Islamic Finance: Law, Economics, and Practice

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Overview

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 primarily today as a form of rent-seeking legal arbitrage. An alternative that emphasizes substance rather than form would serve religious and moral objectives better, through mutual and similar financial practices.
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Editorial Reviews

From the Publisher
"This book is by far one of the best that has been published on the topic of Islamic finance and banking." - Choice

"This is a timely book providing an analytical critique of contemporary Islamic Finance by a leading Muslim scholar.... an important contribution." - International Journal of Middle East Studies

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Product Details

  • ISBN-13: 9780521741262
  • Publisher: Cambridge University Press
  • Publication date: 11/24/2008
  • Edition description: New Edition
  • Pages: 240
  • Sales rank: 1,436,469
  • Product dimensions: 6.00 (w) x 8.90 (h) x 0.70 (d)

Meet the Author

Mahmoud A. El-Gamal is Professor of Economics and Statistics at Rice University, where he holds the endowed Chair in Islamic Economics, Finance, and Management. Professor El-Gamal has also served in the Middle East Department of the International Monetary Fund (1995-96), and was the first Scholar in Residence on Islamic Finance at the U.S. Department of the Treasury in 2004. He has published extensively in the areas of econometrics, finance, experimental economics, and Islamic law and finance.

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Table of Contents

1 Introduction 1
2 Jurisprudence and arbitrage 26
3 Two major prohibitions : Riba and Gharar 46
4 Sale-based Islamic finance 64
5 Derivative-like sales : Salam, Istisna', and 'Urbun 81
6 Leasing, securitization, and Sukuk 97
7 Partnerships and equity investment 117
8 Islamic financial institutions 135
9 Governance and regulatory solutions in mutuality 162
10 Beyond Shari'a arbitrage 175
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