Intermediate Islamic Finance

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Intermediate

Islamic Finance

NABIL MAGHREBI

ABBAS MIRAKHOR

ZAMIR IQBAL

Copyright © 2016 by John Wiley & Sons Singapore Pte. Ltd.

Published by John Wiley & Sons Singapore Pte. Ltd.

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Library of Congress Cataloging-in-Publication Data

Names: Maghrebi, Nabil, 1963– | Mirakhor, Abbas. | Iqbal, Zamir.

Title: Intermediate Islamic finance / Nabil Maghrebi, Abbas Mirakhor, Zamir Iqbal.

Description: Hoboken: Wiley, 2015. | Series: Wiley finance series | Includes bibliographical references and index.

Identifiers: LCCN 2015028371 | ISBN 9781118990773 (paperback) | ISBN 9781118990742 (ePDF) | ISBN 9781118990766 (ePub)

Subjects: LCSH: Finance – Islamic countries. | Finance – Religious aspects – Islam. | Financial institutions – Law and legislation – Islamic countries.

Classification: LCC HG187.4 .M34 2015 | DDC 332.0917/67 – dc23 LC record available at http://lccn.loc.gov/2015028371

Cover Design: Wiley

Cover Image: Saudi Arabia money © Eugene Sergeev/Shutterstock;

Buildings abstract background © NPFire/Shutterstock;

Digital business background © jijomathaidesigners/ Shutterstock

To the best knowledge of the authors, this book is the first intermediate-level addition to the class of textbooks on Islamic finance. Intermediate Islamic Finance can serve as a classroom material and professional reference book for practitioners and policymakers. The principal objective of this work is to foster a better understanding of the essence of Islamic finance. One possible and rarely explored way to achieve this aim is to present Islamic finance from an analytical perspective. Together with the rich literature of descriptive and informative exposés of the subject, the need for work that integrates the analytics of finance with the moral thrust of Islamic finance is indeed pressing.

An analytical approach to Islamic finance is justified by the necessity of logical reasoning, as well as by the familiarity of readers with the theoretical foundations of conventional finance derived in the same approach. The present attempt to communicate the institutional and academic developments in Islamic finance using the same analytical methods poses some challenges. In contrast to advances in conventional finance theory, the literature on the analytics of Islamic finance remains scant. Efforts are made also to provide analytical perspectives while escaping excessive mathematics. A blend of analytical and intuitive arguments is thus used to draw the interest of readers toward points of possible convergence or conflict between Islamic finance and conventional finance.