Modern Islamic Banking: Products and Processes in Practice by Natalie Schoon

By Natalie Schoon

A entire, targeted consultant to trendy Islamic banking fundamentals

Modern Islamic Bankingprovides a complete, up to date consultant to the goods, strategies and criminal doctrines underlying Islamic banking. Written via a pioneering practitioner within the box, this booklet presents thorough assistance and expert-level viewpoint at the rules and functions of this alternative-banking version. you will start by means of studying the basics, vocabulary and key thoughts of Islamic banking, then discover key items together with istisna'a, murabaha, musharaka, ijara, sukuk, and salam. insurance then strikes into useful purposes of Islamic items to numerous contexts together with asset administration, treasury, possibility administration, enterprise capital, SME finance, micro-finance and taxation. Regulatory frameworks are mentioned intimately, together with huge insurance of post-financial trouble Islamic financial institution valuation.

Islamic banking has skilled speedy progress over the last decade, a development that's set to proceed given the sector's profitable weathering of the monetary problem. This publication brings you in control in this replacement means of banking, and indicates you ways it applies inside of your individual present practices.

  • Understand the foundations of Islamic banking and finance
  • Learn the goods, vocabulary and key recommendations of the field
  • Consider the purposes in numerous monetary contexts
  • Explore the regulatory frameworks and valuation of Islamic banks

Islamic banking practices fluctuate from Western banking in basic methods — it is those adjustments that shielded the field throughout the worldwide concern, yet in addition they require practitioners to appreciate an entire new algorithm, items and practices. Modern Islamic Banking provides an effective figuring out of the basics and professional perception into sleek useful functions.

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In Monroe (1948), pp. 279–308. 28 Smith, A. (2000) An Inquiry into the Nature and Causes of the Wealth of Nations, complete and unabridged version. New York: The Modern Library. 29 Bentham, J. D. On the Discouragements opposed by the above Restraints to the Progress of Inventive Industry. London: T. Payne & Son. indd 01/27/2016 Page 16 MODERN ISLAMIC BANKING The change from agrarian to commercial economies, the move towards pricing on the basis of supply and demand, the segregation of Church and State, and the recognition of money as a factor of production30 eventually led to a situation in which the charging and paying of interest was more and more acceptable.

The court of Edward I, for example, benefited financially when actions were taken against the Jews and the Italian merchant usurers, and when Edward III included an anti-usury article in 1341–1343 this was at least in part driven by the fact that he needed funds to meet the cost of his war with France. Tempting as it might be to assume that anti-usury action was largely governed by a desire to enhance the financial position of the Crown, this is unlikely to have been the case. Only a few cases were taken to court and there is no evidence of widespread confiscation of funds by the Crown.

1985) Jewish and Christian theories of usury in the Middle Ages, Jewish Quarterly Review (New Series), 75(3), 270–289. 5 Kirschenbaum (1985). org/library/bible_cdo/aid/9987, accessed 21 January 2011): 20: You shall not give interest to your brother, [whether it be] interest on money, interest on food or interest on any [other] item for which interest is [normally] taken. 21: You may, [however,] give interest to a gentile, but to your brother you shall not give interest, in order that the Lord, your God, shall bless you in every one of your endeavors on the land to which you are coming to possess.

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