Islamic Finance in the Global Economy: Second Edition, Revised and Updated / Edition 2

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Islamic finance is growing at an astonishing rate and is now a global industry worth $1200 billion. This book explains the paradox of a system rooted in the medieval era thriving in the global economy. Coverage is exhaustively comprehensive, defining Islamic finance in its broadest, sense to include, banks, mutual funds, securities firms, and insurance [or takaful] companies.

This second edition has been completely revised and updated to take into account the great changes and developments in the field in recent times. It includes the impact of the 9/11 and 7/7 terrorist attacks on the industry, the new forms of interaction with Western financial institutions, the emergence of innovative products such as sukuk, and attempts by a broad range of financial centers-including Kuala Lumpur, London, Singapore, Bahrain, and Dubai-to become global hubs of Islam.

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Product Details

  • ISBN-13: 9780748627776
  • Publisher: Edinburgh University Press
  • Publication date: 10/19/2010
  • Edition description: second edition
  • Edition number: 2
  • Pages: 288
  • Product dimensions: 6.10 (w) x 9.10 (h) x 0.60 (d)

Meet the Author

Ibrahim Warde is Adjunct Professor at the Tufts University

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Table of Contents

Acknowledgements vii

A Note on Transliteration and Dates ix

Abbreviations x

Introduction: Islamic Finance in the Global Economy 1

1 Islamic Finance in Theory and Practice 7

2 Islam, Economics and Finance 30

3 Riba, Gharar, and the Moral Economy of Islam in Historical and Comparative Perspective 52

4 The Evolution of Modern Islamic Finance 70

5 Islamic Finance and the Global Political Economy 93

6 Country Differences 114

7 Financial products and Instruments 139

8 Strategic, Managerial, and Cultural Issues 157

9 Economic Issues: Islamic Finance and Development 177

10 Regulatory Issues and Challenges: Global Norms and Religious Constraints 192

11 Islamic Finance and Politics: Guilt by Association 214

12 Religious Issues and Challenges: Defining Islam and Interpreting the Shariah 234

Conclusion: Islamic Finance and the Global Financial Meltdown 247

Glossary 254

Index 257

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