Description
Book SynopsisA comprehensive look at the innovations, applications, and best practices of Islamic finance Islamic-compliant finance is transacted in every major world financial center, and the need for information on the topic in light of its global reach has grown exponentially. As an expert in this field, author Karen Hunt-Ahmed understands the intricacies of this area of the capital markets. Now, along with the help of a number of experienced contributors, she skillfully addresses Islamic finance from the perspective of practitioners, examining issues in wealth management, contract law, private equity, asset management, and much more.
Engaging and accessible, Contemporary Islamic Finance skillfully explains the practices and innovations of Islamic finance in everything from banking and real estate to private equity, asset management, and many other areas. It is intended to be the go-to resource for both Muslims as well as non-Muslims with an interest in the subject. Divi
Table of Contents
Acknowledgments xi
1 Introduction: Islamic Finance in the World Economy 1
Karen Hunt-Ahmed
PART I The Contemporary Islamic Finance Landscape
2 Contemporary Islamic Economic Thought 19
Mohammad Omar Farooq
3 The Legal Framework of Islamic Finance 39
Cynthia Shawamreh
4 Globalization and Islamic Finance: Flows and Consciousness 63
Karen Hunt-Ahmed
5 Islamic Science and the Critique of Neoclassical Economic Theory 75
Waleed El-Ansary
6 Juristic Disagreement: The Collective Fatwa Against Islamic Banking in Pakistan 103
Shoaib A. Ghias
7 Managing Liquidity Risk in Islamic Finance 121
Dr. Muhammad Al-Bashir Muhammad Al-Amine
8 Elements of Islamic Wealth Management 147
Paul Wouters
9 Sukuk and the Islamic Capital Markets: An Introduction 165
Michael J. T. McMillen
10 Shari'a-Compliant Mutual Funds 189
Monem Salam
11 The Evolution of Shari'ah-Compliant Indexes and Why They Outperform Conventional Indexes over the Long Term 195
Tariq Al-Rifai
12 Takaful 203
Farrukh Siddiqui
13 Islamic Human Resources Practices 215
William Marty Martin
14 An Integrated Islamic Poverty Alleviation Model 223
Ali Ashraf and M. Kabir Hassan
15 How Does an Islamic Microfinance Model Play the Key Role in Poverty Alleviation? The European Perspective 245
Sabur Mollah and M. Hamid Uddin
PART II Case Studies
16 Islamic Finance in an Almost Postcrisis and Postrevolutionary World: As in Politics, All Islamic Finance Is Local 257
Mark Smyth
17 Stepping Forward, Backward, or Just Standing Still? A Case Study in Shifting Islamic Financial Structures Offshore 267
Umar F. Moghul
18 Islamic Mortgages 283
David Loundy
19 Shari'a Quality Rating 293
Nasir Ali Merchant
20 Islamic Mutual Funds' Performance in Saudi Arabia 303
Hesham Merdad and M. Kabir Hassan
21 Shari'ah-Compliant Real Estate Investment in the United States 323
John L. Opar
22 Risk and Derivatives in Islamic Finance: A Shariah Analysis 331
Dr. Muhammad Al-Bashir Muhammad Al-Amine
23 Islamic Microfinance 353
Blake Goud
About the Editor 367
Index 369
