Heaven's Bankers: Inside the Hidden World of Islamic Finance

by Harris Irfan

Overview

A leading Islamic finance banker sheds light on an industry with growing global influence: “A superb introduction to a fascinating subject” (Financial Times)

A trillion-dollar financial industry has revolutionized the global economy. Governments and corporations across the Islamic world have turned to finance that complies with Shari‘a law in order to fund economic growth. Even in the West, Islamic finance became an important al­ternative source of funding when the conventional finance industry was reeling from the effects of the financial crisis.

From its origins in the seventh century, Islamic finance has sought to develop core ethical principles that are based in the foundations of Islam and Shari‘a. But with an increasing Western interest, is it able to remain true to the principles of its faith? Can it maintain its ideals of social jus­tice? Or is Islamic finance guilty of the very dangers it seeks to avoid.

In Heaven's Bankers, Harris Irfan, one of the world's leading Islamic finance bankers, gives unparalleled insight into the heart of this secretive industry. From his personal ex­perience of working with leading bankers, scholars and law­yers, he debunks the myths of Islamic banking, analyzes its greatest deals, and looks to the future of a system that has reprioritized the very nature of money itself.

Product Details

ISBN-13:	9781468311839
Publisher:	ABRAMS, Inc.
Publication date:	08/16/2022
Sold by:	Barnes & Noble
Format:	eBook
Pages:	344
Sales rank:	1,013,677
File size:	781 KB

About the Author

Harris Irfan is one of the world's leading Islamic finance bankers. He is the founder and managing partner of Cordoba Capital, an independent Islamic finance advisory firm, and was formerly global head of Islamic finance at the Barclays Group. Before working at Barclays, he was a co-founder of Deutsche Bank's world-leading Islamic finance team. He has represented various institutions to media organizations such as the BBC, CNBC, Bloomberg, Reuters and the Financial Times.

What People are Saying About This

From the Publisher

"A primer on Islamic finance and its vexed relation to the global economy. An intriguing look at the possibilities for modern financial instruments that aren’t traditionally Western in design." —Publishers Weekly

Editorial Reviews

People slightly…familiar with Islam might have some notion that Islamic finance entails interest-free banking, but beyond that things get murky pretty quickly. With this book Harris Irfan…aims to enlighten. Heaven's Bankers has two strands, which Irfan weaves together adeptly. The first is a condensed history of modern Islamic finance…[the] second…examines the religious principles underlying Islamic finance: what the Quran and Hadith say about money and trading, and what Shariah—the corpus of Islamic law as interpreted by scholars—forbids and permits in the economic sphere.

The New York Times Book Review - Jon Fasman

01/05/2015
Irfan, a banker who has worked for the Barclays Group and Deutsche Bank, gives a primer on Islamic finance and its vexed relation to the global economy. As he discusses, Sharia law’s injunction against usury and its emphasis on social justice has long kept Islamic finance separate from Western banking structures, which are seen to rely on debt and aggressive pursuit of growth. The rise in wealth in Muslim nations, however, caused major banks to begin pursuing Sharia-compliant investment vehicles in the early 2000s. Irfan outlines his experience re-envisioning Western-style banking services for the Islamic financial market, beginning with his time at Deutsche Bank in 2006. He describes how respected Muslim scholars were enlisted to lend credibility to the project, even as traditional Sharia-derived principles were bent almost to the breaking point. Irfan gradually became disenchanted, concluding that Western financial mechanisms are inherently incompatible with Islamic law. The amount of detail here requires both a keen interest and at least a passing familiarity with the terminology used. That said, this is an intriguing look at the possibilities for modern financial instruments that aren’t traditionally Western in design. (Mar.)

Publishers Weekly

Irfan tells the story of high jinks and deceitful behaviour with great relish.

The Independent

A superb introduction to a fascinating subject.

Financial Times

Heaven's Bankers...will become a major primary source for historians and financiers in researching and understanding this fascinating area.”

Huffington Post

Irfan's book is nothing short of a national treasure...[it] should be required reading for all students.

The Islamic Globe

[Irfan's] message ought to be recited by bankers of every creed.

Wall Street Journal

[Irfan's] message ought to be recited by bankers of every creed.

Wall street Journal

"In the aptly titled Heaven's Bankers: Inside the Hidden World of Islamic Finance, Harris Irfan weaves together personal anecdotes with explanations of some of the crucial aspects of the subject — and its controversies...The banker deserves praise for a well-written book. The occasional personal stories and color are a welcome touch that enliven the subject...Conventional bankers will find it a superb introduction to a fascinating subject." —Los Angeles Times

"His message ought to be recited by bankers of every creed." —Wall Street Journal

"[Irfan's] book, Heaven’s Bankers: Inside the Hidden World of Islamic Finance,  gives a fine account of some the groundbreaking transactions that opened up the industry and made it more competitive with conventional banking...Heaven’s Bankers provides a good introduction to the possible benefits of—and the existing challenges faced by—Islamic financing, and elucidates some of the more interesting stories behind its development." —Global Finance Magazine

"A primer on Islamic finance and its vexed relation to the global economy. An intriguing look at the possibilities for modern financial instruments that aren’t traditionally Western in design." —Publishers Weekly

From the Publisher

02/15/2015
Here is a book about global high finance written with the lyricism and panache of any best-selling author of literary fiction. Irfan, founder of independent Islamic finance advisory firm Cordoba Capital, is both candid and objective, providing a vivid, intimate look at the way in which some of the world's largest financial corporations have used, exploited, and sometimes ignored those workers who have tried to do their jobs with an Islamic conscience. In many ways this is a story of a man, representing many men, trying to retain morality, creativity, and personality in an industry that is ever more disingenuous and sterile. Readers interested in worldwide economics and politics will find the insider information riveting. Students of recent history and the global community will discover meaty prose that delves into the private thoughts and emotions of a man torn between a belief system and a career. Irfan's full transparency and verdant language make what might have been a stodgy report into a romantic recounting of a personal investment in one's chosen field. VERDICT A completely engrossing book that will have mass appeal for nonfiction readers.—Kathleen Dupré, Edmond, OK

Library Journal