{"product_id":"fundamentals-of-islamic-finance-and-banking-isbn-9781119371007","title":"Fundamentals of Islamic Finance and Banking","description":"\u003cp\u003e\u003cb\u003eA comprehensive and fully up-to-date introductory textbook to Islamic finance and banking\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIslamic finance and banking is being used increasingly globally — especially in the regions of Middle East and North Africa, South East and South Asia. To cater to the need of trained Islamic finance staff, a large number of Educational institutions are beginning to offer courses, majors and minors in Islamic finance and banking. The major challenge faced by these institutions are suitable textbooks for both undergrad and post-grad levels and especially with the relevant instructor resources (PPTs, test bank, practice activities and answer keys).\u003c\/p\u003e \u003cp\u003eLuckily, \u003ci\u003eFundamentals of Islamic Finance and Banking\u003c\/i\u003e is here to cover the most important topics related to Islamic finance and banking (IF\u0026amp;B) that are relevant for students of business, finance and banking. \u003c\/p\u003e \u003cul\u003e \u003cli\u003eOffers an historical background of Islamic finance\u003c\/li\u003e \u003cli\u003eCovers the principles of Sharia Law as pertinent to finance and banking\u003c\/li\u003e \u003cli\u003eProvides in-depth discussion of the six key Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna\u003c\/li\u003e \u003cli\u003eDiscusses the Islamic insurance (\u003ci\u003eTakaful\u003c\/i\u003e)\u003c\/li\u003e \u003cli\u003eGives an overview of Islamic investment, especially Sukuks\u003c\/li\u003e \u003cli\u003eConcludes with the global standing of the Islamic Finance and Banking industry\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWould-be colleges and universities offering this subject as a course within their finance and\/or banking program can’t be without this invaluable guide.  \u003c\/p\u003e \u003cp\u003eList of Figures xv\u003c\/p\u003e \u003cp\u003eList of Tables xvii\u003c\/p\u003e \u003cp\u003eAcknowledgements xix\u003c\/p\u003e \u003cp\u003eAbout the Author xxi\u003c\/p\u003e \u003cp\u003ePreface xxiii\u003c\/p\u003e \u003cp\u003eAbout the Website xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Introduction to Islamic Finance and Islamic Economics 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eCreation of Money and Conventional Finance and Banking 2\u003c\/p\u003e \u003cp\u003eDefinition of Islamic Finance and Banking 3\u003c\/p\u003e \u003cp\u003eDistinctive Features of Islamic Finance 3\u003c\/p\u003e \u003cp\u003eEconomics and Islam 4\u003c\/p\u003e \u003cp\u003eEconomics in Ancient Times 4\u003c\/p\u003e \u003cp\u003eModern Economics 5\u003c\/p\u003e \u003cp\u003eIslamic Economics 6\u003c\/p\u003e \u003cp\u003eHistory of Islamic Economic Thought 6\u003c\/p\u003e \u003cp\u003ePrinciples of Islamic Economics 7\u003c\/p\u003e \u003cp\u003eIslam’s Solution to the Classic Economic Problem 7\u003c\/p\u003e \u003cp\u003eIslam and the Welfare Economy 8\u003c\/p\u003e \u003cp\u003eProperty Ownership in Islamic Economics 8\u003c\/p\u003e \u003cp\u003eZakat and Sadaqah 8\u003c\/p\u003e \u003cp\u003eBan on Interest versus Cost of Capital in Islam 9\u003c\/p\u003e \u003cp\u003eConventional Economics versus Islamic Economics 9\u003c\/p\u003e \u003cp\u003eEvolution of Islamic Finance 11\u003c\/p\u003e \u003cp\u003eEarly Days 11\u003c\/p\u003e \u003cp\u003eBirth of Modern Islamic Finance 12\u003c\/p\u003e \u003cp\u003eInstitutional Developments During the Revival of Modern Islamic Finance 12\u003c\/p\u003e \u003cp\u003eThe Mit Ghamr Experiment 13\u003c\/p\u003e \u003cp\u003eTabung Haji 13\u003c\/p\u003e \u003cp\u003eIslamic Development Bank 14\u003c\/p\u003e \u003cp\u003eDubai Islamic Bank 14\u003c\/p\u003e \u003cp\u003eRapid Growth of the Islamic Finance and Banking Industry 14\u003c\/p\u003e \u003cp\u003eIslamic Finance and Banking in Muslim Communities and Countries 15\u003c\/p\u003e \u003cp\u003eIslamic Finance and Banking in Non-Muslim Countries 16\u003c\/p\u003e \u003cp\u003eSub-sectors in the Islamic Finance and Banking Industry 16\u003c\/p\u003e \u003cp\u003eCurrent Status of Modern Islamic Finance and Banking 17\u003c\/p\u003e \u003cp\u003eTimeline of Development of Contemporary Islamic Finance and Banking 18\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 21\u003c\/p\u003e \u003cp\u003eChapter Summary 21\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Shariah Law and the Shariah Supervisory Board 27\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to the Islamic Law – Shariah 27\u003c\/p\u003e \u003cp\u003eSources of Shariah 28\u003c\/p\u003e \u003cp\u003eSchools of Islamic Jurisprudence 29\u003c\/p\u003e \u003cp\u003eEthics in Shariah-Compliant Business and Finance 30\u003c\/p\u003e \u003cp\u003eMajor Shariah Prohibitions and Principles and their Implications 31\u003c\/p\u003e \u003cp\u003eProhibition of Interest or Riba 31\u003c\/p\u003e \u003cp\u003eProhibition of Uncertain Dealings or Gharar 32\u003c\/p\u003e \u003cp\u003eProhibition of Speculative Behaviour or Maysir 33\u003c\/p\u003e \u003cp\u003eShariah Supervisory Board (SSB) 34\u003c\/p\u003e \u003cp\u003eIntroduction to the SSB 34\u003c\/p\u003e \u003cp\u003eFormation of the SSB 35\u003c\/p\u003e \u003cp\u003eStatus of the SSB Within the Industry 36\u003c\/p\u003e \u003cp\u003eFunctions of the SSB 36\u003c\/p\u003e \u003cp\u003eCorporate and Shariah Governance 38\u003c\/p\u003e \u003cp\u003eShariah Governance Process 38\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 39\u003c\/p\u003e \u003cp\u003eChapter Summary 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Islamic Banking versus Conventional Banking 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Islamic Banking 47\u003c\/p\u003e \u003cp\u003eIslamic Banking versus Conventional Banking 49\u003c\/p\u003e \u003cp\u003eSimilarities Between Conventional and Islamic Banks 49\u003c\/p\u003e \u003cp\u003eDifferences Between Conventional and Islamic Banking 49\u003c\/p\u003e \u003cp\u003eRelationship with the Central Banks 50\u003c\/p\u003e \u003cp\u003eRisks of Banks – Generic and Specific to Islamic Banks 51\u003c\/p\u003e \u003cp\u003eGeneric Risks 51\u003c\/p\u003e \u003cp\u003eRisks Specific to Islamic Banks 52\u003c\/p\u003e \u003cp\u003eFinancial Intermediation 54\u003c\/p\u003e \u003cp\u003eThe Definition of Financial Intermediation 54\u003c\/p\u003e \u003cp\u003eConventional Financial Intermediation 54\u003c\/p\u003e \u003cp\u003eIslamic Financial Intermediation 54\u003c\/p\u003e \u003cp\u003eIslamic Financial Intermediation Models 56\u003c\/p\u003e \u003cp\u003eDistribution of Islamic Banking Products 58\u003c\/p\u003e \u003cp\u003eConventional versus Islamic Financial Intermediation 58\u003c\/p\u003e \u003cp\u003eBalance Sheet of an Islamic Bank – Sources and Uses of Funds by an Islamic Bank 59\u003c\/p\u003e \u003cp\u003eSources of Funds 59\u003c\/p\u003e \u003cp\u003eApplication of Funds 60\u003c\/p\u003e \u003cp\u003eContracts in Shariah Law 61\u003c\/p\u003e \u003cp\u003eContracts of Exchange in Shariah-Compliant Commerce and Finance 62\u003c\/p\u003e \u003cp\u003eCommon Islamic Banking Products 63\u003c\/p\u003e \u003cp\u003eRetail Islamic Banking Products 63\u003c\/p\u003e \u003cp\u003eCorporate Islamic Banking Products 64\u003c\/p\u003e \u003cp\u003eFinancial Accounting in Islamic Banking 65\u003c\/p\u003e \u003cp\u003eObjectives of Islamic Financial Accounting 66\u003c\/p\u003e \u003cp\u003eFeatures of Islamic Financial Accounting 66\u003c\/p\u003e \u003cp\u003eChallenges Faced by Islamic Banks 67\u003c\/p\u003e \u003cp\u003eIslamic Finance and the Financial Crisis 68\u003c\/p\u003e \u003cp\u003eInternational Islamic Regulatory and Standard Setting Bodies 68\u003c\/p\u003e \u003cp\u003eAccounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) 69\u003c\/p\u003e \u003cp\u003eIslamic Financial Services Board (IFSB) 69\u003c\/p\u003e \u003cp\u003eLiquidity Management Centre (LMC) and International Islamic Liquidity Management (IILM) 70\u003c\/p\u003e \u003cp\u003eInternational Islamic Financial Market (IIFM) 70\u003c\/p\u003e \u003cp\u003eInternational Islamic Rating Agency (IIRA) 70\u003c\/p\u003e \u003cp\u003eGeneral Council for Islamic Banks and Financial Institutions (CIBAFI) 71\u003c\/p\u003e \u003cp\u003eInternational Islamic Centre for Reconciliation and Commercial Arbitration for Islamic Finance Industry (IICRCA) 71\u003c\/p\u003e \u003cp\u003eIslamic Development Bank (IDB) 71\u003c\/p\u003e \u003cp\u003eInternational Islamic Fiqh Academy 72\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 73\u003c\/p\u003e \u003cp\u003eChapter Summary 73\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Murabaha 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Murabaha 79\u003c\/p\u003e \u003cp\u003eConditions Related to Murabaha 81\u003c\/p\u003e \u003cp\u003eCalculation of Murabaha Profit 83\u003c\/p\u003e \u003cp\u003eThe Murabaha Process 83\u003c\/p\u003e \u003cp\u003ePractical Applications of Murabaha 85\u003c\/p\u003e \u003cp\u003eTawarruq, Reverse Murabaha or Commodity Murabaha 85\u003c\/p\u003e \u003cp\u003eChallenges and Problems Associated with Murabaha 86\u003c\/p\u003e \u003cp\u003eComparison of Murabaha with Conventional Loans 88\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 90\u003c\/p\u003e \u003cp\u003eChapter Summary 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Mudaraba 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Mudaraba 95\u003c\/p\u003e \u003cp\u003eUse of Mudaraba for Financial Intermediation of Islamic Banks 96\u003c\/p\u003e \u003cp\u003eProfit Calculation in Mudaraba 97\u003c\/p\u003e \u003cp\u003eProvisions and Reserves Related to Mudaraba 98\u003c\/p\u003e \u003cp\u003eMudaraba as a Limited Recourse Debt Finance 99\u003c\/p\u003e \u003cp\u003eTypes of Mudaraba 99\u003c\/p\u003e \u003cp\u003eShariah Conditions Related to Mudaraba 100\u003c\/p\u003e \u003cp\u003eAdditional Conditions Related to Mudaraba 101\u003c\/p\u003e \u003cp\u003eChallenges and Problems Related to Mudaraba 102\u003c\/p\u003e \u003cp\u003ePractical Applications of Mudaraba 102\u003c\/p\u003e \u003cp\u003eComparison of Mudaraba with Interest-Based Conventional Banking 102\u003c\/p\u003e \u003cp\u003eAccounting Issues Related to Mudaraba 104\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 104\u003c\/p\u003e \u003cp\u003eChapter Summary 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Musharaka 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Musharaka 111\u003c\/p\u003e \u003cp\u003eTypes of Musharaka 112\u003c\/p\u003e \u003cp\u003eShariah Rules and General Principles Guiding Musharaka Contracts 114\u003c\/p\u003e \u003cp\u003eProblems Related to Musharaka 115\u003c\/p\u003e \u003cp\u003ePractical Uses of Musharaka 116\u003c\/p\u003e \u003cp\u003eExamples of the Use of Diminishing Musharaka 118\u003c\/p\u003e \u003cp\u003eSecuritization of Musharaka 121\u003c\/p\u003e \u003cp\u003eComparison of Musharaka with Interest-Based Financing 121\u003c\/p\u003e \u003cp\u003eComparison of Musharaka with Mudaraba Financing 122\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 123\u003c\/p\u003e \u003cp\u003eChapter Summary 123\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Ijara 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Ijara 129\u003c\/p\u003e \u003cp\u003eIjara in Islamic Banks 130\u003c\/p\u003e \u003cp\u003eTypes of Ijara 130\u003c\/p\u003e \u003cp\u003eIjara, Regular Ijara or Operating Lease 130\u003c\/p\u003e \u003cp\u003eIjara wa Iqtina, Ijara Muntahia Bittamleek or Financial Lease 131\u003c\/p\u003e \u003cp\u003eIjara Thumma al Bay 132\u003c\/p\u003e \u003cp\u003eShariah Rules and General Principles Guiding Ijara Contracts and their Characteristics 132\u003c\/p\u003e \u003cp\u003eDocumentation Related to the Ijara Contract 136\u003c\/p\u003e \u003cp\u003eMain Differences Between Ijara and a Conventional Lease 136\u003c\/p\u003e \u003cp\u003eDifferences Between Ijara and a Conventional Loan Contract 138\u003c\/p\u003e \u003cp\u003eDifferences and Similarities Between Ijara Wa Iqtina and Diminishing Musharaka 139\u003c\/p\u003e \u003cp\u003ePractical Applications of the Ijara Contract 139\u003c\/p\u003e \u003cp\u003eCalculation of Lease Rentals 139\u003c\/p\u003e \u003cp\u003ePractice Calculations 139\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 140\u003c\/p\u003e \u003cp\u003eChapter Summary 140\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Salam 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Salam 145\u003c\/p\u003e \u003cp\u003eImportant Characteristics of the Salam Contract 146\u003c\/p\u003e \u003cp\u003eHistory of the Salam Contract and its Shariah Acceptability 147\u003c\/p\u003e \u003cp\u003eBenefits of the Salam Contract 148\u003c\/p\u003e \u003cp\u003eRole of Islamic Banks in Salam and the Parallel Salam Contract 148\u003c\/p\u003e \u003cp\u003eSalam and Parallel Salam Diagram and Process 149\u003c\/p\u003e \u003cp\u003ePractical Application of Salam 150\u003c\/p\u003e \u003cp\u003eA Practical Example 150\u003c\/p\u003e \u003cp\u003eProblems Related to Salam Contracts 151\u003c\/p\u003e \u003cp\u003eComparison of Salam Contract with Conventional Banking 151\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 151\u003c\/p\u003e \u003cp\u003eChapter Summary 152\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Istisna 155\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to Istisna 155\u003c\/p\u003e \u003cp\u003eShariah Rules and General Principles Guiding Istisna Contracts and their Characteristics 156\u003c\/p\u003e \u003cp\u003eRole of Islamic Banks in Istisna and Parallel Istisna 158\u003c\/p\u003e \u003cp\u003eDescription of the Process 159\u003c\/p\u003e \u003cp\u003eProblems Related to Istisna and Parallel Istisna 160\u003c\/p\u003e \u003cp\u003eComparison of Istisna with Interest-Based Finance, Salam and Ijara 161\u003c\/p\u003e \u003cp\u003eDifference Between Salam and Istisna 162\u003c\/p\u003e \u003cp\u003eComparison of Istisna with Ijara 163\u003c\/p\u003e \u003cp\u003ePractical Application of Istisna 163\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 164\u003c\/p\u003e \u003cp\u003eChapter Summary 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Takaful 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground of Takaful 169\u003c\/p\u003e \u003cp\u003eModern Takaful Industry as an Alternative to Conventional Insurance 170\u003c\/p\u003e \u003cp\u003eParties in Takaful 171\u003c\/p\u003e \u003cp\u003eShariah Rules and General Principles Guiding Takaful Contracts and their Characteristics 172\u003c\/p\u003e \u003cp\u003eThe Development of Takaful 174\u003c\/p\u003e \u003cp\u003eDuring the Time of the Prophet 174\u003c\/p\u003e \u003cp\u003eThe 18th and 19th Centuries 174\u003c\/p\u003e \u003cp\u003e20th Century 174\u003c\/p\u003e \u003cp\u003eThe 21st Century and Moving Forward 175\u003c\/p\u003e \u003cp\u003eChallenges Faced by the Modern Takaful Industry 176\u003c\/p\u003e \u003cp\u003eTypes of Takaful 177\u003c\/p\u003e \u003cp\u003eGeneral Takaful 177\u003c\/p\u003e \u003cp\u003eFamily Takaful 178\u003c\/p\u003e \u003cp\u003eOperational Structure of Takaful 180\u003c\/p\u003e \u003cp\u003eTakaful Models 181\u003c\/p\u003e \u003cp\u003ePure Wakala Model 181\u003c\/p\u003e \u003cp\u003ePure Mudaraba Model 183\u003c\/p\u003e \u003cp\u003eWakala and Mudaraba Combined or Hybrid Model 185\u003c\/p\u003e \u003cp\u003eWaqf–Wakala–Mudaraba Model 185\u003c\/p\u003e \u003cp\u003eComparison of the Different Takaful Models 187\u003c\/p\u003e \u003cp\u003eUnderwriting Surplus or Deficit and Technical Provisions 189\u003c\/p\u003e \u003cp\u003eAllocation of Underwriting Surplus 189\u003c\/p\u003e \u003cp\u003eManagement of Underwriting Deficit 190\u003c\/p\u003e \u003cp\u003eConventional Mutual Insurance and Takaful 190\u003c\/p\u003e \u003cp\u003eSimilarities and Difference Between Takaful and Conventional Insurance 191\u003c\/p\u003e \u003cp\u003eSimilarities 191\u003c\/p\u003e \u003cp\u003eDifferences 191\u003c\/p\u003e \u003cp\u003eRetakaful 196\u003c\/p\u003e \u003cp\u003eSimilarities Between Retakaful and Reinsurance 197\u003c\/p\u003e \u003cp\u003eDifferences Between Retakaful and Reinsurance 197\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 198\u003c\/p\u003e \u003cp\u003eChapter Summary 199\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Islamic Investments and Sukuks 205\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Markets and Products 205\u003c\/p\u003e \u003cp\u003eIslamic Investments 207\u003c\/p\u003e \u003cp\u003eMoney Markets – Islamic Perspective 207\u003c\/p\u003e \u003cp\u003eCapital Markets – Islamic Perspective 208\u003c\/p\u003e \u003cp\u003eDealing with Non-compliant Stocks 209\u003c\/p\u003e \u003cp\u003ePurification of Income Distribution 210\u003c\/p\u003e \u003cp\u003eIslamic Asset and Fund Management 210\u003c\/p\u003e \u003cp\u003eIslamic Unit Trust or Mutual Fund 211\u003c\/p\u003e \u003cp\u003eCommon Types of Islamic Investment Fund 212\u003c\/p\u003e \u003cp\u003eIslamic Real Estate Investment Trusts 213\u003c\/p\u003e \u003cp\u003eSimilarities Between REITs and I-REITs 214\u003c\/p\u003e \u003cp\u003eDifferences Between REITs and I-REITs 215\u003c\/p\u003e \u003cp\u003eRisks and Challenges Inherent in the Islamic Capital Markets 216\u003c\/p\u003e \u003cp\u003eShariah Governance and the Shariah Supervisory Board in Islamic Investment 216\u003c\/p\u003e \u003cp\u003eComparison of Islamic Investments with Conventional Investments 217\u003c\/p\u003e \u003cp\u003eIntroduction to Sukuks 218\u003c\/p\u003e \u003cp\u003eCharacteristics of the Islamic Investment Product – Sukuk 218\u003c\/p\u003e \u003cp\u003eTypes of Sukuks 220\u003c\/p\u003e \u003cp\u003eIjara Sukuk 220\u003c\/p\u003e \u003cp\u003eIstisna Sukuk 222\u003c\/p\u003e \u003cp\u003eSalam Sukuk 223\u003c\/p\u003e \u003cp\u003eMurabaha Sukuk 223\u003c\/p\u003e \u003cp\u003eMudaraba Sukuk 224\u003c\/p\u003e \u003cp\u003eMusharaka Sukuk 226\u003c\/p\u003e \u003cp\u003eControversy Related to Sukuks 227\u003c\/p\u003e \u003cp\u003eRating of Sukuks 229\u003c\/p\u003e \u003cp\u003eTrading of Sukuks on the Secondary Markets 229\u003c\/p\u003e \u003cp\u003eComparison of Sukuks with Conventional Bonds 230\u003c\/p\u003e \u003cp\u003eCommon Advantages of Both Conventional Bonds and Sukuks 230\u003c\/p\u003e \u003cp\u003eDifferences Between Conventional Bonds and Sukuks 231\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 235\u003c\/p\u003e \u003cp\u003eChapter Summary 235\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Global Standing of Islamic Finance and Banking 241\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBackground of Modern Islamic Finance and Banking 241\u003c\/p\u003e \u003cp\u003eConventional versus Islamic Finance 242\u003c\/p\u003e \u003cp\u003eGlobal Growth of the Islamic Finance and Banking Industry 243\u003c\/p\u003e \u003cp\u003eIslamic Finance and Banking and the Muslim Community 245\u003c\/p\u003e \u003cp\u003eBanking and Islamic Banking in the Middle East and the GCC 246\u003c\/p\u003e \u003cp\u003eBanking and Islamic Banking in South and South-East Asia and Beyond 247\u003c\/p\u003e \u003cp\u003eAchievements and Opportunities in Global Islamic Finance and Banking 247\u003c\/p\u003e \u003cp\u003eChallenges Faced by Islamic Finance and Banking 248\u003c\/p\u003e \u003cp\u003eSocial Responsibilities of Islamic Finance 253\u003c\/p\u003e \u003cp\u003eGoing Forward 254\u003c\/p\u003e \u003cp\u003eKey Terms and Concepts 255\u003c\/p\u003e \u003cp\u003eChapter Summary 255\u003c\/p\u003e \u003cp\u003eGlossary 257\u003c\/p\u003e \u003cp\u003eReferences 271\u003c\/p\u003e \u003cp\u003eIndex 277\u003c\/p\u003e    \u003cp\u003e\u003cb\u003eSYEDA FAHMIDA HABIB\u003c\/b\u003e, is currently an instructor at the School of Continuing Studies, York University, Toronto, Canada, specializing in finance, financial accounting and Strategic Management. Prior to this, she served as a senior lecturer at the Higher Colleges of Technology (HCT), UAE, for 19 years, specializing in various finance courses and especially involved in developing and team leading Islamic Finance and Banking. She holds an MBA, a Masters in Applied Finance and a DBA, is a member of CISI, and of the Institute of Islamic Banking and Insurance, London. She has written six books in the areas of finance, which were adopted as primary texts for HCT courses in the areas of Introduction to Finance, Financial Services Marketing in the Arab World and Personal Finance in the Arab World.     \u003c\/p\u003e\u003cp\u003e\u003cb\u003eA Comprehensive Introduction to Islamic Finance\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003eIslamic finance is on the rise around the world, growing faster than the supply of specialized human capital. \u003ci\u003eFundamentals of Islamic Finance and Banking\u003c\/i\u003e is the ideal introductory text for undergraduate and graduate students hoping to fill this major gap in the market. Broad in scope to provide a complete overview of the field, the discussion also maintains an appropriate level of depth to provide a solid, beyond-the-surface understanding of major topics. \u003c\/p\u003e\u003cul\u003e \u003cli\u003eUnderstand the historical foundations of Islamic finance and track its growth to modern times\u003c\/li\u003e \u003cli\u003eLearn how Shariah Law applies to finance, in terms of ethics, principles, prohibitions and governance\u003c\/li\u003e \u003cli\u003eDelve into the uses, mechanisms, challenges and benefits of the six major Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna\u003c\/li\u003e \u003cli\u003eBuild an essential knowledge base surrounding Islamic insurance (Takaful) and Islamic investment and Sukuks\u003c\/li\u003e \u003cli\u003eCompare and contrast conventional versus Islamic finance, and learn how Islamic finance is used today in the Muslim Community, the Middle East, South and South East Asia and beyond\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eComprehensive coverage plus a full set of ancillary materials makes \u003ci\u003eFundamentals of Islamic Finance and Banking\u003c\/i\u003e the ideal primary text for introductory-level classes.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989260746981,"sku":"NP9781119371007","price":52.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119371007.jpg?v=1761783419","url":"https:\/\/k12savings.com\/es\/products\/fundamentals-of-islamic-finance-and-banking-isbn-9781119371007","provider":"K12savings","version":"1.0","type":"link"}