources of Islam nor on their applicability to the modern world. This means that the ideas on Islamic finance and an Islamic economy in general to be described in the chapters that follow are not shared by all Muslims. They originate with salafi reformists, but the interesting thing is that they also seem to appeal to Muslims without a strong attachment to any particular movement or current. NOTES 1. 2. 3. Muslims do not universally agree on these chains.
In the Old Testament, or Tenach, it was forbidden to demand interest on loans, but not entirely, as interest could be charged on loans to foreigners, and the ban sometimes was restricted to loans to the poor (Exodus 22:24; Leviticus 25:35–36; Deuteronomy 23:20–21, see Appendix C). Money was not borrowed for productive purposes, but out of dire necessity, and the ban on interest was most probably intended to prevent people profiting from a deplorable situation of the poor (van Straaten 2002, p. 13).
The ban on riba was aimed, in the view of some commentators, to prevent the debtor being enslaved (Kuran 1995, pp. 156–7; Fazlur Rahman,4 cited in Haque 1995, p. 35). That would make the ban on riba irrelevant for present-day banking and finance, as it would only bear on riba al-jahiliyya, the riba practised by the Arabs in the pre-Muslim ‘time of ignorance’. Riba and interest in these views are different things. Various Muslim scholars, including the great reformer Muhammad Rashid Rida (1865–1935), have accordingly concluded that riba manifested itself in Muhammad’s time in very specific forms and that a ban cannot simply be carried over to all forms of interest found today.