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Picture of Islamic Banking and Finance

Islamic Banking and Finance

Editor(s): Mondher Bellalah and Omar Masood

Book Description

Islamic finance is founded on principles that constitute the guidelines governing any Islamic economic or financial dealings.

Innovative financial engineering today constitutes one of the most critical needs of Islamic financial institutions. It represents the forces that will drive Islamic finance toward continuous growth and efficiency. The structuring of new financing and Shariah-complaint instruments plays an important role in the enhancement of Islamic financial markets, and Islamic risk management practices, combining basic Shariah-complaint financial instruments within Shariah structures to precise identified needs. The financial engineering process in Islamic finance is a process that is very sensitive and complex. It requires multidisciplinary considerations, involving deep knowledge of finance, economy, Shariah law and commercial law.

Divergence of opinions among different Shariah scholars and boards, as well as the absence or lack of effectiveness of a central regulatory body, is perceived as an obstacle to the growth of investment confidence in Islamic finance. Hence, innovation, along with greater uniformity, is essential to make Islamic finance an international financial system and to attract a greater number of customers.

This book addresses the main issues of concern within Islamic banking, namely the development of conceptual framework, the viability of interest-free banking, and the assessment of its performance and future. In a world where conventional interest-based finance is the dominant framework, Islamic banking faces many challenges that must be addressed. This book discusses these issues and challenges and will be of great interest to both researchers and practitioners. It analyses the past experiences of Islamic banks worldwide, and provides an objective assessment of their successes and failures.

Hardback

ISBN-13: 978-1-4438-4770-4
ISBN-10: 1-4438-4770-4
Date of Publication: 01/06/2013
Pages / Size: 295 / A5
Price: £44.99
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Biography

Mondher Bellalah specializes in financial economics, financial markets and risk management. He has published more than fifteen books and 150 articles in several finance journals. He used to be a Professor of Finance and an international finance professional and adviser to several central banks and financial institutions. He has occupied several positions at well-known banks and universities.

Omar Masood is the former Director of the Centre of Islamic Banking and Finance at Royal Docks Business School, University of East London. He is a leading authority and advisor in the area of Islamic banking and finance to both financial institutions globally and academic intuitions worldwide. He holds visiting professorships in leading universities all over the world and serves as an advisor to a number of governments including those of Turkey, Malaysia and Saudi Arabia. He has authored over a hundred peer reviewed research papers that have been published in international journals and conferences. He also authored a number of best-selling books printed by leading publishers.