Islamic Finance: Law and Practice

Overview


This work is a practical and commercial guide to the fundamental principles of Islamic finance and their application to Islamic finance transactions. Islamic finance is a rapidly expanding, global industry and this book is designed to provide a practical treatment of the subject. It includes discussion and analysis of the negotiation and structure involved in Islamic finance transactions, with relevant case studies, structure diagrams and precedent material supporting the ...
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Islamic Finance: Law and Practice

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Overview


This work is a practical and commercial guide to the fundamental principles of Islamic finance and their application to Islamic finance transactions. Islamic finance is a rapidly expanding, global industry and this book is designed to provide a practical treatment of the subject. It includes discussion and analysis of the negotiation and structure involved in Islamic finance transactions, with relevant case studies, structure diagrams and precedent material supporting the commentary throughout.

An introductory section describes the theoretical background and explains the principles (and their sources) of Islamic law which underpin Islamic finance practices, providing an important backdrop to the work as a whole. The work also considers the role of Shariah supervisory boards, Islamic financial institutions and the relevance of accounting approaches.

The work adopts an international perspective to reflect the pan-global nature of the industry and accepted practices, with the aim to bring together different schools of thought applied in international Islamic finance transactions. It also highlights any regional differences in accepted practice by reviewing the position in the Gulf states, Asia, the UK and Europe and the USA.

The second part of the book concentrates on Islamic financial law in practice and begins with a section on financial techniques. This section explains the basic requirements for Islamic finance contracts both in terms of the underlying asset types and also both the applicability and acceptability of the underlying asset. There is a full discussion of the various types of contractual models such as Mudaraba (trustee finance), Musharaka (partnership or joint venture), Murabaha (sale of goods), and Sukuk (participation securities: coupons etc). The nascent area of Takaful (insurance) is also covered as are matters specific to the important field of project and asset finance.

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Editorial Reviews

From the Publisher

"The volume presents in a clear and convincing fashion the internal debates and developments from which Islamic Finance emerges as being as much indebted to a classical tradition of Islamic jurisprudence as to identity politics and the modern political and ideological constructs of the emerging modern Islamic nation-states."
--Peter Petkoff, Oxford Journal of Law and Religion

This book is one of the most detailed analyses of different aspects of Islamic finance from the legal and regulatory perspectives."
--Umar A. Oseni, European Journal of Law and Economics

"As yet however, there are apparently not that many specialist books on the subject in Western languages - hence the timeliness of this carefully researched book."
--Phillip Taylor MBE and Elizabeth Taylor, Richmond Green Chambers

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Product Details

  • ISBN-13: 9780199566945
  • Publisher: Oxford University Press, USA
  • Publication date: 5/16/2012
  • Pages: 500
  • Product dimensions: 9.70 (w) x 6.90 (h) x 1.00 (d)

Meet the Author

Edited by Craig Nethercott, Partner, Latham and Watkins, and David Eisenberg, Partner, White & Case LLP

Contributors:
Dr Waleed Al-Nuwaiser, White & Case Ken Eglinton, Ernst and Young David Eisenberg, White & Case Atif Hanif, Allen & Overy Dr. Andrew Henderson, Clifford Chance Peter Hodgins, Clyde and Co Caroline Jaffer, Clyde and Co Nash Jaffer, Ernst and Young Julian Johansen, Allen & Overy Craig Nethercott, Latham & Watkins LLP Dr. Sherif O Hassan, Columbia University Professor Barry Ryder, University of Cambridge Matthew Sapte, SNR Denton & Co Muddassir Siddiqui, SNR Denton & Co Jihad Turkistani, White & Case Dr. Ibrahim Warde, Tufts University Professor Andrew White, Singapore Management University

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Table of Contents

A. IntroductionCraig Nethercott and David Eisenberg:
1: Dr Ibrahim Warde: Status of the global Islamic Finance Industry
2: David Eisenberg and Dr Sherif O Hassan: Source and Principles of Islamic law in relation to Finance
3: Andrew Henderson: Islamic Financial Institutions
4: Nash Jaffer and Ken Eglinton: Accounting and Taxation Approaches
5: Professor Barry Ryder: Corporate Governance for Institutions offering Islamic Financial Services B. Islamic Law and Contracts In Practice
6: Julian Johansen and Atif Hanif: Mudaraba and Musharaka
7: Craig Nethercott: Mudaraba and Tawaruq
8: Dr Waleed Al-Nuwaiser: Salaam and Arboun
9: Matthew Sapte and Muddassir Siddiqui: Istisna and Ijara
10: Julian Johansen and Atif Hanif: Sukuk
11: Peter Hodgins and Caroline Jaffer: Takaful (Insurance)
12: Professor Andrew White: Dispute Resolution
13: Appendix: Guide to primary sources and further reading
A. Introduction
1. Current Status of the Global Islamic Finance Industry
2. Source and Principles of Islamic Law in relation to Finance
3. Islamic Financial Institutions
4. Accounting Approaches
5. Corporate Governance for Institutions offering Islamic Financial Services
6. Shariah Supervisory Boards
7. Commentary on the Global Landscape
B. Islamic Law and Contracts in Practice
8. Financial Techniques
9. Types of Contractual Models
10. Takaful (Insurance)
11. Other Key Legal and Structural Aspects
12. Project and Asset Finance
13. Conclusion

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