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Islamic finance : law, economics, and practice / Mahmoud A. El-Gamal.

By: Material type: TextTextPublication details: Cambridge [UK] ; New York : Cambridge University Press, 2006Description: xvii, 221 p. : ill. ; 24 cmISBN:
  • 9780521864145
Subject(s): 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.
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Holdings
Item type Current library Shelving location Call number Status Date due Barcode
Mahmud Saedon Law Collection (Civil Law) - Basement Universiti Islam Sultan Sharif Ali Basement (Gadong Campus) KBP940 E45 2006 c.1 (Browse shelf(Opens below)) Available 1050017596

Originally published: 2006.

Includes bibliographical references (p. 213-218) and index.

Electronic reproduction. Palo Alto, Calif. : ebrary, 2007. Available via World Wide Web. Access may be limited to ebrary affiliated libraries.

Dates of available copies: 2006, 2009.

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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