Islamic Banking: Theory, Practice and Challenges

ISBN: 1856493431

Author: Al-Omar, Fuad A

Condition: New

Product Description Islam has a very specific approach to commercial transactions, the law of contract, interest charges, indeed to the very nature of property. For financial institutions operating in an Islamic environment, or seeking to meet the requirements of communities committed to Islamic law, this poses a variety of problems. This important book investigates how such a challenge can be met in practice.The authors investigate the way Islamic banks work within different economic, financial, social, legal and religious environments. They take the reader through the basic principles involved, the issues that arise, and the difficulties that are often encountered.Drawing on detailed studies of Islamic banking in London, Jordan, Turkey, Malaysia and Pakistan, they provide an understanding of how complex Islamic concepts impact upon the use of financial instruments, commercial priorities and services. Relationships with central banks, comparative analysis of financial statements and the role of Islamic banking in a development context are also covered.ISLAMIC BANKING will be essential reading to all those involved in the setting up and running of Islamic banking units in western countries, and a key resource for students of economics in the international arena. From the Back Cover Islam has a very specific approach to commercial transactions, the law of contract, the legitimacy of interest charges, indeed to the very nature of property. For financial institutions operating in an Islamic environment, or seeking to meet the requirements of Muslim communities, this poses varieties of problems. Islamic Banking investigates how these challenges being met in practice. The authors describe the way Islamic banks actually work within various economic, financial, legal and religious environments. They take the reader through the principles involved, issues that arise, and difficulties encountered. Drawing on detailed studies of Islamic banking in the very different institutional and legal contexts of Jordan, Turkey, Malaysia and Pakistan, as well as London, they explain how Islamic concepts impact upon the use of financial instruments, commercial priorities and banking services. They also focus on Islamic banks' relations with central banks comparative analysis of their financial performance and their role generally in a development context. About the Author Fuad Al-Omar is Vice President (Finance) of the Islamic Development Bank (Jeddah).Mohammed Kayed Abdel-Haq is a manager at a London-based merchant bank.Fuad Al-Omar is Vice President (Finance) of the Islamic Development Bank (Jeddah).Mohammed Kayed Abdel-Haq is a manager at a London-based merchant bank.